The Trump administration broke with a long tradition of White House support for a strong dollar in the world market place. Speaking at the World Economic Forum in Davos, Switzerland,
, the treasury secretary, declared that a weaker dollar, and not a stronger dollar, is good for the US economy.
“Obviously, a weaker dollar is good for us as it relates to trade and opportunities,” Mnuchin declared to reporters at the Davos meeting. He added that the recent loss in value of the US dollar against other world currencies was “not a concern of ours at all.”
Wall Street was surprised by the declaration. Some economists and Wall Street traders are confused by the weakening of the dollar despite the economic upturn, which usually causes the dollar to go up in value.
The dollar has lost about 10% in value over the past 12 months, when President Trump said the dollar was “too strong,” making it difficult for companies to compete with countries like China.
Wall Streeters were shocked by Trump’s action. Historically presidents have usually believed in a strong dollar, at least when speaking publicly, even if behind the scenes economists were happy to have a softer dollar to strengthen US exports and lower trade deficits.
“It’s remarkable, really, this kind of bomb-throwing from Mnuchin on the dollar the same week they slap on tariffs,” said Ian Shepherdson of Pantheon Macroeconomics. “The problem with this is it just invites retaliation. This is not a friendly action.”
The tariffs he referred to include this week’s action by the Trump White House to impose tariffs on some imported solar panels and washing machines.
“Lithuania is a hidden gem,” claims Leslie Liautaud, writer and Honorary Consul to Lithuania for the State of Wisconsin who is in the process of attaining Lithuanian citizenship. Liautaud is the wife of Jimmy John Liautaud, the billionaire founder and owner of the Jimmy John’s restaurant franchise. Together, Leslie & Jimmy, as well as Jimmy’s Lithuanian mother Grazina “Gina” Gudaityte Liautaud, have supported a variety of Lithuanian philanthropic causes for many years.
In her Interview with DELFI.lt, Liautaud explains her connection to the country and why she wants to become a Lithuanian citizen.
What is your connection to Lithuania?
I know that your mother-in-law, Grazina, comes from Lithuania. Tell us about your family.
– I myself came from Kansas City, Missouri, where I worked in the performing arts. My job took me to Chicago. While there, I met Jimmy John Liautaud and we got married. Over the past decade, I have become an active playwright and novelist. I have written some full-length plays, as well as a coming-of-age novel for teenagers called “Black Bear Lake”.
My connection to Lithuania came from my husband’s family. His mother, Grazina Gudaityte Liautaud, was born in Zeimelis in 1938. She has been providing financial support to Lithuanian causes for decades. She devotes her time and money to supporting Lithuanian business, improving the health care system, advancing social issues, improving education and promoting cultural progress. She contributed heavily to the beautiful Lithuanian traditions in our family life. I will always be grateful to her for that!
Many years ago, I joined my mother-in-law in devoting time, effort, and financial support to non-governmental organizations which support Lithuania both locally and abroad. Due to those efforts, I am an Honorary Consul to Lithuania for the State of Wisconsin. I have been working with Lithuanian diplomats and US leaders in areas relating to agriculture, health, education, and politics. In addition, I place a special focus on promoting entrepreneurship and advancements in the performing arts.
The focus on entrepreneurship is a joint passion of mine with my husband, Jimmy John Liautaud. Jimmy is the founder, chairman, & owner of the Jimmy John’s restaurant chain. The company employs more than 70,000 people across the US. There are now over 2,700 stores in 43 states, and it’s still growing fast. Last September, we sold a large portion of the company to Roark Capital Group, a Private Equity firm which specializes in franchise restaurants, but Jimmy is still the single largest individual shareholder in the company. He has also invested in several hotels, wineries, airlines, bars, and restaurants, as well as in real estate. Jimmy has a passion to help others. He and Jimmy John’s give generously to a variety of causes including dental care, health and wellness, the US Military, education, and the arts.
