Nixon to Now: How the Kitchen Debate Came Home

In July 1959, at the American National Exhibition in Moscow’s Sokolniki Park, Vice President Richard Nixon stepped into a model suburban kitchen and found himself in a now-famous impromptu exchange with Soviet Premier Nikita Khrushchev.  Known as the “Kitchen Debate,” the moment became emblematic of Cold War tensions — not over missiles or military power,…

When Will The Fed Cut Interest Rates?

The latest data from the Bureau of Labor Statistics confirm that the Federal Reserve has made a lot of progress on inflation. The Consumer Price Index (CPI) grew 2.3 percent over the past year. It has grown at an annualized rate of just 1.6 percent over the past three months. Despite this progress, however, Fed…

Was Reagan a Protectionist? | The Daily Economy

Ronald Reagan is, famously, known for being a free trader, a globalist perhaps, in today’s parlance.  He believed very firmly in the importance of American industry but also believed that American industry was best served by lowering our barriers to trade, not by erecting new ones through protectionist policies. A cornucopia of evidence has borne…

My $100 Tomato: Is Self-Sufficiency Overrated?

The main principle of trade policy is make or buy.   “Economics” comes from the Greek word oikonomia, deriving from oikos, meaning “house” or “household,” and nomos, meaning “law” or “rule”. Thus, oikonomia originally meant “prudent household management,” including labor, finances, and property, to ensure stability and self-sufficiency for the family. Over time, the term expanded…