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Duane Porch's avatar

Thanks for the Report. (BTW: It may be easier to publish a quarterly report given the many demands on your schedule.)

I enjoyed the observations from the second colloquium. Plus, the States Should Protect Religious Liberty Like It Is 1993 article was excellent article. Thanks to Professor Hall and you for researching, organizing, and publishing this great content. (BTW: I remember President Clinton signing the legislation.)

(One small 'nit' is the Religious Liberty in the States 2025 Ranking graphic. The middle Ranks #21-30 "states" are colored purple on the graphic. However, the graphic key indicates they should be a luminous or bright green.)

That aside, wonderful job!

IOUs to Inflation: The Realistic Limits of Magic Money Theory.

- I concur with your comments in the article. And you were correct in pointing out some of the truths mention by those advocating even more debt. However, as you noted, the "reality" of the debt is investors are always focused on real returns on their investment. Investors continuously weigh the risk/reward benefit. When the risk gets too steep for the potential reward things get "rough" fast. (Take the crypto sell-off on Friday as an illustrative example of what happens in a financial panic. Although, much of it was self-generated due to leverage, etc.)

- I suspect 3-5% inflation is going to be with us for the next 12-18 months. If we're lucky it won't go above 4% annually. However, luck is not a method. I am convinced some of that inflation is the result of tariffs.

- We absolutely need to reduce the Federal Governments spending. Although, I believe industry and production reshoring will have an overall positive impact.

- It will certainly be notable if the Trump Administration can reduce the National debt, stop it from increasing, or at least stabilize it.

The Gimmicks in Trump’s Trade Deals.

- Bingo! President Trump’s other pro-growth policies — deregulation, increased energy production, and extending tax cuts, cajoling current trading partners, creating new trading partners, etc. are some of the driving factors in the current economic growth we are experiencing.

- I have come to better appreciate President Trump's abilities now that he is in his second term. He has a knack of viewing problems from various perspectives that illuminate possible courses of action translating into opportunities. Impressed is an understatement. I suspect he may be the most transformative President during my lifetime. (Time will tell.)

- And yes. Talk is cheap. Plus, verbal commitments are not the same as "action." I find it mildly interesting you mention Larry Summers underestimating President Trump's tariff policies in the beginning of your article. However, you seem to be underestimating the collective impact of many other administration policies.

- You may be right. Question. How do you propose changing your investment strategy if you are 100% confident in your assumptions? (Remember, talk is cheap.)

Shalom.

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