David M. Smick
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David Smick writes frequently on domestic and global economics. Some selected samples:


  Statecraft in Search of a Vision
Summer 2021
  The Cunning of a Currency Trader
Fall 2017


National Review • December 8, 2016: "Forget Wall Street — What the American Economy Needs Is More Main Street Capitalism"

"Donald Trump's predicament is reminiscent of the neighborhood dog who loves chasing cars, only now his jaws are locked tight onto the rear bumper of an 18-wheeler heading cross-country. In foreign policy, the stakes for Trump are obviously enormous — but so too in domestic policy, because half the country is nearly insolvent. Half can't afford an unexpected $500 bill for a car repair or medical emergency. He will be held accountable.

Team Trump is, therefore, trotting out all sorts of stimulus measures. It is correct that both the corporate and the individual tax systems need to be addressed, as well as the nation's crumbling infrastructure. Yet the U.S. economy has underperformed in providing prosperity for all, not for lack of stimulus. Since the 2008 financial crisis, the economy has been awash in stimulus. It kept us out of a depression. The problem is that while the stock market boomed, income for average working families remained flat." MORE…

“On Looking Into the Abyss,” in National Review, July 5, 2010. A review of Crisis Economics: A Crash Course in the Future of Finance, by Nouriel Roubini and Stephen Mihm.


“How We Can Avoid Becoming Like Japan?" in Commentary, December 2011

“A Never-Ending Economic Crisis?" in Commentary, January 2010


Trump Needs a Strong-Dollar Policy—and Fast • Bloomberg View, February 23, 2017

At the beginning of February, President Donald Trump reportedly called his national security adviser Michael Flynn at 3:00 a.m. to ask whether a strong dollar was good or bad for the economy.

He was right to ask: The Trump dollar could strengthen significantly and become a global economic and financial headache—and trip up the president's entire economic policy. More…

Oct. 26, 2009 —David Smick, chief executive officer at Johnson Smick International Inc., talks with Richard Clarida, global strategic adviser at Pacific Investment Management Co., and Bloomberg’s Tom Keene and Ken Prewitt about global currencies, the Chinese economy and Smick’s book “The World Is Curved.” Listen


“What will replace the globalization model?” in the Washington Post, October 16, 2012

“No easy answers for euro zone’s vicious cycle” in the Washington Post, April 19, 2012

“The Problem With the Economy? Confidence,” in the Washington Post, November 5, 2010

“Is the U.S. Playing a Risky Game of Politics?,” in the Washington Post, March 28, 2010

“Geithner’s Last Laugh,” in the Washington Post, June 9, 2009

“The Money in Our Mattresses,” in the Washington Post, May 24, 2009

“Tim Geithner’s Black Hole,” in the Washington Post, March 10, 2009

“America’s New Rescuer: Japan,” in the Washington Post, February 8, 2009

“Memo to the Banks: Lend or Else,” in the Washington Post,
January 12, 2009

“That Sinking Feeling,” a review of The Great Inflation and Its Aftermath by Robert J. Samuelson and The Return of Depression Economics and the Crisis of 2008 by Paul Krugman, in the Washington Post,
January 4, 2009

“If Entire Countries Go Broke, We’ll Go With Them”
October 26, 2008 [PDF]

From USAToday

How to end America's politics of hate and polarization August 11, 2020

America is in crisis — and it’s not just from the coronavirus that is plaguing our communities. We are in the midst of an epidemic of hatred that has left most of us feeling hopeless and exhausted. There are social, cultural and racial explanations for our predicament. But evidence suggests that a feeling of economic humiliation, which manifests as fear and a politics devoid of empathy, is at the core of our divisions. More…

From Fox News

The tax reform flip-flop Trump desperately needs to make • Fox News, February 14, 2017

Financial markets are assuming that Congress will easily enact a tax reform package, including the immediate expensing for tax purposes of all capital investment and some form of border adjustment tax, by late summer at the latest. The prospect for tax reform is one reason the U.S. stock market has surged since the election. More…

From CNN

Trump's 'phenomenal' tax reform • CNN, February 10, 2017

Reforming the tax code is likely to be far more politically complicated than the Trump officials, most of whom are new to Washington, think. More…

"What to expect on Obamacare, taxes and spending under Trump," for CNN, December 5, 2016

“Anti-Capitalism Chokes the Engine of Growth,” for CNN-Money/Fortune Magazine, July 16, 2009

“How the Export Addiction Started,” for CNN-Money/Fortune Magazine, March 17, 2009

