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Ron Waller
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I imagine if you're running around like a headless chicken screaming: AHHHH! AHHHH! DONALD TRUMP! AHHHH! AHHHH! – ooh I really really really really HATE that orange orangutan – AHHHHH! AHHHHH! – then it seems perfectly logical that everything Donald Trump says or does would come across as erratic. I believe Einstein called this phenomenon the principle of relativity. (Oops, my mistake. Just remembered that economists don't know physics – or science – or math.) But to people NOT in the throws of Fake News hysteria, bizarre political fanaticism, disgusting weasel politicking, and meat-puppet manipulations, Trump is the most competent leader since Eisenhower. I've followed economics for over 25 years, and I can tell you that not a single paid economist knows as much about macroeconomics as Donald J. Trump. The fact is Robber Barons are once again sucking all the capital out of the Body Economic. Like a swarm of lampreys they suck and suck and suck. Economists say there's plenty a sucking left to be done. An infinite amount of sucking! Donald J Trump, on the other hand, simply says this process has gone too far. Here's the thing about lampreys: they don't have brains. They instinctively and ravenously suck the meat out of the wound with their barbed rasping tongues trying to hit the sweet organ meat. When the Body goes belly up – when the global economy collapses – civilization collapses into world war. (Three strikes and yer outta there!) Free trade globalization is a doomsday machine. It's a linear process of trade; a linear flow of wealth. In a biological system, it's called bleeding out. Take the twin deficit hypothesis. This says that for every trade deficit there is an accompanying budget deficit. America has bled 92 percentage points in GDP in trade deficits since 1980. It has also accumulated 100 percentage points of debt in GDP. Does that sound like a good deal to you? Does that sound like smart economic policy? "The Economists" say 'yes.' Donald J Trump says it's outrageous. Ergo, Donald J Trump is more competent as an economist than any in the corporate news media. Are these terrible trade deals? Your goddamn right they are! How much more obvious could it be? (Facts have a well-known liberal-lunatic bias!) I don't hear any economist making this point in the mainstream media. But this is a point DJT is adamant on. And he's sticking to his guns. Ergo, DJT is still winning! That's two Nobel Prizes in Economics, please. And a Nobel Peace Prize (if it meant anything) for saving the world from global economic collapse and accompanying nuclear Armageddon. I opposed free trade since 1988 when I first took an interest in politics. I was opposed to the US-Canada Free Trade Agreement – as most the country was (despite the Fake-News Fake-Election blather.) I believed that Canada's levels of social spending and living standards would equalize downwards towards US levels based on a simple heat-transfer model. A few years later a neoliberal government was slashing UI benefits, making big cuts to social transfers, unloading costs – and slashing corporate taxes – after running on ending the dreaded Mulroney neocon era. (You know all that "hopey changey" kind of stuff.) Canada's economy grew 176% in the 25 years prior to the 1988 Free Trade Agreement Only 74% in the 25 years afterwards. (From the Conference Board’s TED.) But Fake Economists, Fake Journalists and Fake Politicians say the problem is that the little people aren't sharing enough in the prosperity – WHEN THERE IS NO GODDAMN PROSPERITY! Just crotchety Robber Barons sitting atop exponentially-growing mountains of money snarling, "Give me my rent, you moochers!" (These mountains of money, on the other side of the ledger, are ubiquitous mountains of debt the people are on the hook for.) Back in 1988 when I first started reading about economics I learned about the labor position: Fair Trade. Here the idea is that you seed the undeveloped world with some manufacturing but you ensure the wealth is adequately distributed to workers via social tariffs. This ensures a balance of trade – which is also the Ricardian position. (Interesting how the priests worship Ricardo but know him not.) It produces a virtuous circle of global prosperity and human development. Clearly with free trade the oligarchs end up hogging up all capital and economic benefits. (It's also a deregulating race to the bottom – including GHG shell games while emissions grow, unhindered, exponentially.) So this is really a colonialist model: keep People of Color around the globe under the boot of tyranny for a hell of a deal on labor and natural resources. In short: it's an ongoing racist crime against humanity. Or as some economists would call it: an economic miracle! Fair Trade is the Roman way: bring civilization to the world. Infrastructure. Trade. Economic growth. Bread and circuses. Human development. So DJT is using social tariffs to strong arm Mexican oligarchs into paying its autoworkers $15/hr (from about $3/hr.) That's why he's dealing out these tariffs to Mexico and Canada specifically. Calling them "spoiled" on bad trade deals. Canadian and Mexican oligarchs call this demand an outrage. DJT has the higher ground. He holds all the cards: i.e., access to the US market. And he's man enough to play 'em! For decades I listened to bootlicking Fake Economists snigger at Fair Trade. It’s impossible they say. Paul Krugman said this. And here a game-show-host is bringing it to the universe!! AHHHHH! HEAD FOR THE HILLS! DONALD TRUMP WANTS TO IMPROVE LIVING STANDARDS IN LATIN AMERICA! THEY'RE SUPPOSED TO LIVE IN FILTH AND SQUALOR! AHHHHH! That’s another Nobel Prize in Economics for the King of All Media. Three strikes and yer outta there! (Art of the Deal, kiddies. Suck it!)
