In 1976, Congress was appalled there were 4 active "national emergencies." Today, there are 50. My new Capitolism @thedispatchmedia.bsky.social explains how this week reveals just how broken our system is - and not just re trade: 🎁: thedispatch.com/newsletter/c...

"Trump did eventually walk back his threat of issuing tariffs on the eight European countries which he considered to be standing in his way on Greenland, but by that point, things were already too far gone." www.politico.eu/article/eu-l...

"Amazon CEO says tariffs are causing prices to increase" share.google/pcVlGIm32gab... "Jassy said Amazon stocked up on inventory ahead of the administration’s tariff announcement last spring. But that supply ran out in the fall."

"China Wins as Trump Cedes Leadership of the Global Economy" www.nytimes.com/2026/01/22/b... "The announcement spared the sovereignty of the island, but there was no taking back the significance of Mr. Trump’s attack on the global economic order just hours earlier."

"It’s probable we are past the point of diminishing marginal returns in health care regulations. The optimal level of regulation in health care is likely not 0, but it is also not likely to be the approximately 50,000 federal regulations we have (as of 2018)." www.econlib.org/econlog/marg...

"An update on the great reallocation in US supply chain trade" via @voxeu cepr.org/voxeu/column...

"At least over the last quarter-century or so, government taxes and transfers have more-or-less offset any rise in market-income inequality." conversableeconomist.com/2026/01/21/s...

smh abc11.com/post/nc-wint...

"A Rich China Recedes Into the Distance" www.aei.org/foreign-and-...

"The Moral Case Against Trump's Homebuyer Ban" www.cato.org/blog/moral-c... "the federal government simply should not be in the business of telling a homeowner to whom and when they can sell their house." 🔥

"Howard Lutnick heckled at World Economic Forum dinner" www.ft.com/content/e2ae... "This year’s gathering in the Alps has the theme: “l'A spirit of dialogue.'" 🤔

"Here's How Much Fertilizer Tariffs Cost Farmers in 2025" (So Far) share.google/yQvPoMk6pmvf... "domestic importers and farmers bore the tariff burden substantially" 😲 "At the retail level, the pass-through rate was lower at 156%, but still exceeded 100%." 😲

"China's solar giants warn of record $5bn loss despite anti-price war bid" asia.nikkei.com/business/ene...

"Canada's Carney aims to lead new global trading order less reliant on US" share.google/IWLCwcSrXL0t...

"India and the European Union are expected to announce the conclusion of Free Trade Agreement (FTA) negotiations by January 27,... paving the way for a major expansion of bilateral trade." share.google/F2rmJhtWPzci...

"The reality of trying to make US manufacturing great again" www.ft.com/content/33ea... Manufacturing "companies like HFPI say in fact they are now paying more for their parts as other businesses pass on the cost of tariffs" 😲

"For at least a decade prior to that, Chinese wealth grew far more rapidly than official GDP and American wealth did. Since 2015, however, Chinese wealth gains have been uneven, and the American wealth lead has expanded" www.aei.org/research-pro...

New @nberpubs: "Business Concentration around the World: 1900-2020" www.nber.org/papers/w34711 "rising dominance of large firms is a pervasive phenomenon, not limited to the recent decades or the United States,"

"India signs $3 billion LNG agreement with UAE, vows to double trade, as U.S. deal remains elusive" www.cnbc.com/2026/01/20/i...

New @nberpubs: "How Adaptable Are American Workers to AI-Induced Job Displacement?" www.nber.org/papers/w34705 "Of the 37.1 million workers in the top quartile of AI exposure, 26.5 million are in occupations that also have above-median adaptive capacity"

New @nberpubs: "Monopsony, Markdowns, and Minimum Wages" www.nber.org/papers/w34699 Wage "markdowns respond only 0–25% as much as the monopsony model would have predicted."

New @nberpubs: "How Restrictive is U.S. Trade Policy?" www.nber.org/papers/w34687

New @nberpubs: "Subcontracting in Federal Spending: Micro and Macro Implications" www.nber.org/papers/w34686

New @nberpubs: "Unlocking Occupational Opportunity: The Labor Market Effects of DACA" www.nber.org/papers/w34685 "On the whole, DACA eligibility shifts noncitizen childhood immigrants to occupations that are higher-paying and employ more educated workers."