At the same time, we’ve raised three children together: Spencer is 23 and works at Jimmy John’s, Lucy is 18 and a student at the University of Iowa, and Freddy is 17 and a student at Brewster Academy in New Hampshire. Jimmy and the kids all have dual US and Lithuanian citizenship. I am very proud of the family’s Lithuanian roots, and I’m working hard to become a Lithuanian citizen as well!
Have you ever calculated how much money you’ve contributed to Lithuanian causes?
– No, we’ve spent time and money to support a variety of Lithuanian causes for many years now, but we prefer not to publicize the amount we give each organization. I am proud of the projects we’re working on to support the people of Lithuania.
As an Honorary Consul, I fund all of this work. As I mentioned, I was inspired by my mother-in-law, Grazina to dedicate my time and financial support after seeing her do it so diligently for decades. Many years ago, I joined Grazina in support of the “Lithuanian Children’s Hope”, a nonprofit organization that provides specialized orthopedic treatment to Lithuanian children. As a family, we funded and worked closely with the people on the ground in Lithuania to establish an orthopedic department at the Vilnius University Children’s Hospital. In addition, we bought new windows for the whole hospital. We also assisted with and supported the country’s post-independence elections.
In 2014, Grazina, Jimmy, & I visited Lithuania and met with the students of ISM University of Management and Economics. We were so impressed with their entrepreneurial spirit that we established scholarships for five of the most outstanding students.
What would Lithuanian citizenship mean to you?
– As I mentioned, my mother-in-law and my husband have instilled in me a great pride in our shared Lithuanian heritage. I feel a strong connection with the country and its people. I hope that by acquiring Lithuanian citizenship, I can strengthen these ties in our family for future generations.
I also think that citizenship would help me support the Lithuanian people more effectively. I would like to continue my mother-in-law’s endless commitment to help Lithuania. I think that we can bring great entrepreneurial lessons to the country from our experience growing Jimmy John’s.
How often do you come to Lithuania?
– I have been here three times over the last decade. Once I’m a citizen, I hope to spend much more time in this beautiful country.
How would your life change if you got the dual citizenship?
– I am already extremely blessed, but dual citizenship would make my life even better by allowing me to further integrate into the Lithuanian culture which I love so much. We’d also love to buy some land and a house in Lithuania. I would certainly take advantage of the opportunities that I see in developing the country’s relationship with the USA in areas like agriculture, health, education, politics, and especially entrepreneurship and the performing arts. I promise to continue my commitment to support the country in any way that I can. It would be an honor to be a citizen of Lithuania.
What aspect of Lithuania is your favorite?
– I was born and grew up in the USA, and I love my country, but Lithuania has captured my heart as well through the family heritage that I received. The country is beautiful, calm, and rich in history and traditions. People are kind and gracious and they are always looking to learn and grow. I am constantly surprised that the country has not attracted the attention it really deserves. Lithuania is a hidden gem.
Reade Griffith, co-founder of Polygon, and investment manager of Tetragon, appeared in early September 2017, on Institutional Investor’s newly launched series, War Stories Over Board Games. The series invites legendary personalities from the world of finance to choose an appropriate board game to illustrate some principles of finance they would like to discuss with the series’ host, Kip McDaniel. McDaniel is the chief content officer and editorial director of Institutional Investor.
Reade Griffith chose the popular strategic war game of world conquest, ‘Risk’ to dual it out with McDaniel. Several interesting discussions ensued, beginning with learning from Reade of his participation in the First Gulf War. Griffith served with the infantry in the Marine Corp as an intelligence officer. He explained how his training to observe and understand the tactics of the enemy prepared him for a life in investing. Dealing with crisis and emergencies on the battlefield taught him to stay calm and to think clearly, another good characteristic of a professional, successful investor.
The discussion then progressed to the European fiscal crisis of 2015, begun by the peripheral countries of Europe, primarily Greece. After a thorough explanation of that crisis, the subject matter turned to China and the crisis which investors had to live through there. Griffith explained how investors overly reacted to a downturn in the market which came on the heels of a huge upturn, and how he and his company reacted to the China market crash.