Powell is no longer entirely alone in turning us back toward a REAL HONEST COUNTRY WITH A REAL HONEST ECONOMY. Peculiarly enough, the Biden administration is taking genuine steps to bring our stuff back from China.
Via Reuters, the administration is using the Defense Production Act to spend $50 million on incentives for PC board production. Not a large amount, but government contracts are the prime mover for the electronics industry.
This is a nice mirror image of the START of offshoring.
In 1958 Ike lamented the electronics industry’s dependence on government contracts. At that time the industry was losing its appetite for the risky market of domestic consumer goods and taking the easy path to military and surveillance tech with guaranteed cost-plus contracts. Japan was taking over the consumer market, and soon took over everything.
Now the Biden admin is offering an easy cost-plus path to lure the industry BACK from China.
Polistra's Mill 