Well, get ready for everything to get even more expensive! I’m sick of the winning at this point. But at least I won’t have to vote, right?

Magical thinking is indispensable to understanding Team Trump’s economic policymaking. The White House often seems to believe two opposing policies can work together while one policy can do two or three contradictory things.

A heavy dose of hocus pocus will be needed to make the administration’s dollar policy work in the interest of the United States, for it appears that they want to end the US dollar’s supremacy in global finance.

At least some part of it does. True, Donald Trump has warned countries not to replace the dollar, or else. And, reportedly, some members of the administration want to encourage more countries to adopt the dollar outright. But what is also true is that Stephen Miran, the president’s chief economic adviser, on leave to act as board member of the Federal Reserve, thinks the dollar’s position as the main reserve currency of the world is an undue burden for the US and a principal driver of the large trade deficit that Trump finds so odious.

“America runs large current account deficits not because it imports too much,” Miran wrote last year. Rather, it imports too much because it must export Treasury bonds to provide other countries with assets in which to park their reserves. This leads to “persistent dollar overvaluation that prevents the balancing of international trade.”