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Reads like a recipe for pie in the sky.
Mmmmm, delicious floating pie
Yet it's already happening. Where ya been?
Reads like a recipe for pie in the sky.
Mmmmm, delicious floating pie
For the sake of brevity:
https://foreignpolicy.com/2011/09/07/an-exorbitant-burden/amp/
As I noted.
Most people don't know how debt works.
According to most political commentators, there are two main privileges accruing to the United States as a function of the dollar’s reserve status. First, it allows the United States to consume and borrow beyond its means as foreigners acquire U.S. dollars. Second, because foreign governments must buy U.S. government bonds to hold as reserves, this additional source of demand for Treasury bonds lowers U.S. interest rates.
Super low cost debt and the ability to consume beyond its means, such burdens.
The whole trying to spin it as a bad thing is even more ridiculous.
All first world economies are like 70-80% services and the whole claim of that guy was that private manufacturing is the only employer in America, which is certainly not. So the advantages are that the US can literally buy material goods with monopoly money and that it can issue massive debt at pretty low prices.
The counter-arguments are just ridiculous, Japan has been on the verge of deflation thats why their central bank intervenes.
It also doesnt takes into account the massive capital flow surplus the US has into the equation, it just talks about manufacturing as the only source of employment, may as well talk about landed knights and the feudal system.
https://www.quora.com/Why-are-trade...pital-inflows-shouldnt-it-be-capital-outflows
And China certainly wants to take some of that global currency status but they dont for political reasons mainly (harder to be a repressive state with free capital flow.)
Winning never gets old
Talk about a true American Hero
Donald Trump nuthuggers like yourself epitomize what an edgelord is.Ok Edgelord.
But I do like your initial authoritarian, illegal idea.
Donald Trump nuthuggers like yourself epitomize what an edgelord is.
Is it illegal to confiscate properties owned by non-citizens? Shouldn't be.
That guy, you mean Michael Pettis? His material is a gold mine of insight into China's economy and CCP development strategies in particular and they are one massive vested interest against holding currency reserve status. I'd say that's a big oversimplification of his argument and capital inflows are really only beneficial under certain conditions that don't apply much to the US these days. I've seen you post extensively enough on this topic to know how strongly you feel about it, but I ultimately view it as a net advantage anyway.
Chuck Schumer? I agree!
I Googled it to make sure it was a real story, lol.
His whole argument is based on the fallacy that you cant have high savings and low unemployment since manufacturing is being exported outside.
Thats just one big ass fallacy, its the same line of thinking that says that automation created unemployment. It also in fails to account that you dont necessarily need to run a deficit to send money overseas if Americans saved more, you can simply start giving credit, like Germany and Japan do with their savings surpluses, but instead Americans decide to overinvest in their own country until it breaks apart for the short term profits, the whole 2007 crisis was caused by overinvestments.
The main issue with America is its massive wealth inequality for such a developed nation, but thats the byproduct of a fiscal policy.
Wasn't the 2007 crisis ignited by sub prime mortgages? They packaged up a bunch of worthless bullshit into tradable securities and then interest rates rose.
awesome.. this retard is escalating the trade war by another 200 billion.. his base is gonna get btfo in the near future... great job pulling out of the TPP
Is it illegal to confiscate properties owned by non-citizens? Shouldn't be.