The Future of the Dollar
U.S. Financial Power Depends on Washington, Not Beijing
It has almost become the new Washington consensus: decades of growing economic openness have hurt American workers, increased inequality, and gutted the middle class, and new restrictions on trade and immigration can work to reverse the damage. This view is a near reversal of the bipartisan consensus in favor of openness to the world that defined U.S. economic policy for decades. From the end of World War II on, under both Democratic and Republican control, Congress and the White House consistently favored free trade and relatively unrestrictive immigration policies. Candidates would make protectionist noises to appease various constituencies from time to time, but by and large, such rhetoric was confined to the margins. Almost never did it translate into actual policy.
Then came the 2016 presidential election. Donald Trump found a wide audience when he identified the chief enemy of the American worker as foreigners: trading partners that had struck