“Why Obama Shoud Be Upbeat—And Worried,” for CNN, February 23, 2009

“Wait Till You See the Next Bailout,” for CNN, February 6, 2009

Why There's a Crisis—And How to Stop It
October 10, 2008 [PDF]


“How to Save the Global Economy: Tame the World’s Crazy Currency System,” in Foreign Policy, January/February 2012

“Good Luck, Barack,” in Foreign Policy,
January/February 2009


Who Unraveled the New World Order? June 12, 2018

The Republican Tax Plan Better Be Audacious • September 12, 2017

The Syria Success Creates a Chance for Bipartisan Tax Reform • April 13, 2017

There's Plenty of Hope for Tax Reform • March 3, 2017

Make Main Street Great Again! • February 2, 2017

Watch as David Smick talks with the Wall Street Journal's Mary Kissel.

“Europe Is No Model for Our Banks,”
April 17, 2009

Europe’s Dollar Problem
December 2, 2004 [PDF]

What Reaganomics Is All About
July 8, 1981 [PDF]


For the Populist Supply Siders
March 31, 1985 [PDF]

From WORTH Magazine

The Money Hunt
December/January 2009


Losing the Economic Battle
The global debt apocalypse approaches.
October 21, 2011

Small Is Beautiful
Memo to GOP: Think less about corporate America, more about startups.
June 6, 2011

Confidence Game
A McCain agenda for financial recovery.
March 31/April 7, 2008 [PDF]

Reactionary Democrats
December 4, 2006 [PDF]

Be Afraid…
There could be nasty economic surprises
during the next four years.
December 6, 2004 [PDF]

The Asian Crisis
January 12, 1998 [PDF]

Setting Sun
June 16, 1997 [PDF]


To Save Capitalism, Make it Work for Average Folks • Interview with Rob Johnson of the Institute for New Economic Thinking, February 1, 2017

Smick argues that distortions of capitalism have fed populist rebellion, and that reviving a capitalism that offers opportunity for average people to increase their earnings is an urgent priority if America's political economy is to be stabilized.

David Smick Explains How Main Street Capitalism Can Be the Great Equalizer


In Episode 8 of the new podcast, Talking My Book, Daniel Gross, executive editor of strategy+business, interviews David Smick, founder and editor of The International Economy and author of the bestseller The World Is Curved, about his new book, The Great Equalizer: How Main Street Capitalism Can Create an Economy for Everyone (PublicAffairs).

Listen to the conversation for insights on how small businesses, working on a level playing field, can participate in the global economy and reignite growth. Listen, too, for the opportunity to receive a signed copy of The Great Equalizer.

Does Mnuchin Have Enough Global Financial Market Experience? • Investor's Business Daily, January 20, 2017

Treasury Secretary-nominee Steven Mnuchin, while having success in domestic finance, appears to have little experience in dealing with global financial markets. Yet the global financial system has become a dangerous paradox wrapped in a riddle. Here are three questions he needs to address: More…

Eight things Trump should say in his inaugural speech, but probably won't • Marketwatch, January 19, 2017

Tough truths we need to hear if we really want America to be great.

C-SPAN’s Washington Journal • January 15, 2017

Economic Populism: David Smick, author of The Great Equalizer, talked about what heDavid Smick on C-SPAN, Jan. 15, 2017 says is the rise of economic populism and the decline of globalization, as well as what President-elect Trump can do to boost economic growth.

CNBC • January 11, 2017: "Two ways Trump could choke on the economy"

"There are a number of ways he could fail to meet his objective. Here are two.

First, a soaring U.S. dollar could prove highly problematic. The Trump stimulus plan is largely the Reagan domestic agenda (big tax stimulus, higher spending and deregulation). In the 1980s, those policies produced a strong dollar. By the mid-1980s, industrialized world policy makers under the leadership of the U.S. Treasury were forced to organize the Plaza and Louvre Accords to stabilize and bring down the dollar's value to avoid a trade war." MORE…

American Conservative • January 11, 2017: "Top-Down Frustration in a Bottom-Up World"

"Then it hit me. Here was a situation that was completely absurd. What was happening was a perfect reflection of the degree to which the U.S. financial system had become removed from reality. A room full of the world's most successful money managers worth billions of dollars, and who collectively traded trillions of dollars daily, were fawning over a mere banker. Although perhaps the best of the lot, Dimon was essentially the leader of what had become a collection of giant financial zombie institutions that were holding back the U.S. economy." MORE…