Sunday, October 6, 2024

Books: Wolf Hall By Hilary Mantel

 


(Drivebycuriosity) - England in the begin of the 16th century was a horrible place, ruled by a ruthless & sophomoric king - and lives were cheap. Hilary Mantel´s novel Wolf Hall - the first part of a trilogy - is set in these times and fictionalizes the rise of Thomas Cromwell ( amazon). 

Cromwell, being the son of a blacksmith & brewer, was considered as a lowbirth in the world of aristocrats, but he was smart, eloquent, well read & traveled and he made himself useful for the mighty. Today we would call him a lawyer, economist, administrator & counselor. Mantel seems to like Cromwell´s character - and how he dealt with his family and those who depended on him - and casts some flashlights on his steep advance in the world of high born gentlemen and the reader gets an impression how Cromwell became the favorite of Henry VIII - against all odds. Mantel`s Cromwell even expressed solidarity with those who fell into disgrace, without regard to his own person.

Some chapters focus on Austin Friars, a former monastery, that Cromwell owned and had turned into flourishing enclave, almost a little paradise, where - under his custody - people got educated and learned gardening, growing fruit, cooking and many other basic skills, but also self-defense. Cromwell`s people there were protected from the random dangers of 16th century England and the place become a shelter for some to protect them from the fanatic hunters of heretics. "At Austin Friars, there is little chance to be alone, or alone with just one person. Every letter of the alphabet watches you. In the countinghouse there is young Thomas Avery, whom you are training up to take a gripe on your private finance............Down in the kitchen .., the garzoni are learning to make spiced wafers. The process involves a good eye, exaxct timing and a steady hand. There are so many points at which it can go wrong". 

Large parts of the novel describe at length Henry`s juvenile treatment of his first wife Katherine - her alleged virginity moved into the center of European politics - and the rise of the wilful & scheming Anne Boleyn, her powerful family and her supporters.

The author imagines sheer endless dialogues between Cromwell, Henry, Katherine (Henry´s first wife), the Boleyn sisters, Cardinal Wolsey, Thomas More (the fanatic hunter of heretics), dukes, ambassadors and many other more or less important persons. These conversations are sharp, witty, entertaining and plausible. Maybe they are written for TV but they give an impression how politics might have worked on England´s court in the 16th century. 

I learned a lot about the power plays between Henry, the almost almighty Pope, the Emperor (of the Holy Roman Empire of the German Nation) and the Kings of Spain & France. Mantel also elaborates the foaming violent conflicts between the ruling Roman Catholic Church and the followers of Martin Luther and other reformers and how Henry curtailed the Church in England. 

I also learned about the economics of the Renaissance: "The world is not run from where he thinks. Not from his border fortresses, not even from Whitehall. The world is run from Antwerp, from Florence, from places he has never imagined, from Lisbon, from where the ships with sail of silk drift west and are burned in the sun. Not from the castle walls, but from counting houses, not by the call of the bugle but by the click of the abacus, not by the grate and click of the mechanism of the gun but by the scrape of the pen on the page of the promissory note that pays for the gun and the gunsmith and the powder and the shot".

Mantel introduces the readers into the complexity of warfare: "The thing people don´t understand about an army is it great unpunctuated wastes of inaction: you have to scavenge for food, you are camped out somewhere with a rising water level because your mad capitaine says so, you are shifted abruptly in the middle of the night into some indefensible position, so you never sleep, so you never sleep, your equipment is defective, the gunners keep causing small unwanted explosions, the crossbowmen are either drunk or praying, the arrows are ordered up but not here yest, and your whole mind is occupied by a seething anxiety that things are going to go badly because il principe, or whatever little worshipfulness is in charge today is not very good at the basic of business of thinking".

She adds: "No ruler in the history of the world has ever been able to afford a war.....You enter into one and is uses up all the money you´ve got, and then it breaks you and bankrupts you".

It is pleasure to read her atmospheric descriptions of London; Henry´s court and everyday life in England. "If you were born in Putney, you saw the river every day, and imagined it widening out to the sea. Even if you had never seen the ocean you had a picture of it in your head from what you had been told by foreign people who sometimes came upriver. You knew that one day you would go out into a world of marble pavements and peacocks, of hillsides buzzing with heat, the fragrance of crushed herbs rising around you as you walked. You planned for what your journeys would bring you: the touch of warm terra-cotta, the night sky of another climate, alien flowers, the stone-eyed gaze of other people`s saints". 

