As we said in Part 4, the Donald need not bother sending his trade policy paratroopers to Beijing. The real culprit is domiciled only a few blocks away in the Eccles Building.
That is to say, it was bad money from monetary central planners which caused America’s giant trade deficits and the off-shoring of large swaths of its productive economy. That happened because the Fed’s money printers inflated wages, gorged households on cheap debt and fostered the financial strip-mining of corporate America by stock price obsessed C-suites.
Today’s Fake Friday jobs report underscores that indictment once again. It reminds that the Fed’s egregious money printing and 2.00% inflation target have: