This picture says it all . Bring our factories back to the USA Mr. Trump so that we can actually have production = wealth creation back in the USA instead of just borrowing more trillions $ in debt to keep us above water:
I think there is a legitimate point here, but I am concerned that we will overreact and overuse tariffs as we did with Smoot-Hawley. With disastrous results.
Now that I've pulled the pin on this particular hand grenade, I have to get ready to (ironically) fly overseas to a conference.
The voters are in the process of soundly rejecting the Free Trade theories being spouted by economists for the last 3+ decades.
Perhaps the academics are right. Higher tariffs and Smoot-Hawley 2.0 will lead to disaster.
We are about to find out.
...Keynesian Economics has Failed You...
Fixed It?
KYPD
I always understood that the onus was on the individual to adapt or get left behind. You are not supposed to get a free ride if you can't keep up. It's understood for the aged and the infirm that you would get some help, but not be made "whole". There would be no reason to strive to adapt if you got a full share if you didn't carry a full share of the production.
Here’s the biggest issue with ‘free trade’ - The theory is that it opens markets around the world to US goods. What happens in practice is it opens markets around the world to produce US goods which we then import duty free.
There it is in short. And while they hem and haw over this simple statement, yes, I do know it is too late to close the barn door, the cow’s already gone, but we can certainly put pressure on companies to bring assembly back on shore.
BS! Economics is simply a field of study. Adam Smith wrote the book. David Ricardo took Adam Smith's observations, and twisted them into an evil plot to impoverish and enslave the masses, to the benefit of a few government crooks, using the force of government. Ricardo's deceptions resulted in a century of war and poverty for the UK and continental Europe, unnecessary suffering my hundreds of millions, and stalled the advances of human civilization.
The neo-con RINOs have been pushing Ricardo's snake oil for the past three decades or more. Lying, cheating, stealing, and treason are to blame for the US and other nations' economic woes. People did that; not a field of study.
Formerly respectable economists took their payoffs, and switched their sermons to favor the global thieves. All the "globalism" corruption of economics is the exact sort of corruption that "climate science" is to science and meteorology. People pushing snake-oil theories have to hide data that disagree with their scam, and fabricate data that support the scam.
Statism, collectivism and progressive central planning have failed America.
A super power must own the means of industrial production, raw materials, energy and agriculture...all of which have been devastated in the US.
But the mercantilists in China get it.
The neo-cons will throw out Keynes (the Democrat Marxist economic hero) as the scarecrow to defend "globalism", but that is just a distraction.
Adam Smith recognized national borders, and the need for each nation to negotiate international trade to the best interests of their citizens and national interests. Smith's model of economics is real capitalist free trade to the betterment of all nations.
Ricardo, and today's neo-con globalists, ignore national borders and interests, and favor trade agreements that enrich the privileged few, to the detriment of the populations of all the involved nations. This is NOT free trade. It is cronyism. It is simply treason against one's own country, and crimes against humanity for all others. The catch phrases of "comparative advantage" and "creative destruction" are snake-oil sales pitches.
Economics? LOL—you mean criminal fascism (cronyism)economics have.
Everyone should read Hazlitt’s “Economics in One Lesson”. Understanding economics is easy because the principles are simple. Economics and trade have not failed anyone.
That is a stupid statement! It is like saying Gravity has failed you. When a plane crashes because of poor design, it is not Gravity that failed, it is the failure to adequately account for Gravity.
Economics is a set of laws, immutable forces, not a set of suggestions. When Economists, politicians or businessmen deny or attempt to distort the laws of economics, their actions fail to achieve their intended purpose. The outcome does not represent a failure of economics, the outcome will be exactly what the laws of economics predict.
Here’s an economist in full panic mode at the prospect of a Trump Presidency. Interesting he blames professional economists for failing to do their job. Of course, people are angry at more than just the fallout from globalism. They are angry at the government for failures across the board, not just in trade. Blame the left and the Democratic Party for virtually of these, including quisling Republicans who supported them.
Smoot-Hawley meme is a vapid attempt at placing blame for the Great Depression on an obscure trade bill. It is rewriting of history at is worst.