But some parts of the book were very tough to read. Mantell describes painstakingly the burning of the alleged heretics; and how the mob indulged into the awful spectacle and celebrated the brutal killing. She also confronts the reader with the details of the torture and the bexecution of the unfortunate.

I am looking forward to the next book of this series.

Thursday, October 3, 2024

Contemporary Art: Tableaux Rosa @ Lyles & King New York


 (Drivebycuriosity) -  Gallery Lyles & King in Manhattan´s Chinatown belongs to my favorite art places ( lylesandking). I have spotted so many amazing exhibitions there. Recently I posted about the show "Between the Lines" ( driveby). This post is about an exhibition called "Tableaux Rosa", with paintings by Regina Parr.



On top of this post you can see "Salome’s navel" (2024, Oil on Arches paper on Aluminum, 60 x 45 inches, 152.4 x 114.3 cm) followed by "Venus intoxicating Mars with nectar" (2024, Oil on Arches paper on Aluminum, 40 x 30 inches, 101.6 x 76.2 cm).

 



Above follow "I am the youngest of the Bacchantes, (2024) & "Queen of Swords" (2024).

 



Above you can see "But I to you offer a white goat and I will pour wine over" (2024, Oil on Arches paper on Aluminum) plus a detail shot.

As a bonus I add below images from another show at Lyles & King by Kate Meissner







 

To be continued

Sunday, September 29, 2024

Books: Ripley`s Game By Patricia Highsmith

 


(Drivebycuriosity) - Recently I watched "The Talented Mister Ripley" on the screen - both versions, the 1999 movie by Anthony Minghella and this year´s sinister Netflix show "Ripley". Both visualizations waked my appetite for the real thing. So I rereads Highsmith´s "Ripley`s Game", the third book in her Ripley series ( amazon).

This Ripley is older, he lives now in France, and he is well-off, totally straight and married with a beautiful woman. Ripley became a more cunning and seasoned criminal. He starts a psychological game, a revenge for a petty insult, that creates great dangers for him and others (this is a spoiler free blog). 

The novel is a drama, diving deep into the psychology of twisted persons - typical for Highsmith - , but the book is slowly gaining speed and turns into a thriller with nail-biting action. She wrote very clearly and I had the feeling that I was part of it and cared a lot about the characters. "Ripley´s Game" belongs to the best she wrote.  

There is also a movie version with John Malkovich as Ripley (imdb ). Book and film are highly recommended.

Friday, September 27, 2024

Books: China. A History By John Keay

 




(Drivebycuriosity) -
Action, homicide, revolution, treason, intrigues, heroes & villains, blood and thunder. You will find all that and much more in just one book: "China. A History", by John Keay (amazon ). It`s not just another history book, it`s a thriller, but not solely based on fiction. The author describes the ups and downs of a gigantic nation.

Keay explains why China´s rise, the awakening "of the dragon", is just a comeback, a reawakening. In the 16th century China was already the largest and wealthiest nation on Earth. 

And the Asian giant had many "golden ages" before then. The Han Empire (202 BC till AD 220) was as large as the coeval Roman empire, and China`s brightness lasted until the end of the millennium, not just half way through it. But for China, after each "golden age" came a deep fall.

The history of China is as colorful as a Chinese New Year Parade. It´s also a tale about fights, and a permanent struggle about power. Keay describes the many battles between the "Kingdom of the Middle" and her neighbors, the clashes between emperors and their usurpers or families about dominance. Very often the rulers struggled with the bureaucrats, who were very powerful eunuchs. Most of the time the administration was the true ruler of the vast empire.

The giant struggles China had to suffer in over 2,500 years brought the world many gifts. China invented paper, book printing (long before Gutenberg printed his Bible), the compass, banknotes (paper money), kites (ancestors of airplanes), rockets, noodles (spaghetti) and much more.

"China. A History" is highly recommend, not just for historians or students of economics and politics, it helps everybody to understand why the globe is changing again now.  And - it is an exciting read.

