Here is the Wall Street Journal article from today:
"The Dollar and the Bond Market’s Ominous Message for Trump"
https://www.wsj.com/economy/trade/the-dollar-and-the-bond-markets-ominous-message-for-trump-028e8765?mod=WSJ_home_supertopperbottom_pos_1
It links to the original "white paper" for the Accords...
And here is the speech at the White House, from* just 3 days ago*, given by Steve Miran on the "Global Public Goods" that the World (ie other countries) will need to pay the United States for.
It's remarkable that such an important speech hasn't been better covered.
Just a few highlights:
I’m an economist and not a military strategist, so I’ll dwell more on trade than on defense, but the two are deeply connected. To see how it works, imagine two foreign nations, say China and Brazil, trading with each other. Neither country has a currency that is trusted, liquid, and convertible, which makes trading with each other challenging. However, because they can transact in U.S. dollars backed by U.S. Treasuries, they are able to trade freely with each other and prosper. Such trade can only occur because of U.S. military might ensuring our financial stability and the credibility of our borrowing. Our military and financial dominance cannot be taken for granted; and the Trump Administration is determined to preserve them.
What a joke. Why not just use Bitcoin?
In my view, to continue providing these twin global public goods, there needs to be improved burden-sharing at the global level. If other nations want to benefit from the U.S. geopolitical and financial umbrella, then they need to pull their weight, and pay their fair share. The costs cannot be solely borne by everyday Americans who have already given so much.
Why wouldn't other countries just say... hey Americans Go F*** yourselves?
First, other countries can accept tariffs on their exports to the United States without retaliation, providing revenue to the U.S. Treasury to finance public goods provision. Critically, retaliation will exacerbate rather than improve the distribution of burdens and make it even more difficult for us to finance global public goods.
In other words... we need to get independent of the Americans right quick... and not depend on them as fast as possible.
Second, they can stop unfair and harmful trading practices by opening their markets and buying more from America;
And what if they don't want to buy more American Junk?
Third, they can boost defense spending and procurement from the U.S., buying more U.S.-made goods, and taking strain off our servicemembers and creating jobs here;
Oh they'll boost defense spending alright... but by eventually subsidizing their own defense industries.
"US officials object to European push to buy weapons locally"
https://www.reuters.com/world/us-officials-object-european-push-buy-weapons-locally-2025-04-02/
Fourth, they can invest in and install factories in America. They won’t face tariffs if they make their stuff in this country;
So it's basically extortion... of non-US firms?
Fifth, they could simply write checks to Treasury that help us finance global public goods.
Hey Americans, go F yourselves OK?
Burden sharing can allow the United States to continue leading the free world for many decades. It’s a must not only for fairness, but for feasibility. If we don’t rebuild our manufacturing sector, we will be strained in providing the security we need for our safety and to underpin our financial markets. The world can still have the American defense umbrella and trading system, but it’s got to start paying its fair share for them. Thank you, and I am happy to take some questions.
To which other countries would say... hey Americans, go F yourselves? How do we get OFF Treasuries and the Dollar?
What a huge miscalculation, in my opinion, by the US government. Bitcoin is that trusted, liquid, and convertible capital that can't be controlled by the Americans... and it's a great tool to use when being faced by a bully.
The whole speech is a great read.