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I love the photograph The New York Times ran atop Jim Tankersley’s May 18 story analyzing the inadvisable raft of tariffs on Chinese imports President Biden authorized four days earlier. There is the old coot signing the paperwork at a desk in the Rose Garden as a crowd of seven looks on admiringly. Polo shirts, sneakers, a baseball cap. Six of these seven are people of color; four are women.
Perfect, just perfect. Study the picture. These dutiful onlookers are not officeholders or administration officials. They are union leaders from what were once powerful labor organizations: steelworkers, autoworkers, machinists, communications workers, the AFL–CIO. These seven represent, in short, the very people who will get hit hardest as the executive order Biden just sent to Katherine Tai, his special trade representative, takes effect.
That’s Joe, isn’t it? The Man from Scranton has made his career gathering about him for the photo ops those toward whom he is indifferent and, often enough, those he is about to screw without a second thought (or even a first in Joe’s case).
Remember that famous occasion five years ago next month, when Biden finished addressing the Poor People’s Campaign in Washington about his plans to end poverty and then went to wealthy investors at the Carlyle Hotel in Manhattan to say that, if elected, “Nothing would fundamentally change”? If he has by and large kept his word these past three years, something did change, something big, when, 10 days ago, he ordered a very wide range of import taxes on Chinese-made imports.
Will the U.S. make itself a manufacturing economy once again, bringing lost industrial production back from the dead? This is the stated aim of the new tariff regime, but no, what is done is done, in my view. Will America, in consequence of higher costs that are now inevitable, be a more expensive place to live for those to whom costs matter most? Yes, this will change, over time probably by a lot.
Biden’s trade and national security people, and you can’t tell one from the other these days, were preparing the ground for that Rose Garden moment for many months. They left intact tariffs of 10 percent, covering Chinese imports worth $300 billion, that Donald Trump imposed in September 2019. But blocking exports in the other direction has been the Biden regime’s preoccupation. Under cover of “national security,” these include advanced semiconductors and other high-technology products in the White House’s attempt—it will never succeed—to subvert the Chinese economy in sectors wherein American companies cannot compete.
Don’t look now, but Joe Biden has just adopted the Trump China policy he has previously and relentlessly repudiated—and gone one further.
The May 14 executive authorization is indeed a major escalation of the Trump administration policy. Steel and aluminum, critical minerals (including so-called rare earths), solar energy panels, semiconductors, syringes and other medical equipment, those immense ship-to-shore cranes you see at seaports: The list of Chinese-made goods on which Biden will impose import levies is long, and the numbers high. Duties on semiconductors double, to 50 percent. So do levies on batteries and battery components, from 25 percent to 50 percent. Tariffs on electric vehicles, China having made itself a global leader in EVs, go from 25 percent to 102.5 percent. This last comes close to an outright ban on the sale of Chinese electric cars in the U.S.
Some perspective here: The total value of the imports now to be taxed is $18 billion. Last year U.S. merchandise imports from China were worth $427 billion (as against exports to China of $148 billion), according to Census Bureau figures. But in my read, Biden’s executive order is the opening move in a protectionist regime that will be extended significantly—especially in the near future, as Biden competes with Donald Trump and the hawks on Capitol Hill to prove his bona fides as a Sinophobe. In essence, Biden just changed the direction of America’s transpacific economic policy. Chinese retaliation is more or less certain, and then it will be bad to worse for who knows how long.
Jim Tankersley, in that Times analytic piece noted above, was right to call Biden’s just-announced tariffs a shift of historic magnitude. “Mr. Biden’s decision on Tuesday to codify and escalate tariffs imposed by Mr. Trump,” he wrote, “made clear that the United States has closed out a decades-long era that embraced trade with China and prized the gains of lower-cost products over the loss of geographically concentrated manufacturing jobs.”
This passage needs a little decoding, and I will get to that in a second.
With all those union chiefs around him, Biden went long, very long, on how this sprawl of import taxes will be to the benefit of American workers. That is not what this radical turn in policy is about, and I wish those labor leaders understood this better than they appear to have done. I wish they had thought better of standing behind a president whose mind is on things far distant from the welfare of their memberships. The Chinese will not pay these tariffs, as various economists point out. Those union leaders’ dues-paying constituents will.