Wednesday, September 25, 2024

Books: The Healer By Antti Tuomainen

 


(Drivebycuriosity) - Antti Tuomainen belongs to my favorite writers. I like his dark humor & his surreal descriptions of weird characters and situations and I enjoyed his droll novels "Little Siberia", "Palm Beach Finland" & "The Man who died" (my reviews Siberia  Palm   The Man Who).

The novel "The Healer", first published 2010, is Tuomainen`s first book and very different from the later publications ( amazon). Contrary to the above mentioned novels this book is not funny. Apparently the author tried to follow the popular Nordic Noir Trend (Jo Nesbø, Henning Mankell, Stieg Larsson) and created a very sinister, dirty & rough plot set in a hyper-dystopian world. Everything is falling apart. Unfortunately he overdid it and the reader drowns in violence & disintegration.

"The Healer" is - like the later novels - written in first person. The wife of the protagonist is missing. She is a journalist who investigates the case of a serial killer & eco terrorist, known as name giving "The Healer". Tuomainen showed already some writing skill and tried to create interesting atmospheres, but the plot does make no sense. There are too many unanswered questions, the narrator is too naive and the other characters are unbelievable and unpleasant.

Fortunately the author changed his concept.

Sunday, September 22, 2024

Contemporary Art: Imagined Landscapes @ Gallery Long Story Short New York


 (Drivebycuriosity) - Manhattan`s Chinatown is rapidly gentrifying. New art galleries are sprouting like mushrooms in autumn. One of them is Gallery Long Story Short on Henry Street. Recently I spotted a show called "A Tree falls, does is make a sound?" by
Chinese artist Linane Chu ( lss.gallery). The title is based on the English bishop & philosopher George Berkeley (1710).

I like the paintings - which I see as imagined landscapes - very much, but let the images speak for themselves.

 









 

To be continued 

Wednesday, September 18, 2024

Science Fiction: Revelation Space By Alastair Reynolds


 (Drivebycuriosity) - Alastair Reynolds belongs to my favorite science fiction authors. His novels and short stories show what contemporary scifi is capable of. Reynolds`work display the influence of his scientific development. He has a PhD in physics and started his career as research astronomer for the European Space Research and Technology Centre (part of the European Space Agency) until 2004 when he left to pursue writing full-time ( wikipedia). But he also has a lot of fantasy and commands over excellent writing skills.

 Reynolds shows his hand in the space opera "Revelation Space", published in 2000, while he still worked at the Space Agency (amazon). Over more than 400 pages he celebrates cosmology, particle physics, Einstein`s relativity, quantum mechanics, information theory and other sciences and mixes them together into a futuristic opera. The book could be seen as an explanation for the Fermi Paradox (why we did not find another civilization even though the sky is full with stars).

The novel starts with 3 different plot threads: There is an archaeologist, who wants to find out what caused the extinction of an ancient civilization. There is a woman who travels on a huge space ship, which can reach almost the speed of light, but the ship is infected by a nano tech virus. And there are is a female contract assassin on a new mission. 

Soon the threads - and their lives - get intermingled (this is a spoiler free blog. You can find a synopsis here wikipedia). There are a lot violent conflicts between the protagonists and with other humans, but the real story  is the influence of some still powerful ancient civilizations and their outstanding technologies.

It seems that Reynolds`fantasy has no limits, but he stays strict inside the rules of physics and logic. Even though he imagines wildly bizarre scenarios and grotesque events, a kind of futurist baroque, the outcome is defined by relativity, gravity and other physical forces.

I had a lot fun reading this space opera while refreshing my knowledge about physics and other sciences. Highly recommended!

Wednesday, September 11, 2024

Economics: Why Inflation Is Cooling


  (Drivebycuriosity) - Today we learned that the US inflation rate sank to 2.5% continuing the slow retreat of the recent months (cnbc ). That was not a surprise.

 

                         Helicopter Money

The high inflation of the recent years was caused by a deluge of money in the years 2020 & 2021, when the Biden government flooded the economy with stimulus checks in the value of trillions of dollars to fight the Covid19 recession (American Rescue Plan). The Federal Reserve financed the government checks by massive bond purchases by the Federal Reserve (Quantitative Easing known as QE1, QE2 & QE3).  

The government money landed directly on the bank accounts of the Americans, blowing up the money supply M2 (bank notes & coins & deposits at banks). Milton Friedman described this as helicopter money (cato ).

