Opinion | Steve Rattner on how bad things will arrive under the Trump rates

Another example, more recently, is the fact that we had so little inflation from the great financial crisis until it was Covido because the price of goods, which are the things that can move more easily through an international barrier, were going down in the price or at least did not increase in price. And they have maintained our inflation at a very, very low level and have made the cheaper and better things for so many Americans who are shopping in Walmart or wherever they go.

Healy: I don’t know if Trump took Econ 01, but what does he believe? What does this say about your vision, economy or America and the world or something else?

Rattner: I must assume that he took Econ 01, because he went to Wharton.

Healy: This is probably true.

Rattner: But I think it could have gone to a little warp or something and ended up in a 19th century class in economics, because then they taught you what we call mercantilism, that the goal of the countries was to accumulate gold. They all wanted more gold, and therefore you wanted to have commercial surpluses, and therefore the rates were high and the commercial barriers were high. But we are no longer in the 19th century. We are in the 21st century.

Trump does not have many fundamental beliefs, in my opinion. As you look at his fuss and wake up during the years-and you saw him for many, many years-era a democrat, he was in favor of the choice, this was, it was that, and now it is suddenly a hard republican. But the only constant in his life was this mercantistic vision on trade, and therefore we have a great commercial deficit. He believes it is because other countries do not trade fairly. As I indicated, there are other reasons for this, and therefore this is how it replies.

Healy: I put it slightly differently. I would say that he really believes in the walls, in keeping out the invaders he likes to talk about, in keeping what he thinks he can do in terms of activity production. But this idea that the global economy, the markets can work in a world where America transforms itself into Fortress America or America of Trump – can work in some way on behalf of America? I still like to think that Trump is not trying to send the markets that crashes and send the economy to recession, but I don’t know.