What Biden just announced is primarily the strategy of a nation that has hollowed out its industrial base—willingly, of its own accord—as it tries to project geopolitical power against a nation that has done just the opposite. Closely related to this is a now-declared effort to protect the backsides and profits of American corporations no longer capable of dominating the globalized economy they so eagerly insisted upon but a couple of decades ago.
There are two other ways to look at this bold turn toward nationalistic protectionism.
One, the policy cliques in Washington and the corporations they serve are nearly frantic as the consequences of decades’ worth of careless economic policy, driven by greed and misapprehension, return to haunt them. Keeping a competitor out by erecting walls made of import tariffs, when viewed from this perspective, is the desperate choice of people who simply cannot measure up to a moment that requires more intellect, imagination and courage than they can summon.
Two, the working and middle classes in America were sacrificed to those decades of corporate greed, as anyone paying attention at the time could discern without difficulty. They will be sacrificed a second time now, as Washington blunders on, this time in an effort to bring back what it decided 40 years ago it was all right to give away.
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The historic opening to China in the 1970s had engendered, by the 1990s, all sorts of unschooled expectations neither Kissinger nor Nixon would ever have entertained. They were realists. Those who managed China policy from, say, the Clinton years onward professed motivations worthy of Victorian missionaries. They were at bottom Wilsonians. Investing in China, they argued ad nauseam, will turn the Chinese into liberal democrats in the Western mold. James Fallows, the longtime Atlantic writer, called this during his time in Asia the “just like us” line of reasoning.
It seems almost too naïve to believe anyone took this stuff seriously, and maybe it was all along simply political cover for the greedfest it was used to justify. By the mid–1990s, as the Clinton administration was concluding the North American Free Trade Agreement, American corporations were piling across the Pacific by the thousands to invest in manufacturing platforms from which they exported goods back to the U.S. In 2001 China gained membership in the World Trade Organization. Its trade surpluses then grew precipitously, especially but not only with the U.S., but this was O.K.: Everybody was winning.
Three other trends complete this brief pencil-sketch.
One, any thought that Western investment would transform the Chinese into a nation of Westernized liberals—so devoid of any grasp of the dynamics of different histories, cultures, traditions, political systems, and identity altogether—was revealed as the daydream of American-centric know-nothings. This dawning realization did not arrive well among the Sinophobes, notably the descendants of the “Who Lost China?” crowd on Capitol Hill.
Two, China proved an even more energetic climber up the development ladder than Japan or any of the so-called “Asian Tigers.” The speed with which it made itself competitive in ever more advanced industries left American corporations and the untraveled policy planners in Washington, fair to say, flabbergasted. It had to: It has flabbergasted everyone.
Finally, in the decade after China joined the WTO, it became obvious, and in time a touchy political question, that the migration of so much U.S. manufacturing—south to Mexico via NAFTA, across the Pacific to China—had destroyed a great deal of the nation’s industrial base and countless of its communities while devastating the working and middle classes. In more time it became obvious to the policy cliques in Washington that they no longer had an industrial base sufficient to their plans to salami-slice the U.S.–China relationship ever closer to open conflict.
David Autor, an MIT economist called these recognitions, in a 2016 study, “the China shock.” Happy talk gave way to bitter realities in that first decade after China, with strong U.S. backing, joined the WTO. Autor and his two co-authors calculate that the wholesale migration of manufacturing to China had, by the time they wrote, destroyed a million manufacturing jobs and two and a half times that many when they counted jobs dependent on manufacturing. It is a mystery to me why what American corporations and those in government serving them have done in the service of sheer profit lust came as a shock to anyone.
I wonder if a certain judgment has not been made. Precise figures are hard to come by, but in days gone by something more than a third of Chinese-made exports to the U.S. were the output of U.S. and other Western companies with mainland operations. Do the new Biden tariffs arrive because the party is over for the multinationals as China transforms itself into an advanced economy?
