Power of the Market - Balancing Trade
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@mcbain434444 minimum wage in the united states and Chinese labor has gotten 40% more expensive in the past 12 months so give it more time.
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Because their currency's value is still very low. The necessary condition he outlines in the clip requires the currency of the country with which you trade to increase in value.
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Remember the BIG scare of the 1980s, about the so called "Japanese Invasion". Japnesse were buying allot of property in US. So what? Japan crashed in 1990's leaving a lot of money in US economy. But during that time US legislators were busy "protecting" the US markets, what for? Japanese pumped money in to American economy, whats wrong with that?
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People are too concerned w/ Phase 1, however.
People lose a job in an industry like airplanes due to a change in the exchange rate, and people go insane and scream for "government protection". But then jobs open up in another industry. Protectionism just costs everyone their job in the end (see Smoot-Hawley, 1930).
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Milton warned about the progressives who are now destroying our free markets and therefore our liberties.
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IF this is correct then how come the trade deficits with china today are not balancing out.
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that abacus is freakin insane
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@DannyBling Please don't reduce the argument to racism, it only reduces your power to convince others.
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Key phrase: "When it is permitted to operate."
The system has been so perverted particularly over the past decade that the free (and legal) operation of trade has been impossible. Consequence: $20-$40 trillion of 'fake growth'. That unwinding is happening now and it is unprecedented in history.
If only Friedman had been around to warn weak governments, dumb borrowers and crooked financiers all. He's recommend the politicians and the crooks be shot, given the scale of the damage they've caused.
ludocrat 3 years ago 15
all the right answers are simple. cause effect relationships are simple. it's when governments/fascist people start to alter those relationships that things become complex.
evanmcdonnal 2 years ago 7