Justin Wolfers

So that's a big economic threat right there.

There are two other things you learn if he's serious.

One is if he follows through with a trade war, there's actually a chance he follows through with a war war.

That then is the end of NATO and the end of the post-war world order.

That in turn is the end of American military leadership.

We move into some complicated world and you can get one of these guys who likes to point at the globe and tell you how complicated that gets.

All I know is that

Ed, in the brief time you and I have been alive, we haven't seen fighting on our shores mm-hmm and that's not true for our grandparents.

And so even if you don't like what we've had, it's been remarkably successful relative to the rest of human history mm-hmm that we've grown up without wars on our shores.

So there's some chance that that's the end of that for the United States, the world economic productive activity.

It would be catastrophic.

One war is a lot of wars.

Walking closer to one war is a lot of problems.

And then the other part is, so he's launched a new trade war with the EU.

The other part is you then learn Tariff McTarriff face

wants to tariff everyone at will.

Deals don't mean anything.

The idea that we'd get through 2025 and that was the end of tariffs because we would have done deals is clearly hopeless.

And we just have trade wars and trade uncertainty for the next three years ahead of us as well.

Those are really, really big generational shifts.