To avoid the ensuing trade deficit, I just eat the money.
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Keynesian!
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I have come to believe at least 50% of his lies are delusions. He actually believes a great deal of the false thing he says.
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Hard to tell which is which. But this one seems to fit in the delusion bucket.
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His wild misunderstanding of trade surplus and deficits are the only policy thing he's held constant all his life. There are interviews from the 80s with him saying the same stuff
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That’s why I think it’s a real, if misguided, belief.
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Can he really not understand how trade works? I think he actually thinks he knows something nobody else does about tariffs...but he's absolutely wrong.
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Sure looks that way.
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It's hard to figure out what the deal is. Surely someone has explained this to him repeatedly? Does he not have the capacity to understand? Does he think it just "sounds good" to uninformed people to be hammering on this? What is the motivation?
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As best I can tell, he means what he’s saying on this. Trade deficit = getting ripped off; tariffs = leverage for negotiation.
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And we choose to because it’s cheaper. Now tbf, maybe stuff shouldn’t be that cheap given that other countries, part Asia, have artificially low wages.
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Not artificial, per se, though lower than developed countries. But economic development (perhaps export-driven) is necessary to raise them.
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Right. The question is who should “pay” for it.
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Yep. By his standards anyone who buys a condo or a golf club membership is losing money
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It’s the zero sum game world view gone even more awry.
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Your trade deficit with the grocery store is not 'fine', it's inevitable as you are not a grocery producer. You have a trade surplus in how you make money, perhaps authoring works? Now, let's put a tariff on your output, making your goods more costly and less competitive.
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