It is very strange to read about these events in corporate media, or listen to the government officials these media quote as authorities. The worst of these tellings veer toward a version of the old “yellow peril.” The Chinese stole all these jobs! The Chinese, those untrustworthy inscrutables, tricked us into buying all these low-priced products! It is not very flattering to mark down Americans as so helpless as this. But those who shape opinion in the U.S. have an old habit of casting America as the done-to, and those they do not like as the unjust doers.
More prevalent are the omissions and elisions. Things happen with no stated cause. Passive voice, long ago perfected at The New York Times, is a common resort. We need not look further than the lead paragraphs in Jim Tankersley’s May 18 analysis piece:
For the first two decades of the 21st century, many consumer products on America’s store shelves got less expensive. A wave of imports from China and other emerging economies helped push down the cost of video games, T-shirts, dining tables, home appliances and more.
Those imports drove some American factories out of business, and they cost more than a million workers their jobs.
Masterful. Consumer products, all by themselves, simply got cheaper: They decided this on their own, you see. These wandering imports, not American business people and policy planners, drove factories out of business. A million people were put out of work. There was no human hand in any of this, no one to fault, unless you want to blame the Chinese. You will not read about any American chief executives in this kind of piece, or the policy decisions of any American official on up to the White House. It all simply happened.
Beware when The Times slips into the passive voice, readers: Subtly, subliminally, very effectively, you are about to be misled.
It is a question of admission and responsibility. No one in a position of power or influence wants to admit the grave, disloyal decisions that have shaped the Sino–American relationship on the economic side and no one has ever taken responsibility for the consequences, the abuses meted out to working Americans. And so none of these irresponsible people could learn from their costly mistakes. And so they are now left to desperate attempts to repair the ship they are responsible for steering into the rocks.
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Taking the long view, when I consider the economic side of the trans–Pacific relationship I sometimes go back to 1955. That autumn my parents bought a brand-new Pontiac station wagon—gray and white exterior, red and white seats—and how vividly I recall the drive home from the showroom. The thing was built to go to the moon and back. When my father gave it away to a friend in need, it was 11 years later and the car was still going strong.
Somewhere along the line, I mean to say, American companies determined not to compete any longer by producing superior manufactures but by producing and selling cheap manufactures. It was about price, not quality. I have never approved of this strategic shift. It demeans the consumer, it serves as cover for stagnating wages, and it has a lot to do with the wholesale migration of U.S. production facilities to low-wage countries where cheap matters and quality doesn’t.
Edward Luttwak, the many-sided thinker often identified with conservative causes, had an interesting point in this line some years back. There is a hardware store in your town, and it sells hammers for $14. They were made in a factory in, let’s say, Tennessee. A few miles away there is a Wal–Mart that has huge bins of hammers, made in China, that sell for $3. Which does it make sense to buy?
Luttwak answered this way. (The hammer is my example, not his.) The Wal–Mart hammer is “cheaply expensive,” he would say: You get a $3 hammer, but the hardware store doesn’t survive, and with enough of these sorts of decisions your downtown doesn’t either. In time things go to shabby. The $14 hammer, on the other hand, is “expensively cheap:” You pay more, yes, but in return you also get a town with a working commercial district, a Main Street to stroll, and altogether a sturdier community. The good people of Tennessee are better off, too.
I’m for expensively cheap. And Americans have been hooked, effectively, on cheaply expensive since the rush to China gathered momentum in the 1990s.
A question the Biden White House just put before us comes immediately to mind. Is it possible to restore a manufacturing economy that has been destroyed to the extent America’s has? Is this possible even in the selected industries the new tariff regime will protect? Or is this another mess on the way, another costly folly?
I am neither an economist nor an industrial planner, but, seat-of-the-pants judgment, I doubt such a project is feasible under our present circumstances—or maybe any circumstances. And I am certainly skeptical that all these Biden officials purporting to wisdom do not have it in them to manage an undertaking of this magnitude. Straight off the top, any serious response to the crisis the U.S. now faces must begin with a top-to-bottom rethink of relations with China so that enduring solutions to problems that have two sides can be achieved. There is of course no chance of this.