Toggle Commented Jun 1, 2018 on Oh, What a Stupid Trade War at Economist's View
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So many people today are fanatical ignoramuses who know nothing about history – or the present. They throw around vicious smears like crap-throwing monkeys. Put about as much thought into it, as well. Use words like "racist" and "Nazi" as weapons, without the slightest concern these cries of wolf can end up feeding minorities to the wolves. Of course, the Dem party has ALWAYS been the party of racism. ALL the systemic racism occurs in Big City Liberal cities: from uptown glass ceilings to inner-city ghettos where People of Color – the servant class – are relegated by their 'antiracist' champions. Big City Liberal po-lice cracking skulls. Big City Liberal elites hogging up municipal funding – those, um, People of Color in rundown ghettos can learn to live with less (have to slash the budget to make way for tax cuts – let's make the word "ghetto" racist!) People of Color getting lifelong jobs in private prison sweatshops – a burgeoning industry thanks to BCL "three strikes" legislation.
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Actually Trump is ending what Nixon and Reagan started: free trade globalization. This is just the beginning of the end of the disastrous Friedmanian neoclassical era. And no thanks to bribe-taking Democrat weasels who expanded on it. Neo-progs are hippies waiting on a revolution that will never come. They are nothing like the original Progressives like TR, FDR and Ike who supported incremental development. As the saying goes: a bird in the hand is better than two in the bush. Neo-progs think that because not everything is being done at once, nothing is being done. Only 8% of the population identify as 'White nationalists.' When neo-progs smear voters they just make themselves look like ignorant fanatics peddling cultural Marxism in place of the constitution. Why not try to explain your positions and win people over to them? (E.g., how low taxes and small government are not as good as they sound.) Polarizing rhetoric only helps the Deep State to divide and conquer. That's another plus about Trump: he's standing up to this totalitarian PC nanny-state dogma - which neo-progs are being smeared with themselves! Neoliberals portray them as racist, misogynist "Bernie Bros"! If neo-progs weren't so smug-on-nothing, they could actually pressure Trump into adopting economic progressive policies (like Public Option healthcare) in the fight for the worker vote. Instead, they throw in with their enemies, neocon and neolib oligarch minions. That's why Bannon is the only hope to make the transition back to mixed-market policies. The 'Left' is devoid of sensible leadership and ideas.
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Well for one, Clinton slashed welfare benefits. Your "bottom line" qualification means you understand how there can be spending cuts by limiting or freezing spending growth - which should grow with the economy. (The economy and population are not static. Therefore static spending is a meaningless concept.) These kind of 'stealth cuts' should not appear stealthy to anyone who knows a bit about math and economics. Obama's spending freezes and holding the line on spending amounted to de facto austerity at a time when extra spending was required as a stimulus to revive the economy from the 2008 housing/derivatives crash. This is why he is a failed president with one of the worst economic records in American history.
