What I Learned This Week

Are we entering a period that will be known as the crash of ‘19 or the crash of ‘20?

Critical decisions in the next few months will determine the answer. We have been steadfast, and largely alone, in the past year-and-a-half in our conviction that there would not be a “trade deal” between China and the U.S. The trade deal was arguably a superficial proxy for a much greater rift. (The trade imbalance is a minor issue that could easily have been resolved in May 2018.) Almost every week since the fall of 2017, we have explained that this is a battle for global dominance in the technologies of the future and the military technologies of the future. Wrapped into this contest is the larger campaign to maintain or weaken the soft power of the U.S. dollar reserve-currency status and…

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