On the domestic side things seem equally inadequate. The Biden regime proposes a plant here to produce high-end chips, another there to make something else. A mile from such plants there is no contemplation of change of any kind. I read now that a chip plant in the Southwest is not getting built because there are not enough skilled workers to build it. Think about that just briefly. Is this a promising start along the highway to success?
A manufacturing base, as any good economic history will tell you, arises out of a sort of unified, societal thrust involving culture, social organization, shared identity, shared aspiration. It cannot be declared in the Rose Garden and put immediately in place: It is accreted over generations of development. It requires an educational base that the U.S. has also done well ruining. It requires changed social relations across the board, starting with a drastic, secular rise in wages so that they are roughly in line with, say, northern Europe’s. How good it would be if Americans could afford the expensively cheap alternative—a wise choice they would be right to make.
I’m not waiting for any of this out of the planners in Washington. I don’t see that they are serious people. They are ideologues, and ideologues are serious only about their ideology. I’m waiting for something I would rather not wait for. I’m waiting for prices in the U.S. to rise in the service of an endeavor that never comes good. It will not be the first time ordinary Americans pay the price for enormous failures in high places. It will be the second, if we count from the “China shock” that should not have shocked anyone 20 or so years ago.
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The price is near zero, these are fake tariffs: (1)
Not-The-President Biden is run by foreign powers. One of which is the CCP. The announcement was all style, no substance. Union elites are wedded to the DNC, so they played along with the deception. Their members are not biting on the lie.
A historic transition has taken place:
��� • DNC is now the party of Wall Street
��� • MAGA is the voice of labor. Hopefully, assuming leadership in the GOP.
Trump has stated he will place tariffs on Chinese EV’s theoretically from Mexico. As a consequence, Wall Street deeply fears MAGA’s return to the White House. The last thing they want is a pro-labor President.
___
MAGA Reindustrialization is not a quick fix. It took decades to hollow out America’s manufacturing base & skilled labor force. Rebuilding resource extraction and refining goes hand-in-hand with other parts of national security infrastructure. Gradual decoupling from Asia, not just the CCP, is necessary policy.
#LetsGoBrandon 😇
______________________
(1) https://theconservativetreehouse.com/blog/2024/05/14/joe-biden-announces-tariffs-on-non-existent-products-from-non-existent-origination-country-heres-why/
I expect YouTube to ban Cyrus Janssen for telling the truth too often. In this video, he explains that the Biden team is imposing tariffs on China because it produces superior goods. As a result, China has been moving production to Mexico as he explains in another video. These produce profits for China and employ thousands of Chinese in Mexico to manage Mexicans to produce tariff free goods for the USA.
Video Link
Tariff is Tax, the money goes Directly from U.S. Consumer’s pockets to the U.S. gov., LOL.
Tariff is NOT paid by China or Chinese companies!
And where the U.S. gov. spends these newly “found” fortunes robbed from the U.S. consumers? They send the money, plus MORE, to the corrupted Israel and Ukraine. And seems people in the U.S. cannot do anything about this.
Thanks for this information–it is what should be expected from Democrats, who have been selling out to China since Bill Clinton.
Lawrence seems to think that cheap Chinese products are good but cheap American products are bad. The economics don’t seem to be in dispute; it’s a matter of class loyalty. The author is solidly middle-class and he just can’t decide whether or not he sympathizes with American workers.
remember mexico paying for the wall? well guess who’s going to pay for those tarrifs? it’s not the chinese and it’s not the mexicans, nope that would be the american consumer, because remember we’re not citizens, we’re consumers, and they fully plan on consuming every last one of us.
it’s a dog and pony show and whether you vote for joe’s dog or trumps one trick pony, matters not, in the end you’re getting stuck with the bill.
before we lost our citizenship and become consumers and debt slaves, there was no income tax. the federal government received all it’s monies through tarrifs and excise taxes. then came the improperly ratified 16th amendment in 1913, followed by the creation of the federal reserve later that year.
fair and free trade, are in fact neither, these are flowery euphemisms that allow big business to shift the tax burden to wage slaves, that are paid hourly and can’t shelter their income, or hide it offshore.
we need a great reset back to pre 1913, nationalize the fed, abolish the irs and regain control of our money supply, by any means necessary.
