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This on-again/off-again havoc continued for several more weeks (a 200% tariff on Champagne and wine from the EU, 25% tax on cars and parts, a tariff on movies, carve-outs for various electronics, copper, lumber, etc.) culminating in "Liberation Day" on April 2, when Trump announced a national emergency to justify a suite of tariffs that seemed to have been designed by an illiterate on acid.

After "Liberation Day," the world reeled. The European Union, China and other nations announced retaliatory tariffs, and markets crashed. The words "Smoot Hawley" were suddenly more popular than at any time since the premiere of "Ferris Bueller's Day Off." All over the globe, panic buying, hoarding and anxiety skyrocketed.

And then came the flight of capital. It wasn't just the obliteration of $8.5 trillion in wealth between April 2 and April 8, but also the dollar was losing its luster as the safe haven in times of upheaval. Instead of rushing to buy dollars, investors were hanging back.