 


 ( source)



( source)

As a result in 2020 & 2021 the US money supply M2, the engine of the inflation, jumped 40%. The money deluge met a constrained supply of goods & services partly - because of Covid19. "Inflation is caused by too much money chasing too few goods and services", taught Milton Friedman.


                        Causal connection

The causal connection between money and inflation is known since the 16th century at least! Nicolaus Copernicus described already in the year 1522 how "too much money" causes inflation. Copernicus` "quantity theory of money" is based on observations: 

Early in the 16th century Spain conquered today`s Latin America and looted the silver stocks. The Spaniards send the precious metal to Europe where is was printed into coins and used as money.

As a result the European money supply jumped, meeting a restrained supply of goods (agriculture, hand works) &  services. The flood of money raised suddenly the demand for scarce goods & services and caused a jump of the price level.

Elaborated studies by Milton Friedman, Karl Brunner, Allan Meltzer and many other economists (known as Monetarists) described already in the 1960s how and why the inflation rate follows the growth rate of money with a time lag (causal connection).

 

                      The Pull Of The Money

 


 ( source)

 


 ( source)

Fortunately the money flood ended in 2022 and the money supply shrank for a while. Since October 2023 the money volume is growing again, but only moderately. 

Since inflation follows the growth of money, the inflation rate (growth rate of prices) will follow the pull of the slow growing money supply and the inflation rate will continue to cool.

 

 

 


 

Sunday, September 8, 2024

Contemporary Art: Between The Lines @ Lyles & King New York

 


(Drivebycuriosity) -  Gallery Lyles & King in Manhattan´s Chinatown belongs to my favorite art places ( lylesandking). I have spotted so many amazing exhibitions there. Now you could see there "Between the Lines" by Kathy Ruttenberg & Stephanie Temma-Hier ( between-the-lines).

 



As usual at this place the exhibited art works are funny & sexy. The amusing lobster composition on top of this post is called "See through people" (2024,
Oil on linen with glazed stoneware sculpture) by
Stephanie Temma Hier, followed by another painting by Temma Hier.

 





Above 3 paintings by Kathy Ruttenberg.

 

To be continued

Thursday, September 5, 2024

Economics: E-commerce - Why Is The US So Far Behind?

 


 (Drivebycuriosity) - There is a lot ado about e-commerce. Many complain that online shopping is growing too fast. They claim that e-commerce is eating the cake of the brick and mortar retailers and they accuse Amazon to be a monopolist.

Here are the facts: In the US e-commerce is just 16% of the retail (bilello.blog ). I think this number is disappointing after almost 30 years growth.

 


 ( source)

It is interesting that e-commerce does better in the UK. Online sales are there about 27% of retail.

Now I am wondering, why does e-commerce so much better in the UK than in the US? I guess the difference is caused by different density. 

A high percentage of the British lives in London or near the capital. There are short ways from the fulfillment centers to the customers, meaning relative low costs and short delivery times.

The US - in the opposite - is widely spread. States like Wyoming, Arizona, Nevada & Utah are almost empty. That means high costs and slow deliveries. It is not surprising that fewer American buy online. 

In the recent 10 years e-commerce gained on average annually just 1 percentage point, from about 6% to 16% of the whole retail. If this trend continues, e-commerce would need about 40% years to be more than half of retail. Maybe in the year 2100 the fast growing Chinese Amazon challenger Temu will become a monopolist.

 

Monday, September 2, 2024

Books: Tudors - The History Of England Volume II

 


(Drivebycuriosity) - Even that I am German, I really like England. I grew up with the music by Rolling Stones, Kinks, Beatles & Co. and I read a lot English authors from Enid Blyton to Agatha Christie, Evelyn Waugh, Ian McEwan and myriads others. And I love London, which I visited 5 times in several decades.

Naturally I am interested in English history, which shaped Kinks, Waugh & Co. So I began reading Peter Ackroyd´s series: "The History of England ". This post is about "The Tudors" (amazon ). 

The House of Tudors ruled England for 118 years and shaped the country`s history, almost as much as William the Conqueror and his Norman relatives did 5 centuries earlier. The book focuses on four of the five Tudor monarchs, ignoring Henry VII, who lived from 1457 through 1507; and begins in the year 1507 when Henry VIII reached the throne.

