The phrase “batten down the hatches” has nautical roots. The captain had complete control of the timing of readying the ship for the storm. Captain Donald Trump would like the same discretion over the timing and actions of the Fed, although he is unlikely to get it.

Here in Milwaukee, the Fourth of July is kicked off every July 3 with a large-scale fireworks show held on the lakefront. The panoramic backdrop makes for quite a show in the night sky. Looking through the fireworks induced haze marking the celebration of another Fourth of July, I was struck by the parallels between staging a successful fireworks show and managing the current economic cycle.

The ongoing trade war between China and the United States is exposing their opposing worldviews. The Chinese government prefers to control production whereas the US authorities find it easier to promote demand.

In the classic comedy movie Airplane, one of the more memorable scenes is when the characters engage the autopilot to keep their plane airborne. The catch, however, was that the autopilot could not land the plane.

Across the U.S. a subtle shift has been going on for some time with many Americans appearing to adapt a more European way of life.  In towns small and large, you will find sidewalks transformed into trendy outdoor cafes. In many cities, espresso bars are as commonplace as the traditional corner tavern. Even the long running American love affair with the automobile is being reconsidered as urban centers move to adopt public transportation systems resembling those found in many European centers.

It has been said that the act of giving is a gift in itself. It is widely believed that giving can be psychologically more beneficial to the giver than the recipient. Our policymakers must truly believe in this power of giving and its benefits politically.