Leave the car at home, take the income. For years, City Observatory has calculated that Portland earns a billion dollar a year “green dividend” because it enables local residents to drive about 20 percent less than the typical urban American. Portland’s Mayor effectively argued that the city can earn an even bigger green dividend if it further reduces the amount of driving in the region

I have ended up taking a lot longer to write up my biggest picture thoughts on the dollar than I initially expected. Partially this is because things seem to have stabilized- for now- and thus I didn’t feel the pressure to rush a piece out. Just yesterday China and the United States announced a tariff agreement- at least for the next ninety days. But the other reason I haven’t put out a big picture piece on the dollar is I have struggled to put all my thoughts on this topic into one piece. Before the coronavirus pandemic- when I was in a very different place in my life- my goal was to go off to undertake a PhD in law in Europe where I would write a three chapter dissertation on the international law of money. My June 2018 talk which I published in the newsletter last month provides the rough skeleton of my thinking. How do you get all of that into one piece?















