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@hamandcheese @jeffspross i don’t mean to endorse the whole bill (about which i know no more than was written the the Washington Post piece). what i do wish to endorse is: 0/
@hamandcheese @jeffspross -> external balance is a legitimate object of economic policy, not a matket-knows-best, should be laissez-faire outcome. 1/
@hamandcheese @jeffspross -> the right tool for the job of managing external balance is nondiscriminatory taxation of foreign holdings of USD and USD fixed-income (or effectively, synthetically, fixed income) assets, not traditional tools of trade protectionism 2/
@hamandcheese @jeffspross whether the US should seek complete balance over a 5-year timeframe, i could make a strong case both for and against i think. i don’t have a settled view. but to the degree the US wants to use policy instruments to head towards balance / constrain further imbalance (and the US 3/
@hamandcheese @jeffspross should want to do those things, only the degree or abruptness should be controversial, i am excited to see we may finally be closing in towards the right tool for the job (after exhausting all the other alternatives). /fin