Henry VIII is well known for being a monster and for his erratic adolescent behavior. The brutality, willfulness and the fate of his unfortunate six wives are well documented in so many books, plays and movies. But it is hard to feel sorry for Anna Boleyn, who was an intriguer and did what everything she could do to outmaneuver her predecessor Catherine of Aragon. And why did these women chose to become the wife of a feared monster? "The wives of kings were generally considered to be little more than brood mares".

Monster or not, Henry changed England forever. He released the country from the yoke of the Catholic Church and the rule of the Popes. The monarch did not intend to become a religious reformer, the reform was just a means to an end. 

Akroyd wrote: The king "was not in the least evangelical. He only wished to augment his revenues, with the treasure of the old Church, and to increase his power". He also aimed to get rid of the command of the Pope, who - and his church - did not allow Henry´s divorce from Catherine of Aragon.

 

     The Law of Unintended Consequences

Henry´s reformation is a example for the law of unintended consequences. But the result stays till today and defines the culture in England and the former English colonies, the USA, Canada, Australia & New Zealand. Thanks to the Tudors the country not only avoided the bloody inquisition, which tormented the populations of Italy & Spain (and the Spanish colonies). England did not participate in the messy wars which devastated the German speaking regions in the 17th century. Even today we can see the huge cultural - and economic - divide between former English colonies (US, Canada, New Zealand) and the Hispanic countries

There already existed a parliament. But it was just summoned "as a way of informing the nation of the king´s will"! The members of the Commons, in large part lawyers and country gentlemen, were quite at ease with the royal prerogative; their role was to register the king´s decrees and to shield him from blame for unpopular measures. The Speaker was a royal official whose salary was paid by the king and the most part of the Commons were the king´s servants. 

Henry´s son Edward tried to continue his fathers reform, but did not live long enough to make any impression. The death of his allmighty father - and his youth & frail health - seemed to invite rebellions and unrest all over the country. Henry´s daughter Mary, a radical and fundamentalist Catholic, tried to turn history back and bring England again under the Catholic yoke and hoped to import the Spanish inquisition. No wonder, she was known as "Bloody Mary". Fortunately for the English Mary`s terror regime ended with her early death.


                           Rise & Fall

Akroyd gave Elizabeth half of the book, more than he dedicated to Henry. Rightly so. The queen continued basically her father´s religious reform and made the separation from Catholic fundamentalism and the regime of the Popes definitive. 

Obviously she was very smart, otherwise she would have not survived in this turbulent & vicious era. Too many domestic & foreign powers wanted her death, even her devout sister Mary was a danger. Elizabeth was often accused to be too indecisive. "Elizabeth vacillated. She never made a decision when one could be avoided. Procrastination was her policy in all the affairs of state." 

But thanks to her caution England avoided ruinous and messy wars. Her cautious regiment started England´s conversion into a democracy and laid the foundation of England becoming a sea power. She benefited of course from many others, like Sir Walter Raleigh and Sir Francis Drake, who strengthen England´s Navy. The actions of these men and other leuds of the Queen disturbed & weakened the numerical superior Spanish navy, known as the Armada. They were important in the war against Spain and also supported the English to set foot in North America.

During Elizabeth´s regency the industry of England advanced as strongly as its commerce. The investment in looms, furnaces and forges increased; while parliamentary Acts were passed to promote the trade in leather. A lot more coal was needed for the manufacture of glass and for soap boiling. The production of pig iron rose threefold in the space of thirty years.

The Tudor epoch saw the rise & fall of men like Thomas Wolsey, Thomas Cromwell, the Duke of Norfolk and many others, who where sometimes in the favor of the king or the queen and sometimes not.  

There was a lot violence and an atmosphere of fear and threat. Many lost their lives in rebellions and skirmishes. People were afraid of the afterlife. And people often behaved strange and irrational, from the sovereign to the poorest farm hands. 

They were obsessed with the Bible and ancient Greek texts and believed in them blindly. Too many got denounced as heretics and got burned alive. Owning the wrong book could cost one`s life. The dispute whether one can eat a piece of God by swallowing a little piece of bread (the Catholic communion) could decide about life and death. Even an improvident comment, that seemed to conflict with the common believe, could bring one on the pyre or the scaffold. I am surprised how often men and women confessed and stubbornly persisted on statements which will bring them death.