The ostensible (meaning made-up) economic argument for the tariffs is because of Chinese production ‘overcapacity’. This term is however typically undefined, but thrown out as a legitimate excuse for the tariff in the hopes no one will ask its meaning.
At his daily press briefing (5/22) Foreign Ministry spokesman Wang Webin replied to a question about it:
According to US logic, any large export of a particular product means an “overcapacity.” If so, shouldn’t US soy, plane and natural gas exports in large amounts be considered overcapacity? Shouldn’t the G7 finance ministers meeting first and foremost focus on US overcapacity in those areas…
He discussed how on the face of it ‘overcapacity’ essentially means making too much product for the market to bear, meaning that lack of demand will eventually limit upstream supply without the imposition of such drastic tariffs.
In fact, these tariffs are meant to limit demand and not supply. Making the product too expensive to buy, but doing nothing to actually curb demand, which still exists but now cannot be satisfied at what was formerly a lower more affordable price.
As far as ‘helping’ workers? It has nothing to do with American workers. Manufacturing will simply move to Vietnam, India, or Indonesia, etc. The tariffs are primarily meant as a means to ‘punish’ China–part of a larger US directed economic warfare. Similar to Russian sanctions, which have been a complete failure, given their intent.
Not to be missed in all this is the underpinning of consumer demand. The consumerism that swept the USA was fomented by the devious media in our society: constant dissatisfaction with everything from our clothing style to our home decor to the number of toys our children own fed this demand for cheaply made goods. Now people have more clothes, toys, tools, kitchen appliances, etc. than they will ever use or need. (It is said that we use 10% of our stuff 90% of the time, and the other 90% of our stuff we use 10% of the time, if ever.)
Also, much of the inflation that has occurred was able to be hidden by the virtual Chinese slaves making all this inexpensive junk to send to us. We offloaded the inflation to their slave class at the factories.
Fast-forward 50 years, and our trash dumps are full to overflowing with all kinds of materials that are poisoning our environment.
Only a greedy fool couldn’t have foreseen this mess. Unfortunately, that seems to be the only kind of politician we have.
It’s called the “Walmart Paradox”.
Bidet’ s and DemocRATic policies will eliminate ICE cars and and make electric cars unaffordable to the average citizen.
It will force the average citizen to use dirty and dangerous feral negroid-infested and trashed out public transportation.
The USSA will have neither inexpensive quality electric cars or safe clean public transportation like China has.
https://youtube.com/shorts/Cy9-vA3HNcA?si=MhRJmBTs7GBZckNE
https://youtube.com/shorts/QcxENLvcLt4?si=RzGSxLJ-lH51_JYV
https://youtube.com/shorts/YZgkgChfBGc?si=l8HoB-fzKxbzcVvT
https://youtube.com/shorts/dvHNlHs13MY?si=cPt8Rhc9f5xuC9ga
https://youtube.com/shorts/0PdSzAs9beI?si=wNVkWeFM_TPV4EAC
Electric cars in China:
Video Link
“The historic opening to China” was of course meant to serve US security and economic interests, regardless of whether the Chinese turned “into liberal democrats”. But that was to turn against America, as is the way of history. There is one simple lesson from history – becoming increasingly important as humanity move towards nuclear Armageddon – and can be explained in a syllogism: every empire eventually faces the war it wants to avoid; everyone wants to avoid WWIII; therefore, that is the fate that awaits. Paradoxically, the only chance of avoiding that fate might be to accept it – accept reality.
https://www.candlinandmynard.com/doomsday.html
A great article.
Another thing that Americans are going to pay a very high price for are endless US wars .
The US government could have introduced a special Iraq War Tax, Afghanistan War Tax, Libya War Tax, Syria War Tax, Ukraine War Tax etc.. The US public would then get specific extra tax bills for each of these wars that their government signed them up for.
