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The fraying of the U.S. global currency reserve system

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Re: The fraying of the U.S. global currency reserve system

#291

Post by stjohnswarts »

User23 wrote: post #22
downrightmike wrote: post #15

Earlier quoted context omitted.

This happened in part thanks to bain capital, those following the same business model of theivery, and the deregulation in the 80's. https://en.wikipedia.org/wiki/Bain_Capital Republican lawmakers and party members have been destroying America for generations. Goes back even further to 1971 when Nixon opened talks with the CCCP and then went there in 1972 cutting the ground out from beneath American workers. And now…

Trump was the first president in my lifetime to even admit gutting our manufacturing base is a problem. Neither Democrats nor establishment Republicans did anything but line up for their shockingly paltry share of the loot while mouthing platitudes about efficiency.

I agree and that was one of the few things I liked about him, but you know it's all BS when he doesn't support unions. Plus everything else about him is just heinous and basically a ruse to just get people to like him and stroke his ego.

Re: The fraying of the U.S. global currency reserve system

#292

Post by stjohnswarts »

omgwtfbyobbq wrote: post #149
AnthonyMouse wrote: post #111

Earlier quoted context omitted.

The argument against his covid response was in not using more aggressive lockdowns. Which is the thing that increases unemployment. You seem to be arguing that more lockdowns, which increase unemployment in the short term, would have reduced unemployment in the short term (i.e. the period measured in that data).

More aggressive lockdowns initially could have limited the initial spread, and from there reasonable precautions could have been effective. Disparaging mask use is also generally considered to be harmful. Cutting funding to certain CDC programs may also have been detrimental. https://fortune.com/2020/02/26/coronavirus-covid-19-cdc-budg...

His followers hang on his every word. If he had simply said "yes masks are a good thing" 90% of his followers would have preached it from the mountaintops and things could have been much better. Instead we have almost 300K people dead and a lot of those are deceased as a result of his policies.

Re: The fraying of the U.S. global currency reserve system

#293

Post by phyalow »

JohnJamesRambo wrote: post #66
jboydyhacker wrote: post #31

Economists writing about the end of the dollar as a reserve currency is not a new thing. With the Fed printing money tho at record rates this would be the time for a shift to happen. The problem is there is no alternative. The Euro has it's own structural issues and as we saw in March when folks got scared they sold alternatives like Bitcoin down hard. In short, there is no alternative without international cooperati…

Bitcoin broke all time high a few weeks ago. :) Rats leaving the sinking ship that is the US dollar and all fiat currency seems to be happening very quickly. I hear almost everyone talking about it now, it isn't the loonies anymore. Money that isn't tied to whatever stupid policies your government has implemented will always be attractive. No one asked me if I wanted to prop up the stock market by printing ~25% of al…

What if I told you it was 64.5% not 25% https://twitter.com/NorthmanTrader/status/133808592857801932...

Re: The fraying of the U.S. global currency reserve system

#294

Post by kopakabana »

CoffeeDregs wrote: post #12

"Instead of drawing down our gold reserves, however, we gradually draw down our domestic manufacturing base and it gets replaced piece-by-piece in foreign countries." To me, this is the money shot. I hadn't seen this expressed before and it makes perfect sense. I'm baffled that we (the US) caused this to happen to the US. I'm (unhappily) registered Republican but I argued vociferously to a Dem friend in 2000 that our…

> To me, this is the money shot.

In which sense?

Re: The fraying of the U.S. global currency reserve system

#295

Post by eli_gottlieb »

recursivedoubts wrote: post #69
CoffeeDregs wrote: post #12

"Instead of drawing down our gold reserves, however, we gradually draw down our domestic manufacturing base and it gets replaced piece-by-piece in foreign countries." To me, this is the money shot. I hadn't seen this expressed before and it makes perfect sense. I'm baffled that we (the US) caused this to happen to the US. I'm (unhappily) registered Republican but I argued vociferously to a Dem friend in 2000 that our…

There was a recent youtube of a Chinese professor discussing how china has gotten along so well with the US while the great migration of manufacturing occurred. It boiled down to wall street being fine with moving manufacturing abroad, as they don't identify with, and in fact despise, the American working class. Pretty depressing.

Did we not expect capitalists to despise their class enemies, the workers?

Re: The fraying of the U.S. global currency reserve system

#296

Post by NZGumboot »

umvi wrote: post #274
AnthonyMouse wrote: post #76

Earlier quoted context omitted.

