For years, Mackeys Ferry Sawmill in North Carolina depended on overseas buyers in China and Vietnam after domestic demand for premium hardwood declined. But when President Donald Trump launched his escalating trade war, the mill’s owners say the damage was immediate and ultimately irreversible. By July—just months after Trump declared his “Liberation Day” tariffs—they made the decision to shut the operation down entirely.
In a recent episode of the Big Take podcast, Bloomberg economics correspondent Shawn Donnan traveled to the “Old North State” to trace how one of America’s oldest trades was shaken by Trump’s tariff battles, and to hear how the mill’s owners now feel about the president they once supported at the ballot box.
These are Cipolla’s five fundamental laws of stupidity:
Always and inevitably, everyone underestimates the number of stupid individuals in circulation.
The probability that a certain person (will) be stupid is independent of any other characteristic of that person.
A stupid person is a person who causes losses to another person or to a group of persons while himself deriving no gain and even possibly incurring losses.
Non-stupid people always underestimate the damaging power of stupid individuals. In particular, non-stupid people constantly forget that at all times and places, and under any circumstances, to deal and/or associate with stupid people always turns out to be a costly mistake.
A stupid person is the most dangerous type of person.