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America had something approaching democracy during the post-war Keynesian era. 'New Deal' policies and democracy itself were developed furthest in Western Europe during this period. (Anglo-Saxon countries have the fiercest, greediest Deep States which suppressed this development the most.) The 'New Deal' era was based on human development creating economic growth. Moderate levels of inequality. It's a process where real incomes, social spending and living standards are tied to GDP-per-capita: which means they grow as the economy grows which produces robust, self-sustaining GDP growth. In the US, plutocrat opposition to the New Deal originated with JFK. "Ask not what your country can do for you, but what you can do for upper-crust moochers!" While other countries were getting health-care-for-all, JFK and LBJ offered a divisive and scaled-down version. Then the New Deal was over. The only thing that developed from this point was Robber Baron looting and gouging: 1970s war on oil supply shocks; 1980s neoconservatism which began the Friedmanian neoclassical era; 1990s neoliberalism expansion; 2000s neocon war-profiteering; 2010s neoliberal expansion. Trump is a transitional figure. Like Copernicus and Planck: one foot in the old era, one foot in the new. He's stopping free-trade globalization which marks Western wages to global markets hemorrhaging wealth and jobs in a process that will collapse the Western economy in a debt-driven deflationary death spiral. He's sicking the military industrial complex on terrorists, which is better than creating them and arming them as Bush, Obama and HRC were doing. He also stopped the Cold War revival with Russia – another ultra-corrupt MIC-driven foreign policy that was enormously dangerous to civilization. No one would say Trump is perfect. But he's the best president since Ike because he's the only one who represented the American people since. Trump supporters want similar kinds of democratic reforms. The real enemies are neocons and neoliberals who represent Deep State looting which is growing, exponentially, out of control. Progressives are smug over nothing. 50 years of being cuckolds under their belts. Today they offer rainbows, unicorns and cultural Marxism in place of the constitution. So all partisan bigotry is absurd when you look at it. Not helpful to ending the Friedmanian era of Deep State tyranny. Not helpful in forging the new era. (My money is on Bannon. Bernie is too much of a hippy; he sucks at politics; he doesn't know America.)
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If you're saying my argument is an "appeal to authority" your brain must be completely incapable of parsing logic and facts - which means you are incapable of adopting ANY position that ISN'T a fiat by some authority. (Which would make you a "good" economist - i.e., a plutocrat theologian in a "New Classical clique.") There is only so much nonsense I'm going to put up with from mental midgets. If my position is lacking in logic and facts, it will be easy enough to produce a laundry list of errors. Just like handing a paper into a professor and it comes back filled with red ink. So put up or shut up.
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I think this question has been relevant over the entirety of the Friedmanian neoclassical era that began with Reagan. (Continuously advanced by both Rep neocons and Dem neoliberals.) Since then the wealth of the 0.1% has increased 2500%! (The wealth of the bottom 80% has declined.) Today we have a "Monopoly" gouge economy where crotchety billionaires sit atop exponentially-growing mountains of money saying "Give me my rent, moochers!" If economists knew anything about high school math, they would see a problem. (But that's not what they're getting paid for.) Here's a salient quote from JM Keynes on the issue: "If you owe your bank manager a thousand pounds, you are at his mercy. If you owe him a million pounds, he is at your mercy." Mr. Trump: Play with that debt!
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Don't forget the Fed bought up $2T in toxic assets from criminal bankers who defrauded homeowners, investors and taxpayers out of trillions of dollars, costing trillions more in lost GDP growth. (During the 2000s Bust Out and aftermath.) That's what Obama is collecting $400k speeches from Wall Street for: prosecution and toxic asset insurance. (I like to think of Larry Summers as the 'insurance broker.' That's why Krugman is so pissy. Missed out on the mega millions jackpot when HRC went down the drain! Now he has to eek out the rest of his life on the bottom of the top 1%. Aww!)
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Neocons and neoliberals have been starving the beast since Reagan. Typically neocons slash taxes then neoliberals slash spending. (Rinse, lather, repeat.) Dem weasels are the ultimate destroyers of government. They make democratic government about all kinds of nonsensical things to make the people hate the government: 71 gender pronouns, tearing down the Mexican border, importing terrorists on "lotteries" and related chain migration, scrubbing history like ISIS, antiracist McCarthyism (ironic considering all the systemic racism in the country is being dished out by Big City Liberals.) I contacted FDR via my Ouija Board. He says he's so disgusted with what lowlifes have done with HIS party (which he rescued from KKK miscreants) that he is now a Republican! (The only good Dem there ever was has left the building.)
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Obomba ran on ending 2 wars (for which he received a Nobel Peace Prize) and expanded them to 7 military interventions. I imagine that's got to cost something - especially when you're foreign policy was about firing million dollar missiles at civilians to create more terrorists to fire million dollar missiles at! Trump's foreign policy is to: a) stop Deep State monsters from reviving the Cold War with Russia; b) kick terrorist butt (better than arming jihadists like Obama and HRC); c) stand up to bullies using chemical weapons; and d) stop rogue countries from developing ICBM nukes. Do you find it funny Donald J Trump is the best statesman since JFK? I do! (I'd say give Trump a NPP - of course, we all know the award is meaningless.)
