“The Stock Market(s) are literally crashing. There was no reason for this, all self inflicted!” - Trump…. https://truthsocial.com/@realDonaldTrump/posts/1084698607876...
What's that supposed to mean? He is saying the quiet part out loud?
Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
351–360 of 777 posts
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#352Earlier quoted context omitted.
The problem is that the tariffs can be undone by the next president. I think that would discourage any investment in industry here. Even if this works, I feel like there is now a political commitment to undoing the tariffs.
This is a big problem with the strategy. Of course, if you manage to dismantle checks and balances, manipulate elections, and stay in for a third term, you fix the problem…
You do introduce a lot of other problems, in the line of "Nice factory you have there, it would be a shame if you happened to fall out of a window."
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#353You know the craziest thing about watching this as an outsider in Canada is that we as a nation are losing one reliable trading partner (and obviously losing an ally but that's another conversation). Germany - losing a trade partner. Japan? And so on. But the US has lost 180 reliable trading partners. You're already seeing in the first week burgeoning trade alliances between nations who wouldn't have cooperated befor…
"Mama always said ... stupid is as stupid does"
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#354Earlier quoted context omitted.
Very well put. Alliances take years to build but can be broken in just days. I'm tempted to think (hope? dream?) that the markets and trade will rebound if all this chaos makes American politics swing back towards an interest in global stability, but I think anyone partnering with the US would do so VERY carefully and right now the entire world is plotting how to remove US dependencies.
I was bringing this up with a guy yesterday who was genuinely supporting the policies and somebody chimed in that they were not worried at all, because everyone wants to trade with the big boy in town. Trust is not important if they are afraid of you (I'm paraphrasing). Quite a different perspective, but it is consistent with an observation I made about a lot of US comments, people are quite happy for their country/g…
>Trust is not important if they are afraid of you
I understand that argument I've never seen it spelled out by anyone other than me. I only brought it up as a last effort to explain the possible thinking behind these actions. It still won't make sense because even if you believe that you are the top dog and you can effortlessly bully others then you'd have to realize that you won't be the top dog in every situation all the time everywhere at the same time. There will be many instances where others who previously leaned your way for free will now look to get paid for leaning your way.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#355Earlier quoted context omitted.
Aren't these kinds of services already largely banned in China?
Yes, and that’s always mysteriously forgotten in these conversations. Historically, China stole US IP and software, like Windows, en masse. Now they refuse to import our main export product — software — while we import their physical products and software like TikTok. If we were allowed to export our services to China in exchange, this would be a very different geopolitical moment.
> If we were allowed to export our services to China in exchange, this would be a very different geopolitical moment.
No, it wouldn't, just look at how Canada's being treated. The mothership would just broadcast different excuses.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#356Earlier quoted context omitted.
> we can just repeal the law [0] being used Only with a veto-proof majority in both chambers.
Maybe, but vetoes are politically very expensive. Even if he threatens to veto, Congress should still do it. Not doing obvious things because they might run into opposition/problems is a recipe for more and worse of the same.
theres 0 actual political cost to them.
trump doesnt need anything from congress, and probably wouldnt change tariff policy even after said law is passed in a veto-proof way
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#357Earlier quoted context omitted.
> while taking most of the surplus value Just FYI, "surplus value" refers a concept Marx made up that is considered in mainstream economics to be an error in reasoning. Even making sense of it requires buying into the labor theory of value that Marx took from Adams and Ricardo, but which is not taken seriously anymore. That doesn't detract from the substance of the point you're making. But it's a little like reading…
You haven’t said anything.
Surely this retort sounded cooler in your head?
But also, literally I said a lot. There's enough meat there for someone who hasn't spent much time in the history of economics to spend an entire afternoon going down an enjoyable rabbit hole.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#3582024 paper (40 pages) by Stephen Miran, current chair of the Council of Economic Advisers, which has influenced tariff policy, https://www.hudsonbaycapital.com/documents/FG/hudsonbay/rese... The root of the economic imbalances lies in persistent dollar overvaluation that prevents the balancing of international trade, and this overvaluation is driven by inelastic demand for reserve assets. As global GDP grows, it beco…
The counterpoint to this is that the US as the reserve country means that it’s very cheap for the US to service its debt since it’s holds the money supply. It basically controls its own destiny in that sense.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#359I was looking at used cars on Carmax about two or three weeks ago. I looked again today. They're another $1-2k. This is the shareholder/political class trying to eat their cake and have it too. Pay people a stagnant wage for 40 years while taking most of the surplus value and dedicating it to equities, then pretend to do something about it, but in a way that passes the buck to the people who have been making a stagna…
It amazes me the contortions some people go through to maintain the belief that this administration is competent.
Occam's razor suggests that they just have no idea what they're doing.
Re: Trump's Tariffs Wipe Out over $6T on Wall Street in Epic Two-Day Rout
#360Earlier quoted context omitted.
100% agree with this perspective. It’s surprising how few others seem to note this. Thanks for posting it.
And what is the solution?
Repeal citizens united, curb campaign and lobbying spending, breaking down of these chaebol-like conglomerates, make healthcare public and tax the rich massively. Something no body seems to want.