Edifice of Trust

President Trump's tariff policies are roiling markets worldwide. But there is one Trump advisor who writings provide insight into the president's thinking. Dr. Stephen Miran is the Chairman of the Council of Economic Advisors in the new Trump Administration and he explains why there must be changes in the global trading system. But in this commentary we look at why tariffs are not the economic too...

President Trump claimed that he paused the implementation of his tariff program because of yippy investors. But when market fundamentals have become meaningless and trade relations developed over many decades, are thrown out the window, the movements of markets boils down to one thing, whatever President Trump last said. And even worse, no one has any idea what he will say next. I don't know about...

Today we are going to continue to talk about the impact of Donald Trump's new tariff regime on the US and world economy. Or in this case, the lack of impact. Because there is a reason that President Trump's tariff policies will not recreate the blue-collar manufacturing paradise that existed in the 1950s. And included in this commentary is a chapter from my book, Edifice of Trust (published in 201...

Commentators are pointing out all the obvious unintended consequences of President Trump's tariff plan which he plans to announce on April 2nd, Liberation Day. But there may be other consequences in places you haven't looked. In this commentary we look at the political consequences of a protectionist import substitution regime.

Academics in the ivory tower have an affinity for socialism because they presume, based on their academic qualifications, that they will be at the pinnacle of power in such a society. They are wrong! In this commentary we will look at where the real power lies.

Do punitive tariffs on Mexico, Canada and China have any chance of slowing the flow of fentanyl and other drugs into the US? Nothing else has worked. But President Trump's plan ignores one major factor. The insatiable desire of Americans for drugs, even at the risk of their own lives. In this commentary we look at the likely outcomes of this strategy and take a peek at the underlying motivations f...

Antifragile is a concept created by Nasim Taleb, author of the Black Swan, to describe the ability to gain and prosper amid confusion and disorder. Certain people thrive in this environment and President Trump is a prime example of this ability. In this commentary we discuss how antifragility is this secret sauce that contributes to America's greatness.

Why in the world would two world leaders invite reporters into a meeting to negotiate a vital agreement to end the war on Ukraine. President Zelensky was about as eager to sign that agreement as a tienda owner on the lower east side agreeing to pay some thug for protection against gangs (of which the thug was a member).In this commentary we look at the underlying causes why this meeting was such a...

After Hoover Institute fellow Niall Ferguson criticized the Trump administration's tactics in negotiating a peace agreement for the war in Ukraine, Vice President JD Vance called Ferguson's critique moralistic garbage and accused Mr. Ferguson of being a globalist, apparently the lowest of the low in the MAGA world. In this commentary we try to understand the real reason for Mr. Vance's heated resp...

Today we are going to take a look at how economies function when domestic companies are protected by high tariffs and how this system called import substitution ripples through the lives of people on Main Street and well as Wall Street. When it comes to import substitution I speak from experience.

President Trump is constantly threatening to impose tariffs on countries that export more goods and services to the United States than they buy from us creating a trade deficit. He believes that a trade deficit is losing big time. But Mr. Trump's economic thinking is old fashioned and wrong-headed, like thinking that foreign countries pay for tariffs. In this podcast we look at why trade deficits...

Following up on my previous commentary about how President Trump views fairness and how he thinks America has been treated unfairly, we investigate the implications of what he intends to do and include an update on his recent actions of tariffs.

President Trump complained at the World Economic Forum in Davos that the United States is treated very unfairly by the rest of the world. Everyone wants to be treated fairly but not everyone agrees as to what is fair. But the real problem of fairness is that while it does not make good government policy it makes great politics. In this commentary the Edifice of Trust host, Victor Bolles, looks at...

Referring to the infamous Nicaraguan dictator Franklin Delano Roosevelt famously said, "Somoza may be a son of a bitch, but he's our son of a bitch." It appears that lame duck President Biden applies the same type of differentiation to oligarchs circling around the presidency. In this last commentary about the Biden Administration we show how the dire warnings of his farewell address are refuted b...

When one of our myriad electronic devices isn't functioning the way we think it should, we often shut it down and then restart the device to reboot the system. More often than not that solves our problem. I think that the 62% of Americans that believe the US is on the wrong path (according to the Real Clear Politics average of polls) would agree that America needs a reboot. The incoming Trump admi...

Once again, I am publishing my list of the urgent priorities confronting our nation, most of which have been unmet and consistently ignored by both Democratic and Republican politicians. But in 2025 we will have a new Trump administration that is vowing to change how things are done in Washington. One can only hope.

Government budgets are the inflection point between governance and politics. And bad budgeting is bad governance. In this podcast, the Edifice of Trust host, Victor Bolles looks at some of the consequences of bad budgeting and how that is going to impact American citizens.

The Department of Government Efficiency (DOGE) headed by Elon Musk and Vivek Ramaswamy intends to save taxpayers trillions of dollars by making the government more efficient. But efficient systems are not robust, they are fragile and can breakdown. In this podcast the Edifice of Trust host, Victor Bolles, looks at how the Founders' efforts to preserve our Republic made the government inherently in...

It is difficult to understand why President-elect Trump wants to make recess appointments to his cabinet when Republicans control the Senate 53 to 47. But then we saw some of his picks. But he also selected Elon Musk and Vivek Ramaswamy to improved government efficiency. In this podcast the Edifice of Trust host, Victor Bolles, looks at some of the hints in what direction he will take his new admi...

Kamala Harris and the Democrats took a beating in the 2024 elections, losing the White House and both houses of Congress. In this podcast the Edifice of Trust host, Victor Bolles, looks at not only why the Democrats lost so badly but also why Donald Trump and the Republicans may be making the same mistakes as the Democrats.

Donald Trump scored a great victory in the 2024 elections and he has plans to make many changes in how America operates. But many of the changes he made in his first term as president were undone when Democrat Joe Biden replaced him. If Mr. Trump wants to make his changes permanent he needs to do things differently. In this podcast the Edifice of Trust host, Victor Bolles, looks at some of the thi...

The Founding Fathers were part of an elite group that got a classical education at America's early universities like Harvard and Princeton and they applied that knowledge into creating the United States but they also used their knowledge to try and protect the fragile new republic from the tragic fates that befell other republics throughout history. In this podcast the Edifice of Trust host, Victo...

Everybody has ideas on how to run the American economy but nobody seems to be very happy about the results. The Economist magazine across the Atlantic doesn't think our economy is so bad. In fact, they think it is the envy of the world. Is our economy the envy of the world because our political leadership? In this the Edifice of Trust host, Victor Bolles, will look at why the rest of the world thi...

Income inequality seems to be getting worse every day in America, but whose fault is it? Greedy capitalists? Someone or something else? Or maybe inequality is inevitable? If we can't identify the causes of inequality there is little we can do to prevent it. In this podcast the Edifice of Trust host, Victor Bolles, looks at some steps that we could take to slow the inevitable progression of inequal...

Have you ever thought about what would really make America great again? While there are people that believe that America was never great in the first place, most of us patriotically think America was pretty great. But most Americans don't really know what would make America great again, primarily because they don't know what made America great in the first place. In this podcast the Edifice of Tru...