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Actually the Dems got there first with NAFTA, the TPP and their plans for free trade with China and hemispheric open borders. (Turning America in to a sanctuary country will create jobs!) At least workers get SOMETHING from Trump. Dem weasels have been screwing workers over since JFK who killed the New Deal of FDR and Ike on a SJW pivot. My bet: reversing tax cuts for the rich and real healthcare reform will come from the Bannon wing, which is primarying out neocon darlings of the fake Left. The Dem party is controlled by neoliberal bribe-takers. Progressives (who make up less than half the party) are hippy revolutionaries who appear to have absolutely no knowledge of the country they live in. (It happens when your smug on nothing and have your head up your rump.) Ergo, if there's any hope for America (and the world) it lies in Donald J Trump - the King of ALL Media!
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That's why you barbarian animals live in an wretched world of lies on the brink of collapse into self-destruction. You're solution to every problem is to bully people with nonsense. I don't know how you lowlifes have managed to make it this far. But not much farther. You might be able to drag the entire biosphere down with you. But if history survives the likes of you vile corrupt primates, you will end up on the wrong side of it. Your absurd cult of lies will be exposed before the world. If your legacy is more than entropy, it will be shame. In the end, you will only have fooled yourselves.
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Exactly. Dems don't care about tax cuts. Dem neoliberals always go hysterical whenever Republicans cut taxes: Reagan, Bush Jr. But then they get power and keep almost all of them in place: Clinton, Obama. It's all an act. Dem bribe-takers are only interested in reviving free-trade globalization and doing the bidding the military-industrial-complex which is hot for a Cold War revival with Russia (after having tore up the Middle East spreading chaos and terrorism throughout the region.) Plus flooding the country with illegal immigrants and Muslim refugees. That and cultural Marxism: make it a hate crime to say "illegal immigrant" and "jihadist"; scrub history like ISIS. The only good Dem in the sorted history of the party (rife with actual racism) was FDR. (JFK destroyed the New Deal and progressive movement with a social-progressive pivot that morphed into the nanny-state monster we see today: he is the founding father of neoliberalism.) Today's Dem party is Alex Jones spinning conspiracy theories about how Russian lizard people have taken over the government. Which is a good thing. It exposes them for what they really are: absurd empty husks who stand for nothing.
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"As monetary policy continues to normalize over the next two to three years, we expect growth to gradually fall back to our long-trend growth estimate of 1.5%." Or in other words, the Fed has a shadow mandate to destroy GDP growth with "normalized" monetary policy! That certainly explains how they bungled the economy so egregiously over the past 40 years. Destroying GDP growth is the only thing they got right! Just imagine if this neocon/neolib Fed was in charge of the economy during the New Deal post-war era. Instead of 5% GDP growth, there would've been a mountain of war debt being gouged from the people. At 1.5% GDP growth, the Soviet Empire would've buried the West. Western Europe would've fallen to socialism like dominoes. But not to worry. These oligarch theologians can still destroy the West. Almost there. Keep up the good work!
Toggle Commented Nov 14, 2017 on FRBSF FedViews at Economist's View
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No: I'm saying you Americans are cuckolds because you got crap public benefits, rampant political corruption, decaying inner-cities, shocking levels of crime, outrageous "era of mass incarceration" private-prison-payola crime-against-humanity, crumbling infrastructure, mounting debt, foreign policy dictated by the military industrial complex, a health insurance industry that shamelessly gouges you, chaotic-accounting abstract-asset financial house of cards that could take civilization down with it when it collapses, again. You Americans are weaklings. You get on your knees before your plutocrat Masters and lick their boots and then you talk about how free you are. The partisan debate is nonsense meant to distract you from the fact you are cuckolds and laughing stocks. Of course, the Grand Generation were real Americans. They had the wherewithal to stand up to the corruption destroying their civilization at the time. Built up modern civilization which their little Baby Booming bastards liquidated. The people around today are infants. De facto nihilists destroying the world for cowering acceptance of obvious and outrageous corruption. If you see civilization collapse: let it be known: you had it coming.
