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Trade Wars and Diminished Credibility


#1

Trade Wars and Diminished Credibility

Nomi Prins

As Jonathan Swift once noted: “There is nothing constant in this world but inconsistency.”


#2

Trump’s tariffs came out of a reflexive instinct to appear to demonstrate leadership. Like the great majority of his ejaculations, little forethought was given to the implications of proposed actions. There should be no surprise from a man who believes that tweeting is a serious form of communication. (I confess to finding Twitter only appropriate for twits–with apology to 140-character addicts.) The immaturity and lack of experience continually demonstrated by the current administration is not only embarrassing, it is downright dangerous to the nation and the world. For all its faults and miscalculations (and they are legion), the US has done a lot of good in the world (even if serving as a continual host for a variety of entrenched and persistent parasitic entities). Of the 546 key people in the country (President, Vice President, 9 SCOTUS Justices, 100 Senators, 435 Representatives), how many are leaders and how many are responders (to special [monied] interests)? We all know the answer. It’s past time to rework the system into one in which true public servants are called to serve the people and not themselves. It will be dirty work and must start in the grassroots. Let’s find those potential public servants and work for them and for the future.


#3

Nomi Prins lays out the facts very nicely. I would add that, to take an optimist’s viewpoint, our current government may actually help the world’s economy. Other nations are making their own trade agreements and they surely must have learned a lesson from the derivatives con, etc. that caused the Great Recession. In this case, if the US suffers a bit while the rest of the world enjoys greater economic successes, that will not be a bad thing.


#4

If you’re right, and that happened, I can see todays leaders using our beyond bloated military to go abroad and steal the spoils.


#5

Free traders oppose tarriffs.
Free traders support farm subsidies.

Free traders support outsourcing.
Free traders oppose free college for all.

Free traders support tax increases for the poor (national sales tax).
Free traders oppose a financial transation tax.

Free traders oppose labor subsidies.
Free traders support oil subsidies.

Free traders support drug subsidies.
Free traders oppose bulk purchasing of drugs.

Free traders support the WTO.
Free traders oppose a workers’ bill of rights treaty.

Free traders beg Amazon to set up shop in their state.
Free traders block Alibaba from setting up shop in their state.


#6

THE EVOLUTION OF THE PROGRESSIVE DEMOCRAT

Progressive Democrat (PD): I am for fair trade and oppose NAFTA. I am for peace with Russia. I am for face to face talks with North Korea.

Chorus of Mainstream Media & Establishment Democrats (CMMED): OH MY GOD! Russia interfered with our election. Trump is doing nothing to protect us. Trump did collusion with Russia and Putin is a monster and a dictator and Trump admires him. Has Trump committed treason? OH MY GOD! Mueller indicted 13 Russians for interfering in our election. Russia has attacked us. We’re at war with Russia!

PD: Russia has attacked us. We need to stand against Russia. But I am for fair trade and oppose NAFTA. I am for face to face talks with North Korea.

CMMED: OH NO! Kim has tricked that stupid man-child Trump into talks with him and Trump is going to get played and manipulated and give away stuff and reduce our power and strength in Asia. OH NO! The last thing we need is Trump colluding with Kim. What will Japan think? What will China think? We really in trouble. This could lead to Kim having nuclear weapons and missiles that could kill us all permanently! We’re really screwed!

PD: What we need at this time is firm sanctions on North Korea and not to show signs of weakness. Also Russia has attacked us. We need to stand against Russia. But I am for fair trade and oppose NAFTA.

CMMED: I CAN’T BELIEVE IT!!! Trump wants to start a trade war with tarrifs and its going to really upset our NAFTA partners in Mexico and Canada and destroy our economy! I CAN’T BELIEVE IT!!! This Dumpster idiot doesn’t know the first thing about how the global economy works and we’re in deep trouble now. Even one of his economic advisers quit in protest!

PD: We do not need a trade war at this time. We must stand firm to honor our partnerships with our trade partners. Also what we need at this time is firm sanctions on North Korea and not to show signs of weakness. Also Russia has attacked us. We need to stand against Russia. Hillary Clinton in 2020!!!

