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I'm not an economist, but I know what I like.

And I don't buy this line of reasoning. First, if you globalize your jobs so that rural peasants in China can move into factories to work 12 hour days, like pre-union westerner workers did, then obviously some of the factory jobs are going to move to China. Second, if you eviscerate your labor unions, and forget the idea of international worker coordination, then obviously the factory owners in China are going to do the same thing the western factory owners did in the department of workers' rights. Third, if you consciously skew your tax and wage system to take from your own working class and give to the wealthy, then obviously the working class is going to be poorer. Etc.

It seems to me that globalization would naturally have disrupted western commerce by rebalancing the economic flow between nations, with damage to some components and improvement to others, but we haven't done ourselves any big favors as far as making things the best they could be within such disruption, either.

by asdf on Sat Oct 26th, 2019 at 02:54:12 AM EST
In 1980 the USA held all of the cards with respect to China. China needed access to US markets in order for its economy to grow rapidly enough to provide domestic stability. The USA could have made any demands it wished in return for that privilege. China required an annual waver as it did not comply with the terms of the Jackson-Vanik Amendment. But each year this waver was passed due to business lobbying. In 1999 China was granted Permanent Normal Trade Relations during the Clinton Administration. The interests of some segments of the US business community were privileged over all other US interests. The neo-liberal political corruption the US political system allowed did us in.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Oct 26th, 2019 at 03:47:42 AM EST
[ Parent ]
I did not figure out the nature and extent of the political problem in the USA until 2008-'09, so I am as guilty as any of the electorate in this regard. With very few exceptions the USA has not had any real statesmen in public office since at least 1968. Mostly what we have had are power brokers. That has been a national disaster.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sat Oct 26th, 2019 at 04:09:56 AM EST
[ Parent ]
What you just wrote was basically the crux of Ross Perot's presidential campaign in 1992.
by rifek on Sat Oct 26th, 2019 at 08:36:55 PM EST
[ Parent ]
Congratulations. The Caliornia Cohort of Petty Landlords calls this US policy "position" expert, "roast beef," signified by the (graphic) "icon" of a joint of meat (hind pork or cattle; meme, expression picker; emoji) served to WH dinner guests [INSERT FOREIGN HEAD OR STATE]

o. look.
"What this means, I believe, is that a country with its own currency would not be subject to the kind of self-fulfilling panic that is now arguably hitting Italy."
and
"I'm not going to answer this; truly, I don't know. But it's important."
"To some extent we may be looking at reverse causation, with troubled economies forced into harsh austerity while those doing well can keep expanding spending.
because

Slide No.10. r u fucking kidding?


Diversity is the key to economic and political evolution.

by Cat on Sat Oct 26th, 2019 at 11:48:12 PM EST
[ Parent ]


Diversity is the key to economic and political evolution.
by Cat on Sat Oct 26th, 2019 at 11:50:41 PM EST
[ Parent ]
It is axiomatic that hard times makes for conservative politics. The antidote to hard times is government deficit spending. MMT shows why this deficit spending is desirable and necessary. In fact, in conjunction with Post Keynesian Economics, it shows why the relative austerity we have been experiencing since 2009 is both undesirable and unnecessary. Had we employed appropriate fiscal policy in 2009 we could have returned the economy to the baseline from which it fell. Instead, due to silly inflation panic, we grew slowly from a reduced baseline. The difference over a decade is trillions of dollars of potential GDP lost forever, along with the prosperity that would have brought.

I have never known what to make of the California Cohort, perhaps that is a Mandarin phrase, perhaps it is a play on 'petite bourgeoisie'. If the language reference is to economics, yes, it is a language, and no, I am not an economist, but the language of economics is easier to learn than Mandarin. I have spent the last ten years studying economics, economic history, the history of economics, etc. As Keynes' student Joan Robinson told the assembled American Association of Economists one year in an annual address, the purpose of an education in economics is to prevent being deceived by economists.

Deception is exactly what most US Economists have provided to the US population, and that deception has been used to enforce austerity and to facilitate the looting of the nation by the elite. Which is why I think it is time for that deception to end. With a larger role for government spending, properly done, prosperity can return to the average citizen, and with that prosperity, the kind of confidence we need to tackle the challenges that lie ahead. That prosperity will also reduce the pressure that has led the USA to the brink of a fascist takeover. IMO, an outcome devoutly to be desired. You may differ or scoff as you will.

As to Italy or other members of the Euro-Zone, they do not have the same latitude with fiscal policy as does the USA, or even the UK. This is because those countries are currency users, not currency issuers, and the European Central Bank sets monetary policy for the Euro-zone predominantly in the interest of the strongest economy, Germany. Worse, they enforce rules about the maximum deficit a country can run that can be very harsh indeed on some of the smaller economies. So MMT is not an option for Euro-Zone countries.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Oct 27th, 2019 at 12:51:40 AM EST
[ Parent ]
California Cohort of Petty Landlord, unpublished, latitudinal study of investment decisions (n=18, avg. age. 54 trailing, FRB regions: 4, data: quant* + qual. hurdles, collection: internet, period: 6 years

Blow me.

--
* f(x)/ Q declared securities trades or P&E purch.


