"I’ve been saying for a while that markets were far too complacent about Trump’s threat to impose tariffs on Canada and Mexico, believing that he wouldn’t follow through because it’s such a stupid, self-destructive idea." @pkrugman.bsky.social #economics #economy #tariffs
Tarrifs are a terrible idea.
Let's talk about a #UniversalBasicIncome (UBI) instead that would put $1200 in your account from #SunDollar cryptocurrency beaming at public schools & BLM. Plus we can get revenue from alcohol tobacco gaming firearms & marijuana ( #ATGFM )
I don't understand why Trump is allowed to do so many illegal things. I want us to pull out of USMCA, take the hit and start the long painful process of building trade relationships with other countries. Probably good to have a way to quickly leave north America if I have to as well.
The upside is that with a billion dollars in daily commerce the Windsor-Detroit tunnel is usually very busy and requires long waits. Soon, however, I expect the tunnel to be nearly empty, and it will be easy to visit Canada.
What is your take on the USD saving the day by rising enough to offset tariffs? I think it ignores USD impact on exports and if tariffs aren’t effective then Trump will increase them even more.
If you want to be King of the USA, then the authoritarian countries have to look good. (The inside working of an undeveloped mind inside an orange man wearing a diaper)
1/All presidencies are stopped by either inflation or a slowing economy. Since the US judicial and political system is incapable of bringing Trump, the only politician to attempt an insurrection in American history to justice, there are his economic policies.
2/If, as predicted, inflation rises and the economy slows, not only from inflation but from removing workers from the supply chain, agriculture, construction, etc., inflation should do what attempting an insurrection should have done: kill his political movement.
You're not wrong, but the new factors are controlling the flow of information, and the impotence of the legal system. Those prevent the self-correction mechanisms from succeeding.
The second issue is that the stock markets are divorced from their basis. They are only a place to hold retirement funds and a seedy gambling parlor for wealth hoarders. Billionaires hold cash positions to buy bump & dumped "fire sale" stocks when each time a Republican President crashes the economy
because of economy-shattering tax-giveaways by those Republicans. The problem with comic book levels of wealth being sequestered from the economy by sociopaths is trhat the sociopaths lack impulse control and don't feel the pain of a crashed economy.
The problem is that tRUMP-Musk believe that they are an Ocean Eleven style wonder team and what they really are is Idiocracy level kakistocractic kleptocrats. Like all con-men, they believe their own stench and they think their nation-wide smash & grab will be hitchless.
Do we have any way to track any crypto payments he might get to lay off particular industries? Possible shake down. When a malignant narcissist looks stupid, assume malice per a psych source.
North America, with Canadian production and Mexico's abundant and inexpensive labor, was the United States' only hope of being able to compete effectively with China...Oh well.....
Then he loses the mid-intellect moderates who flocked to him for cheaper gas and eggs prices, and the GOP starts to panic. The longer it goes on, the greater the likelihood that even his base will run out of excuses for him.
No, his base has made excuses for him for 8 years. This is nothing compared to all the other rewriting of history. But you are right, it's a game of chicken with these other countries hoping he can flex US muscle
The funny thing to me is that all China has to do is pull the nuclear option and dump all those dollars they hold in reserve. They could ruin our currency.
I thought Brexit (a country voluntarily expelling itself from a free-trade zone comprised of its biggest trading partners) was the biggest act of national self-sabotage in voting history.
Do you want to make change? Stop supporting forums like Substack that give fascists platforms to preach. It's time to stop this shit sir. I respect your work, if not agreeing with your message.
The tariffs on Canada are entirely pointless. What does Trump even want Canada to do? Stop fentanyl and migrants? There aren't any. It is like you are sitting at the bar quietly having a beer and some joker sucker punches you for no reason at all. America has lost its mind.
These tariffs suck for the people in the US who didn't vote for him but will pay more for all those imports now. Not sorry at all for the MAGAs who elected him. Maybe they'll wake up from their fever dream once their wallets take a hit.
The United States were literally born out of a popular revolt against tariffs raising the cost of imported goods. This is why only Congress has the authority to raise them: to make sure one man can't raise tariffs (or any other tax) in a capricious way. But hey, it's only the Constitution...
Are we supposed to think that Trump, Musk or someone in the shadows is really okay with having it all collapse assuming they will be the winners of what’s left?
Comments
Let's talk about a #UniversalBasicIncome (UBI) instead that would put $1200 in your account from #SunDollar cryptocurrency beaming at public schools & BLM. Plus we can get revenue from alcohol tobacco gaming firearms & marijuana ( #ATGFM )
https://medium.com/@tonygoldenhawaii/atgfm-and-alternatives-for-qualitative-economics-2181b9fb7b85
How will this affect - or not - the rest of the world’s trade?
Wouldn’t that be something.
After all, a key Republican belief is hatred to all taxes.
Thank you!
America in November 2024: hold my beer!
🤔