Thanks AnderL. Nice post.
My point wrt. tariffs was simply this. Deflation may not be a possible outcome here because of the ability of the US to use these tariffs. I also believe it would be a last resort, but faced with a deflationary environment and a recession/depression I would view it as an easy decision for policy makers with 4 year timetables. Auto industry in America in trouble. I have a quick fix for that.
The debate is actually quite simple. Put it in the context that we are shipping too much American capital overseas to build up other nations and their economies' and the general public might just buy into it, even if it means higher prices.
WRT. Wal-Mart, yes the business model would be severely degraded, but so would every other retailer. I'm not sure they wouldn't still end up the dominant retailer, but at another price level.
I'm not advocating tariffs. But, I can see the winds blow this way if faced with a deflationary situation.
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