Until the 1970s, America was the world's leading exporter. Then, in a few years, it became the world's leading importer. From having the biggest trade surplus, it soon had the biggest deficit.

Why? Did Americans suddenly forget how to make things? Did our businessmen and entrepreneurs lose interest in making money? Were they incapable of making a good deal?

What really happened was that the money system changed. In 1971, the Nixon administration created a new dollar by removing the last vestiges of gold backing.

Instead of making stuff at home, the U.S. began taking it from abroad, and paying for it with its new credit money.

Instead of being a manufacturing powerhouse, it became a consumer's EZ credit paradise. And instead of favoring real jobs with good wages on Main Street, the economy was distorted by over-empowered PhDs at the Fed, overpaid scalawags on Wall Street, and hoggish scoundrels in both parties wallowing in an overblown, overreaching, and over-indebted swamp in Washington.

But the president won't bother to think about it. And the Deep State wouldn't permit him to do anything about it even if he did.

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