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The author David Stockman
David Stockman
David Alan Stockman (born November 10, 1946) is a former businessman and U.S. politician who served as a Republican U.S. Representative from the state of Michigan (1977–1981) and as the Director of the Office of Management and Budget (1981–1985) under President Ronald Reagan.

David Stockman’s Contra Corner

Why “Trade Deals” Are Even Worse Than Tariffs

Conventional wisdom holds that treaties represent countries getting together peacefully to advance humanity’s goals, while tariffs represent dog-eats-dog negative-sum competition that can provoke wars. Yet treaties, being complex and negotiated in secret, are mostly the work of rent-seeking bureaucrats, whereas the competition of tariffs provides international relations with...

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From Ataturk To Rent-A-Turk: How Ankara Is Beating Washington’s Economic Warfare

Turkey has changed from Ataturk to Rent-A-Turk. China likes to keep its friends close and its enemies closer. China built the Great Wall to repel Turkic invasions, among others, and warred with nomadic peoples on its borders for centuries. Now Beijing believes that its $2 trillion Belt and Road Initiative will assimilate the Turkic peoples of Central Asia into its sphere of...

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The US has backed 21 of the 28 ‘crazy’ militias leading Turkey’s brutal invasion of northern Syria

But the fighters involved in the atrocities in northern Syria were not just random tribesmen assembled into an ad hoc army. In fact, many were former members of the Free Syrian Army, the force once armed by the CIA and Pentagon and branded as “moderate rebels.” This disturbing context was conveniently omitted from the breathless denunciations of US officials and Western...

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Why The Donald Is Still Losing His Own Trade War

After almost four years of lavish rhetoric against China, tariffs all over the place, manufacturing slowdowns, and rampant uncertainty, Trump got China to agree to very few concessions. Meanwhile, the United States will maintain those punishing tariffs on roughly $360 billion worth of imports. This means the supply chain will continue to be disrupted at the expense of American...

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Even the IMF Has Thrown In the Towel On Global Recovery

It is most ominous for China. The place with the world’s biggest dollar problem has a lot riding on what may seem by comparison the small matter of tens even hundreds of billions in US$ repo liquidity. The latter feeds the former, a condition that country can increasingly not afford. The externality of any elevated dollar issue becomes internal to Chinese money adding to the...

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