"U.S. Steel in particular, along with much of the American steel industry, proved unwilling or unable to adapt and innovate." www.post-gazette.com/opinion/insi...

"China Birth Rate Hits Lowest Since 1949 in Blow to Baby Drive" www.bloomberg.com/news/article...

"Xi’s Export Machine Gets Lift From US Move to Strongarm Allies" www.bloomberg.com/news/article...

"Canada Weighs Sending Troops to Greenland Despite Tariff Threat" www.bloomberg.com/news/article...

"Trump Links Greenland Threats to Nobel Peace Prize Snub" www.bloomberg.com/news/article... You know, I'm starting to agree this is a national emergency.

"Germany Says Trump Reached Red Line With Greenland Threat www.bloomberg.com/news/article...

"Solar Giant Longi Flags Another Full-Year Loss as Slump Persists" www.bloomberg.com/news/article...

"When did Argentina lose its way?" marginalrevolution.com/marginalrevo... Import-substitution: still very bad

"Here's Why GM Went Bankrupt" www.jalopnik.com/2074581/why-... "without bankruptcy, GM likely would not have survived at all"

"Drinks makers left with lake of unsold spirits as demand drops" www.ft.com/content/9e6f...

"Nippon Steel workers from Japan get a crash course on life in Pittsburgh" www.post-gazette.com/business/pow...

"The world has too much wine. What will happen to it?" www.ft.com/content/0c2b...

"Europe has a trade weapon specifically created to defend against political coercion quickly and forcefully, and as Mr. Trump’s threats sank in, policymakers argued that this is the time to wield it." www.nytimes.com/2026/01/18/w...

As insane as this is, it's also instructive: 1. Placate a bully, and you'll encourage him to hit you again 2. Trump's trade deals are worthless 3. US "emergency"/natsec tariffs are a joke & clear example of why unbounded exec power is bad (cc: SCOTUS) 4. Hey Congress: DO YOUR 🤬 JOB

"Lowering borrowing rates is a thin justification for expanding the federal government’s role in mortgage markets. This policy will increase taxpayer exposure to interest rate risk and undermine already-fragile institutional boundaries." www.cato.org/blog/when-ho...

"The federal government is to become the customer, regulator, and partial owner of a defense contractor under a deal announced by the Pentagon this week." What could go wrong? www.cato.org/blog/trump-a...

"Manufacturing Employment Data Confirm the Concentrated Benefits—and Dispersed Costs—of Trump’s Tariffs" www.cato.org/blog/manufac... "Broad-based tariffs... function as a tax on domestic production. This is especially true for steel, aluminum, and copper"

"Canada, China announce trade deal as Trump’s tariffs push them closer" www.washingtonpost.com/world/2026/0...

"Canada Breaks With U.S. to Slash Tariffs on Some Chinese Electric Vehicles" www.nytimes.com/2026/01/16/w...

"China, Canada Sign Energy Deal to Boost Trade and Investment Ties" www.bloomberg.com/news/article...

"Rural America is getting a bailout, but not from Trump—billionaires are riding to the rescue" fortune.com/2026/01/14/r...

The unprecedented increase in tariff red tape is a major, hidden cost for US companies, especially small businesses, says Cato’s Scott Lincicome. A forthcoming Supreme Court decision on the tariffs probably won’t improve the situation. ➡️ https://ow.ly/KmiQ50XWXxT

"The latest 'Beige Book' from the Federal Reserve - which tracks economic conditions across much of the country - found that businesses are starting to pass tariff costs on to consumers, now that their pre-tariff inventory has been cleaned out." www.independent.co.uk/us/money/tru...

My inaugural @opinion.bloomberg.com column examines how US tariffs, meant to boost domestic manufacturing, actually hobbled it last year - and why we should expect similar headwinds in 2026. www.bloomberg.com/opinion/arti...

"Forget tariff wars: The EU and Mercosur build one of the world's biggest free-trade zones" finance.yahoo.com/news/forget-...

"Charted: Asset Class Returns Across Eras (1990–2025)" www.visualcapitalist.com/charted-asse...