"You must reduce your manufacturing share of your economy and shift from tradable goods to non-tradable goods, whether that’s your policy or not."
jacobin.com/2025/12/glob...

"We live in a hyper-globalized open economy where “beggar-thy-neighbor” trade and imbalances persist, and where some countries are savings constrained and some are not. At the center is China’s struggle to rebalance after its growth model sputtered out."
jacobin.com/2025/12/glob...

That said, given the confluence of fiscal and monetary crises and challenges coming to a head in the early 1970s, I'm not sure what alternatives there were to an open capital account. If you've written on that, I'd be curious to know what you've proposed.

We didn't have a truly open capital account until the early 1980s, which is probably why the eurodollar market, which was on offshore dollar market separated from the onshore dollar market, was mostly a creature of the late 1960s and 1970s.

So now you're asking if holding out would've produced anything. The public viewed the republicans as responsible for the shutdown, the president was saying publicly the shutdown was bad esp after the election, and there were marginal reps in both chambers that would prefer not to see subs expire

I understand the situation for feds.

But it's not just feds in the equation. Feds are 1-2% of the population. ACA subsidy recipients around 12%. There's a tradeoff there.

In any case, wear whatever you'd like, although I will personally smile if I see a four-in-hand. If you find your tie reaches below your belt, consider the double-FIH or the Bertie knot. Mark of The Armoury demonstrates these techniques here:

https://www.youtube.com/watch?v=mtfExDMRtPc (18/19)