Michael’s Substack

The Dollar Squeeze: How the Trump Administration Reversed Capital Flows Without Capital Controls

A deep dive into the policy shifts that reversed capital flows in 2025 - and what that pivot means for Treasuries and the next leg of the currency…

Aug 5 • 

Michael McNair

4

1

June 2025

From the Vault: Nuclear Calculus

Editor’s Note

Jun 26 • 

Michael McNair

3

May 2025

How a Maturity-Linked Withholding Tax Rebalances Trade, Stabilizes Rates, and Generates Revenue

Executive Overview

May 19 • 

Michael McNair

2

April 2025

Coalition of the Compelled

Introduction

Apr 9 • 

Michael McNair

9

1

March 2025

Making Sense of the Seemingly Nonsensical Mexican and Canadian Trade War

The Trump administration’s tariff campaign against Mexico and Canada seems inexplicable when viewed through the conventional lens of trade policy.

Mar 5 • 

Michael McNair

9

4

February 2025

The Sovereign Wealth Effect

America’s New Tool for Rebalancing the Global Trading System

Feb 13 • 

Michael McNair

18

1

December 2024

The Dollar's Dilemma: America's Coming Policy Shift

Intro Donald Trump's return to the presidency in 2025 will likely mark a decisive shift in US trade policy, but not in the way most analysts expect.

Dec 10, 2024 • 

Michael McNair

13

5

Coming soon

This is Michael’s Substack.

Dec 8, 2024 • 

Michael McNair

1