Mar-a-What?

Clients have asked us repeatedly about our thoughts on the Mar-a-Lago Accord. Our readers know that we believe that the US is constrained by its median voter and the reality of geopolitical multipolarity. As such, the path of least resistance is towards a cheaper USD, which is currently being achieved through an organic macro see-saw of relative fiscal policy. The idea that the US gets to “restructure the global trading system” on its own is, therefore, ludicrous.