This Isn’t FDR’s America Anymore
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Portfolio Armour reports…
As the independent journalist Michael Tracey has pointed out, a “fairy tale version of World War II” has been used to justify America’s involvement in the Ukraine War.
The rhetorical parallels are frequent, including using “lend-lease” to describe weapons donations to the Ukrainian government which will never be paid back. At the end of last year, I noted some problems with this (“Revisiting The Rationale For Pouring Money Into Ukraine“). This week, Pedro Gonzalez of Chronicles Magazine went a step further, arguing that America’s support is actually weakening America. We simply aren’t the industrial power we were relative to the rest of the world in FDR’s day. I have included Pedro’s thread on this below, followed by a brief market note about trading the post-CPI market.
The Navy is now talking about how at some point in the near future, we're going to have to choose between arming Ukraine and arming America. But that is old news. 2/ https://t.co/9GiX78yST5
— Pedro L. Gonzalez (@emeriticus) January 12, 2023
This is a great point. I think multiple things are true: this war has revealed how fragile the US industrial base really is, how psychotic our foreign policy thinking is, and it has enriched the worst people in the world. 18/ https://t.co/WFRyzk2vI5
— Pedro L. Gonzalez (@emeriticus) January 12, 2023
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