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They're partisan bandwagon jumpers. There are two bandwagons filled with monkeys who proceed to crap in their hands and throw it at their enemies in the other wagon. It's called: politics, economics and journalism.
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Medicare like Obamacare was a turd. At the time Canada got its bottom-feeding 70% 'universal healthcare.' Europeans got a lot better. But it's touching the way American cuckolds love to make sacrifices so their oligarchs can screw them out of their fair share of GDP growth, buy up their government and gouge them at every turn.
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What a bunch of nonsense. I'm Keynesian mixed-market centrist. The economic spectrum is defined as follows: 100% left is collectivism or full government control over the economy. 100% right is economic libertarianism or no government involvement in the economy. The "New Democrat" or "Third Way" neoliberalism ("new liberalism") of Clinton and Blair was an excuse for bribe-taking fake-liberal politicians to expand on Milton Friedman's neoclassical economic reforms implemented by Reagan and Thatcher (also called neoconservative.) This economic ideology is right-of-center to right-wing. Liars in Public Places call it "centrist." They also said Saddam had WMDs and the housing/derivatives Bust Out of the 2000s was an economic miracle. The neoclassical economic reforms of the past 40 years, which are nakedly self-serving to upper-crust looters, implemented by both Dem and Rep politicians, have tanked the Western economy and put it on the verge of collapse into world war repeating the history of the 1920s and 30s.
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What about Clinton who expanded on Reagan and Obomba who expanded on Bush Jr.? The Dem party went to the dark side back with JFK and LBJ. They ditched New Deal PROGRESSIVE economic reforms like public benefit development sweeping Europe and Canada for neo-progressive social-liberal distractions. It's why the US failed to launch and become a developed country. Ike warned against the corrosive influence of the military industrial complex. LBJ, Hillary Clinton and Barack Obama would come to see it as a "business opportunity." So the Dems killed the New Deal and were in the game representing establishment-class looting before freaking Nixon. (So much for partisan bigotry: a 50 year Dem "nothing burger" and Dem cuckold airheads are still oblivious.)
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Is this Austrian economics? A high velocity of M2 is indicative of tight money. AFAIK, (haven't fully researched this idea yet,) the only time there has been high M2V was when: a) the gold standard reached the end of its limits inevitably triggering depression (linear vs exponential growth decoupling); b) during the 'Great Moderation' era before the economy crashed; here the Fed was bringing 2% inflation targeting online with tightened money. (By the time they let go, the economy and M2 collapsed. See FRED.) The 'liquidationists' during the Great Depression (well before they caused it) thought tight money would purge the economy of all its sins. (Those middle-class evil-doers were dumb enough to listen to financial experts selling them predatory mortgages... oh wait, predatory stocks. So they had to be punished. And the Robber Barons who pumped, dumped and shorted the markets preferred to snatch up assets at a deflated discount, while inflating the debts owed them.) They ended up pulling a Chernobyl. The Robber Barons installed at the US Fed today are not dumb enough to attempt to deflate the economy to prosperity. But they are so dumb they do not realize the damage they have done. (The core is white hot and can meltdown at any moment. So I would be remiss to say they didn't pull a Chernobyl this time around. But if they did, that is the end of the line for them and for us all.)
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My mistake. This interpretation of the statistics is wrong. (I heard someone else using. I may have misunderstood their interpretation.) As it turns out, 9-M people who voted for Obama in 2008 stayed home in 2012. 15-M people who voted for Obama in 2008 stayed home in 2016. "Hillary Clinton lost because she got roughly 10 million fewer votes than Obama in 2012 and 15 million fewer votes than Obama’s 2008." http://www.politicususa.com/2016/11/09/graph-shows-hillary-clinton-lost-democrats-vote.html
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All the dead weight is at the top.
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The TPP was created 30 years ago? GTFO. Clinton owned NAFTA. Obama thought the TPP would be a crowning achievement. The Republican party is now anti-free trade, thanks to Trump. The Democrat party is still the party of free trade thanks to the bribe takers.
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The TPP is a Democrat plank. This guy cannot fathom that because he's a partisan bigot: i.e., believes that if it's a bad policy it must be Republican. The fact is modern democracy is a Republican invention: created by Abe Lincoln in a clever lie that recast the American Revolution.
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"Free trade makes all of us richer" Yes and the Lord works in mysterious ways.
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