Morning Market Prep | Stock & Options Trading | 6-12-18

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James Duffy says:

I think the Market is placing too much emphasis on the so-called trade war. Our current trading system was largely conceived at the end of WW2 when 90% of the world's telephones were in the US and, while we had suffered enormously in terms of loss of military life, we had no domestic war damage, and our infrastructure was intact. On the other hand, our major trading partners were devastated with military costs and with significant domestic war damage. Without the Marshall Plan and other significant US incentives, it would have been very difficult to reestablish a reasonable trading system. The US also adopted a policy of keeping our trading partners engaged in cooperative efforts aimed at establishing world peace and bearing much of the costs of these efforts. This has worked well, but, over time, our trading partners have achieved economic success such that the incentives the US provided almost three quarters of a century ago have long since outlived their need. Unfortunately, our trading partners have gotten very used to these concessions of several generations ago and are not interested in having a serious discussion about resetting things to make the trading system more equitable to all concerned. By the way, the French, in particular, have not been at all bashful in telling the US that there ought to be a statute of limitations on their gratitude to the US for the assistance the US provided in WW2 and beyond. Now the US is saying the same thing about its trade concessions. If we can have a better trading system, the US would be the major beneficiary of it. That is what the Market should be thinking about. The current efforts are simply a step towards a better end. They should be encouraging, not discouraging, and the Market should embrace these efforts, not run from them.

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