Diversity is the key to economic and political evolution.

by Cat on Sun Oct 27th, 2019 at 01:18:11 AM EST
[ Parent ]
?!

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Oct 27th, 2019 at 03:27:35 AM EST
[ Parent ]
"eoconomists" DO NOT make financial decisions, in a domestic "industrial  policy" --jobs saved or created-- by US gov agencies. FREE TRADE doctrine supposedly precludes gov "intervention" in perfect competition.

ergo, Krugman. fucktard beefsteak.

Diversity is the key to economic and political evolution.

by Cat on Sun Oct 27th, 2019 at 01:38:57 AM EST
[ Parent ]
Cat:
"eoconomists" DO NOT make financial decisions, in a domestic "industrial  policy"

Agreed, but they set the terms of discussion under which those decisions are made and promulgate them to all undergraduates who take Economics 101. Sadly.


"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Oct 27th, 2019 at 03:57:11 AM EST
[ Parent ]
Gentiloni: Economy

Are you mental?

Diversity is the key to economic and political evolution.

by Cat on Sun Oct 27th, 2019 at 01:42:13 AM EST
[ Parent ]
I do see that Commisioner Gentiloni has called for looser fiscal restraints in the Euro-Zone. That is at least a statement of intention in the right direction. But he has a hard road ahead making any real progress.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Oct 27th, 2019 at 03:33:09 AM EST
[ Parent ]
KRUGMAN HAS NO FUCKING IDEA (?) WHY  THE EP WOULD CONFIRM Gentiloni: Economy PORTFOLIO --or-- WHY EVERY FUCKING  ASIA GOV REMOVED every FM after '97. That was a goddam god-given miracle.

Diversity is the key to economic and political evolution.
by Cat on Sun Oct 27th, 2019 at 01:58:35 AM EST
[ Parent ]
(O)Economic is ht a "law" of nature nor is this asscoiative principle of "humanitarian aid" comunicative, GIVE profit motive. So just STFU and screw ROW.

Krugman can't help you.

Diversity is the key to economic and political evolution.

by Cat on Sun Oct 27th, 2019 at 02:15:18 AM EST
[ Parent ]
who gives a damn what Krugman publishes in NY Yella Cake, when they are counting nickels and dimes in disposable income to make overhead--mortgage or rent?

PICK A COUNTRY

you freak, who cares?!

Diversity is the key to economic and political evolution.

by Cat on Sun Oct 27th, 2019 at 02:29:10 AM EST
[ Parent ]
You find me ONE comment that YOU (UID verified) have ever posted  at this URL which is a remotely derogatory remark about KRUGMAN an the thre Brads + Baker --OR-- any comment by you affirming grievances of "middle-class" peersons climbing property ladders in the USA,

I WILL FIND YOU,
I WILL KISS YOUR ASS,
LIBERALL, LITELLY
YOU MAY PHOTOGRAGH OR VIDEOGRAPH THIS ACT by my legal name FOR BROADCAST REPROCUCTION WITHOUT FEE.

I don't bluff, yo.

Diversity is the key to economic and political evolution.

by Cat on Sun Oct 27th, 2019 at 03:10:30 AM EST
[ Parent ]
I have to turn your question back at you: "Are you mental?" Sure sounds like it.

Perhaps you failed to notice that I was critical of Krugman, implicitly and explicitly, as was the article from which I quoted.

I do recall responding to you one time recently by commiserating with what I suspected was your disdain at people using acquisition of rental property as a way to personal wealth. While it does and has worked for many, it has negative social  costs.

And I have absolutely no desire to have my ass kissed by yourself or anyone. Not my thing.

"It is not necessary to have hope in order to persevere."

by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Oct 27th, 2019 at 03:25:12 AM EST
[ Parent ]
Cat, your uninformative, vituperative, abusive comments drown this thread. Another example of thread-jacking.

The other day, I asked why someone was troll-rating your comments. Wasn't that cool of me?

Now I think that troll-rating is they way to clean up this mess.

(IANAModerator, just a User like you).

Things are going to slide, slide in all directions
Won't be nothing, nothing you can measure anymore
L. Cohen

by john_evans (john(dot)evans(dot)et(at)gmail(dot)com) on Sun Oct 27th, 2019 at 08:47:16 AM EST
[ Parent ]
Perot had some interesting points. I just didn't agree with or trust much of the rest of his program. And, at the time, I did not appreciate the significance or even the existence of the Neo-Liberal, corporate friendly turn that Bill Clinton represented. I was upset about the repeal of Glass-Steagall, the shouting down of Brooksley Born and the favoritism shown to finance. But I thought Clinton was still better than the alternatives on offer. I was working ~ 60 hrs/wk on engineering tasks at the time.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Sun Oct 27th, 2019 at 03:53:14 AM EST
[ Parent ]
I didn't trust Perot either and backed Clinton in both '92 and '96 as the least of available evils, but I knew from the start he was a corporatist.  I knew he had whored out to agribusiness and developers while governor and turned about every body of water in Arkansas into a sewer in the name of "economic progress" and "free markets".
by rifek on Mon Oct 28th, 2019 at 10:55:51 PM EST
[ Parent ]

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