Michael Pettis Continues to Blunder
Tweet Here’s a letter to a long-time “unsympathetic but friendly” Café patron. Ms. C__: Thanks for sending Michael Pettis’s recent X-thread on trade. I’m afraid, however, that I don’t share your high opinion of his string of tweets. It’s a march of missteps. I haven’t the time to detail them all, so I’ll address just one of his foundational fallacies. He’s wrong to write that in a world in which governments use neither subsidies nor protectionist interventions “countries […]