Bite the Bullet
While scrolling through the news today, two stories caught my eye that seem worlds apart, but share a surprising structural likeness: 1. the reports on Senator Grassley’s push for a temporary U.S. diesel export embargo to protect farmers from soaring costs; 2. the details of the U.K. government’s decision[*] to place a temporary hold on the export of a rare Renaissance statue. At first glance, the comparison might seem absurd—comparing millions of barrels of fuel to a single eight-inch bronze—but both scenarios involve a government stepping in to restrict free trade in the name of national interest, prompting the question: why not treat the diesel crisis with the same nuanced "temporary hold" logic used to save U.K. cultural treasures? Before we jump on the bandwagon of an immediate ban on foreign sales of U.S. diesel, let's explore whether the U.K.’s approach offers a better template than an embargo, or if the fundamental differences between a unique work of art and a fu...