> To compete, you really do have to cut minimum wage. You have to loosen regulations, and importantly, you have to do massive tariffs / sanctions on China for the next decade. Part of the problem here is that the existence of some kind of universal "more regulations / less regulations" slider is an illusion. It allows the problem to be cast in partisan terms when that isn't the problem at all, because the problem isn…

> Some regulations save a thousand lives at a 0.02% increase in costs. Repealing those is bad. Enacting them is good. Some regulations save two lives at a 5000% increase in cost, which could equally be saved by some less expensive regulation. Enacting those is bad. Repealing them is good. Not to get political but this reminded me of covid-19. Masks and social distancing are an obvious 0.02% increase in costs that sav…

I totally agree that lockdowns are super expensive, and should only be used as a last resort, but I think you're missing the purpose of lockdowns. The purpose is not to save the lives of . The purpose is to bring the R number https://www.bbc.com/news/health-52473523> below one, so that the number of sick people doesn't increase to the point where the health care system is overwhelmed (which would lead to a substantially increased death rate).

Taiwan is an example of a country that managed to eliminate covid-19 without lockdowns, so it is possible, but part of their success is likely due to the fact that the authorities acted very early to impose strict quarantine rules and contact tracing (when there were fewer than 10 new cases per day!) AFAIK every other country that has managed to eliminate community transmission has done so via lockdowns.

Re: The fraying of the U.S. global currency reserve system

#297

Post by geitir »

hakfoo wrote: post #249
hourislate wrote: post #193

Earlier quoted context omitted.

>Germany still has a strong industrial base It's because they build the machines to build the product the Chinese manufacture. The Germans have forced themselves to be at the top of the Manufacturing Food Chain (engineering, etc) while letting the Chinese/Rest of the world build the crap we buy. I don't think we could get there manufacturing the "Trinkets" the Chinese mostly manufacture, that is a a race to the botto…

What I always wondered: are German products that much better, or is it a meme? The thought that comes to mind is when American railways tried to import German locomotives in the 1960s. They were appealing because they offered higher horsepower ratings than anything domestic, but they required too much babying and maintenance to keep healthy and were quickly scrapped. I hear strikingly similar things from people buyin…

All I know is I've been in an Audi and the center console had so much unnecessary stuff going on. It's a stereotype for a reason German stuff is performant and precise but over engineered

Re: The fraying of the U.S. global currency reserve system

#298

Post by eli_gottlieb »

I-M-S wrote: post #269

Video of Ron Paul's speech linked in the article: https://www.youtube.com/watch?v=44wo8IhuHfQ&ab_channel=ttj17...

I see a Democrat must have won the Presidential election, because people are dragging out their Ron Paul-type libertarianism again.

Re: The fraying of the U.S. global currency reserve system

#299

Post by [deleted] »

eli_gottlieb wrote: post #295
recursivedoubts wrote: post #69

Earlier quoted context omitted.

There was a recent youtube of a Chinese professor discussing how china has gotten along so well with the US while the great migration of manufacturing occurred. It boiled down to wall street being fine with moving manufacturing abroad, as they don't identify with, and in fact despise, the American working class. Pretty depressing.

Did we not expect capitalists to despise their class enemies, the workers?

[deleted]

Re: The fraying of the U.S. global currency reserve system

#300

Post by rjbwork »

vinniejames wrote: post #30
CoffeeDregs wrote: post #12

"Instead of drawing down our gold reserves, however, we gradually draw down our domestic manufacturing base and it gets replaced piece-by-piece in foreign countries." To me, this is the money shot. I hadn't seen this expressed before and it makes perfect sense. I'm baffled that we (the US) caused this to happen to the US. I'm (unhappily) registered Republican but I argued vociferously to a Dem friend in 2000 that our…

This is 100%, the fact the US can barely manufacturer face masks during a global pandemic is embarrassing. On the other end, how do you compete with slave labor in the Chinese factories?

Depends on the face mask you're talking about here. A friend of my brother works for a company that makes unrelated clothing, furniture, and other comfort type items. They make all of their products here in the USA. They started up mask production in march. They're high quality washable cloth masks. I bought a few and have been using them when I need to go out. They're about twice the price of similar ones on amazon but much higher quality.

As for mass produced surgical masks? Yeah we don't have the manufacturing base for that sort of thing anymore unfortunately.

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