[–] novictim 0 points 1 point 1 point (+1|-0) ago (edited ago)
Like Stiglitz, Krugman has also turned his back on nationalism and on the working people of the USA. They are all Globalists at this point.
But never fear! The modeling for Tariffs is very clear. They work for the Nation. And yes, the screw the international elite and "Global Trade". It is not our job to care for the world so fuck 'em.
[–] Thin_White_Duke 0 points 9 points 9 points (+9|-0) ago
Victims of all the winning, definitely.
[–] novictim 1 point 0 points 1 point (+1|-1) ago (edited ago)
Trump has driven the Left from favoring the Working Class and supporting Tariffs to now rejecting tariffs, supporting neoliberal "free trade", despite clear support for tariffs based on classical economic modeling. (Yes, tariffs are bad for the global economy but if you are a nationalist, who cares?). See Youtube for videos outlining the 6 benefits of tariffs using standard supply and demand curve illustrations.
And wasn't Stiglitz a Keynesian not that long ago? Yes! "We are all Keynesians now" said Stiglitz in 2008! (https://www.theguardian.com/commentisfree/cifamerica/2008/dec/05/us-economy-keynesian-economic-theory)). Keynes supported one important principle: BALANCED TRADE and NOT RUNNING TRADE DEFICITS. Man, that just the mention of the name "Trump" can get these has-been economists to sell out their entire thesis for the sake of Globalism is gob-smacking remarkable. Stiglitz, like all the Leftists, has sold out the American worker and the notions of a strong America. His only interests are for some nebulous "Internationale" Socialist one world-government that will never, ever happen. So disappointing.
[–] therealkrispy ago (edited ago)
Keynes was a maniac and the trust his school of economics places in the government is unsettling. Macroeconomics was the first economics class I took, and I walked away thinking "this is how the world economy works? It's the stupidest thing I've heard in my entire life!"
If you are anti-Keynes then you did not vote for Trump. Hahahaha
Watch this and learn something:
Tariff - Trade Protectionism
[–] redditrunbyfascists 1 point 1 point 2 points (+2|-1) ago
(((Prize winning economist)))
[–] therealkrispy 1 point -1 points 0 points (+0|-1) ago (edited ago)
The key flaw in this guy's argument is the assumption that everything designed in America will be made exclusively here. All Trump has to do to fix our economy is make sure the products we buy are made here. China can continue to make most of the stuff we sell abroad, but all the electronics, clothing, toys, household items, car parts, etc. that are sold to Americans will also be made by Americans, even if it was designed abroad.
The dollar won't glut like this guy's describing, because if it does, we'll just increase inflation. If needed, we can do so dramatically. We can even try helicopter money, a Milton Friedman concept where we straight up give people free money to create massive inflation, also known as People's QE. As it stands right now, QE only helps the banks. We could even spend some of that free money on infrastructure.
"But that's currency manipulation, that's what China does!!"
Yeah, well that's basically the definition of economics. The difference is we innovate. We change the world. China just puts our stuff together and makes cheap immitations. They don't have a sustainable economy. We do.
EDIT: the last sentence in the first paragraph made no sense. Fixed.
[–] derram 0 points 1 point 1 point (+1|-0) ago
https://archive.is/eefvU | https://vgy.me/x6akqZ.png :
'When asked whether he thought the protectionism advocated by Mr Trump would be a solution to the rise in inequality caused by globalisation, Mr Stiglitz said: “No. '
'The core of Donald Trump supporters who have suffered most as a result of globalisation will be the first to suffer under the Trump administration, a Nobel Prize winning economist has said. ', "The irony is that those who have suffered the most in the last 25 years will be the first victims.“Donald Trump's program is likely to trigger a vicious circle."
'This is a most hateful idea.“When he says he hopes the euro will fail, it’s because he hopes this will brings benefits for the US. It’s really stupid. '
'By reducing taxes for the richest, it will widen the deficit. '
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