Akroyd delivered a fascinating portrait of a dangerous but also exciting era.


Thursday, August 29, 2024

Football: 1. FC Heidenheim - How A Small German Club Came To Play International


 (Drivebycuriosity) - If you are interested in football, in the US known as soccer, you might follow the Pan-European Tournaments: Champions League, Europa League & Conference League. This season 1. FC Heidenheim will participate, a club with a tiny budget. 

The club`s home is Heidenheim, a small industrial town (50,000 residents) between Stuttgart and Munich. The club isn´t supported by the fan base of a big city, neither are there huge sponsors. Anyway, in season 2023/24 the budget club arrived in the Bundesliga, the top German league. The newcomer finished 8th place in a table with 18 teams and in the recent days won the qualification for the Conference League.

Heidenheim`s rise was made by Frank Schmidt, the lead coach of the club. In 2007, Schmidt, a former soccer player, who also is educated in banking (Bankkaufmann), took the lead of Heidenheim when they played just in Germany´s Oberliga, the fifth tier of the professional system. Since then he had led the club upwards, even with tiny budgets. 

 

                      Combative Mindset

In his autobiography "Unkaputtbar" Schmidt explains his concept ( amazon). The word means "indestructible", contrary to the German term "kaputt gehen" - a quote by another German football coach, who praised Heidenheim`s & Schmidt`s very combative mindset.

According to Schmidt, Heidenheim`s sociological & economical background is shaped by the climate (highest and coldest stadium in German professional football) and the frugal regional "Swabian" mentality. Because Heidenheim relies on a tiny budget, the club can not keep top players for long. If one of them gets attention, for instance as goal shooter, a bigger club wants to buy him (the contract between club & player). These transfers support the finances of the little club. 

Therefore the coach often needs to find replacements who fit into the club and to Schmidt´s concept. For the new season, Heidenheim had to replace six players including Jan Niklas Beste, a specialist for corners & freekicks, who went to Benifica Lisabon, and their top striker Tim Kleindienst, who scores now for Mönchengladbach. But Heidenheims´s rise shows that the coach not only successfully replaced the "Leistungsträger" (top players), he shaped the team even stronger! And the new season started with 4 wins in a row!

Schmidt wrote: "Heidenheim is a chance for many players. We often chose players, who failed elsewhere. Players who start promising, but whose careers stall. These are very good premises - for the player as well as for us. Giving someone a second chance is not only human, it usually also pays back".

Heidenheim`s coach chooses players who are capable to confront new situations without fear and are passionate. Schmidt wants resilience, the ability to never give up. He claims that mentality can be exercised and can be exemplified by the coach. If the coach strives to win always, then the team endeavors to win always as well.

Schmidt doesn`t measure a player by the goals he scores, but by how many chances he realizes, and primarily, how he behaves, after missing a goal chance and if he is unflinching. And crucial is the willingness to reach the limits again and again and even to shift them sometimes. 

I believe thanks to this mentality Heidenheim will continue to impress.

Good luck to Schmidt and 1. FC Heidenheim.

 

 

 

Friday, August 16, 2024

Economics: Why Is America`s Economy Growing So Slow?

 


(Drivebycuriosity) - The US economy is growing, but disappointingly slow. Recent indicators - like the cooling job market  - suggest that the economy is getting even weaker. 

Unfortunately America`s economy is growing slower than in the past. The green line in the chart above shows the long-term trend, which is 3.1% real growth p.a. (growth of GDP adjusted for inflation  scottgrannis). Since 2008 the US economy is just growing 2.2% p.a. (red dotted line) - and the gap is widening. What are the causes for the lower growth trend?

In the year 2008 the American GDP dropped sharply, thanks to the recession, known as the financial crisis. The recovery in the following years disappointed. Economic growth returned, but since 2009 has been growing less than before the recession.

 



 ( source)

 

What happened? First, Obama happened. The liberal President shifted economic policy to the left side and expanded the government`s influence on the economy considerable. He did in fact not hike taxes much, but he expanded the regulations a lot. 

