Trump-O-Nomics: The Bastard Offspring Of Nixon’s Camp David Ignominy

As we approach the 54th anniversary of Nixon’s ignominious deed at Camp David in August 1971, it is appropriate to consider the pervasive, untoward consequences of this long ago event.

Tricky Dick Nixon didn’t just sever the dollar’s anchor to gold in favor of Milton Friedman’s wrong-headed case for free market exchange rates: He actually set market capitalism itself adrift on the shoals of state-fueled inflation, speculation, debt, massive trade deficits and the off-shoring of a huge part of America’s then robust industrial economy.

Alas, the ultimate consequence was Trump-O-Nomics—a retrograde form of infant industry protectionism that is being destructively brought to bear on the geriatric remnant of America’s debt and inflation-racked economy.