The Meb Faber Show · Friday, August 14, 2026
Luke Gromen discusses the shift in US economic policy from neoliberalism and globalization towards Hamiltonian economics, characterized by protectionism and domestic industry focus. This shift is seen as a response to the hollowing out of the US industrial and defense base.
“In a nutshell, Hamiltonian economics are high tariffs, protection of domestic industry, and a neutral reserve asset. Hamiltonian economics are the exact opposite of what the United States has been doing for the last 35, if not 40 years.”
“It was globalization, it was neoliberalism, it was quote unquote free trade. And what that looked like was America offshoring its labor, it offshoring its factory base to the lowest cost provider.”
“Free trade and anti-Hamiltonian policies are very good for Washington, and they're very good for Wall Street, and they're very bad for America. And particularly the middle and working classes and the US industrial base.”