At the end of Obama´s regime the Federal Register, the daily depository of all things regulatory, has topped off at 97,110 pages, by far an all time record (image above ). The number of rules and regulations within those 97,000 pages is 3,853, the highest in 11 years. Of these final rules, 629 were flagged by agencies as having notable effects on small businesses ( forbes). Obama`s hundreds of new regulations cost the average household roughly $26,000 over a lifetime, according to a new study ( city-journal).

Obama´s regulations threw more sand into the delicate wheels of the economy and raised the costs of doing business substantially. “The regulatory state has grown under this administration seemingly without regard to the costs, practicality, or even legality, of rules pushed through by federal agencies," complained Chamber of Commerce President Thomas J. Donohue (politico ). No wonder that the growth trend of the US economy slowed.

 

                                   Bad Politics
 

 



 (source )

During the regency of President Trump the economy regained a bit. Above this paragraph you can see a segment from the Scott Granis chart above, where I amplified the period 2016-2020. The blue line (actual GDP growth) shows that in the second half of Trump`s regency the US economy grew a tad faster than the prevailing trend, till the Covid recession broke the trend.

What caused this acceleration? In 2018 Trump cut several taxes, including corporate taxes and several individual taxes ( investopedia)! The impulse of these tax cuts, which will expire in 2025, is slowly working through economy. The reduced taxes are stimulating investing and inspire to work more, creating more income. 

Unfortunately Trump created a new headwind for the economy by starting a trade war against China. His tariffs on imports from China disturb supply chains, put additional costs on US corporations and reduce consumption. Trump`s new tariffs work like tax hikes and compensate partially the positive impulse of his tax cuts.

 



( source)

The image above this paragraph amplifies the last segment of the Scott Granis chart, covering the Biden regency. After the short-lived Covid recession US economic growth came back to the sluggish trend (which includes the Covid recession). 

The blue line shows that during the Biden presidency the economy grew a bit slower than under Trump. Unfortunately the Biden administration continued Trump`s trade war and made it even worse by restricting the exports of computer chips to China. 

Biden also repeated Obama´s left shift. He increased the role of government and expanded the regulations. Biden`s administration regulates dozens of necessities, such as Internet service, household appliances, nursing homes, electricity, health insurance, and of course fossil fuels. According to a recent report since taking office, President Biden’s agency rulemakings have cost the federal taxpayer $1.37 trillion and counting ( budget.house.gov). Another study calculates a lifetime per family burden of $47,000 from Biden’s new regulations ( city-journal).

To make things worse Biden uses a powerful tool to strengthen the role of the government: antitrust. For a long time antitrust enforcement stood for the interests of the consumers and tried to punish corporations for bad services, low quality & variety and too high prices (consumer welfare).  

Soon after Biden became President he changed the concept of antitrust and the leadership of the agencies that enforce antitrust in the US: The Federal Trade Commission (FTC) and the Antitrust Division of the Department of Justice (DOJ).

Biden announced Lina Khan, a radical left-wing, Chair of the mighty FTC and antitrust attorney Jonathan Kanter, another zealot, became head of the more than 800-person antitrust division of the Department of Justice (driveby ). Khan & Kanter belong to the Neo Brandeisian movement (named after Supreme Court Justice Louis Brandeis, 1916-1939 wikipedia). The Neo-Brandeisians declare consumer welfare as irrelevant and want to expand the government’s role in the U.S. economy significantly ( pbwt.com dailyjournal promarket reason). Khan`s FTC views large & successful companies as evil and prefers "that the government, rather than the private sector, orchestrates the functioning of the economy" ( .ftc.gov)

Biden protege Khan tries to expand her already extensive might. She argued - in an article for a Marxist paper - that antitrust must be reconfigured toward the redistribution of economic and political power and away from concerns regarding price (lpeproject  realclearpolicy). According to former FTC-Commissioner Christine S. Wilson Khan`s FTC represents a Marxist ideology and tries to replace the market process of supply and demand by a continuously regulated environment (ftc.gov ). Khan & Kanter started to sue Amazon, Google, Meta and other companies. They try to protect competitors, which are less efficient and successful. Even if Khan & Kanter lose, their law suits slow down decision processes in the economy and raise the costs of doing business considerably.

   Conclusion: America`s economic growth has been subdued because the Obama & Biden administrations both increased regulations. Trump´s trade war against China, which is continued and made worse by Biden, creates an additional headwind. Bad politics are holding growth back and are reducing the wealth of everybody.