The biggest threat to the U.S. economy isn't a trade war

A story about monetarism and the Panic of 1907.

A silent force lurks behind every financial boom and bust.

It rarely makes headlines or is debated on cable news. But when it moves too far or too fast it can induce mania or cause economic collapse.

That force is money itself. Its supply. Its flow. And who controls it.

This is the essence of monetarism.

Let’s start with a story.