There was the same hearty cheering as before, and the mugs were emptied to the dregs. But as the animals outside gazed at the scene, it seemed to them that some strange thing was happening. What was it that had altered in the faces of the pigs? Clover’s old dim eyes flitted from one face to another. Some of them had five chins, some had four, some had three. But what was it that seemed to be melting and changing? Then, the applause having come to an end, the company took up their cards and continued the game that had been interrupted, and the animals crept silently away.

But they had not gone twenty yards when they stopped short. An uproar of voices was coming from the farmhouse. They rushed back and looked through the window again. Yes, a violent quarrel was in progress. There were shoutings, bangings on the table, sharp suspicious glances, furious denials. The source of the trouble appeared to be that Napoleon and Mr. Pilkington had each played an ace of spades simultaneously.

Twelve voices were shouting in anger, and they were all alike. No question, now, what had happened to the faces of the pigs. The creatures outside looked from pig to man, and from man to pig, and from pig to man again; but already it was impossible to say which was which. ~George Orwell, Animal Farm


#7

If it has been scientifically proven that all the people make vastly better decisions than politicians, experts and oligarchs, why not let the people decide these contentious issues direct democratically by secure, encrypted popular online referendums? See “The Wisdom of Crowds”:

http://faculty.msb.edu/homak/homahelpsite/WebHelp/Content/Wisdom%20of%20Crowds%20-%20Book%20Summary.pdf


#8

Not much other choice when you can’t compete but want to maintain a lifestyle you can no longer earn.


#9

reminds me of the final comment during the interview with STEPHEN KINZER on today’s Democracy Now

“Mark Twain was an eviscerating anti-imperialist. He was militant. He was intent. He used to write that Americans fighting in foreign wars were carrying a polluted musket under a bandit’s flag. And he even wanted to change the flag of the United States, to change the stars to skull-and-crossbones symbols. So, I now realize that we have sort of sanctified and bleached Mark Twain for public consumption. Many of the quotes I use from Twain in my book do not appear in many biographies or anthologies. That part of Twain has been dropped out of his legacy, and I’m trying to recovery it, because he speaks to us today.”

AMY GOODMAN: “Makes me wonder if his books will start to be taken out of libraries around the country.”


#10

It seems like we need to be prepared for an interesting decade. I will start hoarding cash right now.


#11

Oh that Gary Cohn. Wotta human!
Quote: " On 9/11, I witnessed him directing traders to keep trading oil as shreds of debris and billows of smoke engulfed the windows of the Goldman trading floor, only a few blocks away from the World Trade Center."
Wotta general, a field marshall even! Probably calculated which stocks would make him more money from the devastation.


#12

And that’s a bad thing?


#13

So in your opinion American leadership is detrimentally to the world peace and prosperity, or at least suggest this. Who would you like to see instead ? China ? Russia ?


#14

Nomi is no ideologue. She is not some politically correct polemicist. Nomi is a very smart writer with a sizable resume in the fields of finance and banking. She also has a devastatingly sarcastic wit which she uses to puncture the blimpian bloated egos of the very rich. It is a pleasure to read her informed analysis.


#15

Not sure what she is trying to say about trade but coming from a wall street background (i doubt she ever set foot in a factory ever) not sure i would agree with her.

I don’t agree with Trump on anything except that the current trade agreements in place have gutted the middle class. Sanders also agrees with this basic premise.

I’ve seen too many of my fellow americans lose their jobs due to outsourcing and factories closing.


#16

What world peace?

Myanmar, Civil Wars in Syria,Civil War in Libya, Uighur Conflict in China, Israeli Occupation of Palestine, War against Islamic State in Iraq, sectarian conflict in Lebanon, Wars against the Kurds, Boko Haram in Nigeria, conflict in Ukraine, Islamic Militancy in Egypt, Yemen, Afghanistan and many more conflicts and wars all over the globe.

get the fact kid !


#17

Dear grandma who is the leader in your view? It is very easy, and cost nothing, to criticize party in charge via made up , real derived or conspiracy tales . What is your solution?