| What About the Trade War and the Stock Market? Another major issue is the growing Constitutional crisis over President Trump's trade war. The Supreme Court has ruled that Congress, not the President, should decide the level of tariffs and duties imposed on imports, except in the case of war and other real emergencies. Wall Street rallied on Friday but then fell sharply when President Trump defiantly announced a new round of 15% tariffs on all countries. What would Franklin say? Actually, quite a lot. He said... Commerce among nations as well as between private persons should be fair and equitable, by equivalent exchanges and mutual supplies. The taking unfair advantage of a neighbor's necessities, tho' attended with a temporary success, always breeds ill blood. My friends who are close to the White House are convinced that the President needs the power and flexibility to negotiate agreements with foreign leaders, with the end result that is beneficial to both countries. We can only hope! But long term, Franklin was, like Adam Smith, a firm free trader. He wrote... Our debt occasioned by the war being heavy, we are under the necessity of using indirect taxes, i.e., duties on importation of goods and excises, and every method we can think of to assist in raising a revenue to discharge it; but in sentiment we are well disposed to freedom of commerce and to abolishing duties on importation as soon as we possibly can afford to do so. Let the merchants on both sides form treaties with one another. Laissez les faire! He added, "In general, the more free and unrestrained commerce is, the more it flourishes. No nation was ever ruined by trade, even the most disadvantaged." "Love your enemies, for they tell you your faults." One area where Franklin would strongly disagree with the President is his rhetoric and divisive name calling. Even many of President Trump's supporters are uncomfortable with his personal attacks on his critics. Franklin advised, "If you argue and rankle and contradict, you may achieve a victory sometimes; but it will be an empty victory because you will never get your opponent's good will. I will speak ill of no man in public and speak all the good I know of everybody." Indeed, the President's harsh rhetoric could result in the Republicans' losing the midterm elections and a bear market on Wall Street. A word of warning! "Know him, know us." - Ken Burns Want to know more about The Greatest American - the world's most versatile genius? My new book is not a biography, but 80 short chapters on how Franklin can make you a better investor, entrepreneur, citizen, and parent. I have chapters on Franklin's business acumen, his policies to reduce inflation and the size of government, and how to win friends and influence people. Alex Green loves my book, saying "If anyone embodies the Renaissance man, it's Ben Franklin - printer, scientist, musician, inventor, author, activist, statesman, and diplomat. Mark Skousen delves into every facet of his remarkable life, including Franklin's surprisingly active love life into his eighties, in this lively and entertaining book. Highly recommended!" Want to know more? Go to Why This Man Deserves to be on the $100 Bill | Stock Investor Knowing more about the grandfather of our nation is a great way to celebrate the 250th anniversary of our nation's founding. After reading my book, put it on the coffee table and see what your friends and neighbors say! To buy a copy at a discount of only $24 ($19 for additional copies), go to www.skousenbooks.com. Good investing, AEIOU, Dr. Mark Skousen | 
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