Some Basic Truths

Prof. Hamilton is my favorite economist. He can see through monetary issues. For example, macroeconomists have often used Japan in the 1990s as an example of bad monetary policy. The fact is that Japan was losing its export markets of its traditional manufacturing industries to Taiwan, Korea, etc. No monetary manipulation could change this situation.

America's prosperity was always based in its superabundance of easily exploitable natural resources. For many decades America dominated the oil markets. Now, environmental regulations are limiting its agricultural production, its manufacturing and mining industries. Hamilton gives the example of the destruction of American rare earth mining, which delivered that market to the Chinese.

Thinking matters.