Rather than do an unpopular thing like that, the US government fought all these war on credit (they’re still to be paid for) so how are they going to pay these dollars trillions of debts?
The short answer is that they arent – at least in real money. They can in no way even cover their current expenditure so it’s either default on US bonds or devaluation of the currency (inflation).
The US elite have screwed regular Americans in so many ways.
Offshored, NAFTA’d, and H-1b’d too many Positions – especially the Manufacturing Ones…
Too FUBAR’d…
Matt Yglesias is a good person to read on tariffs.
What’s the CCP?
Do you mean the CPC? The Communist Party of China? If so, please explain how it runs Biden.
We all know that USA and China are joined at the hip, and the differences are only minor. Good cop, Bad cop routine.
Trump MAGA is the voice in the head of labor telling them: it’s not us oligarchs that shipped the jobs abroad, it’s the cheating yellow Chinks, terrorist Muslims, and the Mexican brownie. And he said he loves uneducated people, because only uneducated people believe in such lies. It is the ruling elite of the US that lets immigrants flood the country, fights wars against Muslims for Israel, and ships jobs abroad to China and elsewhere to maximize billionaire profits, among other things.
What a long winded article and quite murky. Surely Mr. Unz could ask his contributors to up their game a bit in terms of concision and clarity?
The key questions:
One: What are the profits of USA based transnationals who manufacture in China? Not only in terms of what they produce in China and sell in China itself, but what they produce in China and sell worldwide and what they produce in China and export from China to the USA?
Two: What are the profits of USA based transnationals who produce goods and services (including agricultural commodities and raw material commodities) in the USA and export them to China?
I’m not an UNZ columnist so I’m not going to give you the answer.
However if Mr. Lawrence had done HIS research rather than wasting our time with his wind-baggery he could have told you that the PEOPLE WHO CONTROL US POLITICS, that is the big banks and the billionaires, are making billions of profits doing business with China and have no motivation to change the current status quo. So, all this ‘anti China’ stuff is psy-optic theatre, as was Biden’s photo op, clearly aimed at his supposed electoral base during an election year.
Globalism means GLOBALISTS are in charge and little tweaks of tariffs here and sanctions there are only either 1) electoral propaganda or 2) meant to increase profits for US Business, while maintaining the current profits/status quo.
There is the third option of making the US Dollar and Euro fully digital. Do that and whoever runs the system (themselves) can blend together public and private assets Soviet style so that public debts are directly spread to private accounts and the public will basically own nothing. Object and your account/cards are cancelled with a couple of clicks and you’re on the street as a non-person.
Trading printed paper for goods was the strategy. It still is the strategy. The current strategy is trying everything possible to keep China to that bargain. That is actually all the hoopla over the “rules based international order” all about.
China using those papers to improve it self was not part of the strategy. The speed at which China improved it self caught the planners of the strategy off guard, that is all.
Let’s be completely honest here.
Who is going to work in US factories?
The kids who went into debt to get liberal art degrees see factories as beneath them. They expect jobs at government agencies, non-profits, and at educational diploma mills generating more liberal arts non-STEM degrees. I can’t see these green haired, left wing, whiny types ever being satisfied with factory work, and they’d be litigious from Day one over pronoun-type-slights.
The old white and black working class has shrunk, and what’s left of it often has drug issues and criminal records, or has gotten into other lines of work. Many would never trust corporate America enough to take another factory job over where they work now. However there are still millions of them that were always willing to be decent hardworking employees, just not as many as there once was.
We don’t have nearly enough engineers, industrial engineers, and mechanical engineers. We lack enough maintenance personnel, and they are more important to a factory than anybody, 10X what a MBA is worth. They keep the machines running. They are equal parts trained mechanics/electricians/troubleshooters/welders/jerry-riggers-who have to know various plug-in-lap-top-to-the-machine-diagnostics. It takes years for them to get very good even after they are educated to do all this in many instances.
Immigrants: they have to get to be proficient enough in the English language to effectively communicate quickly and accurately with their fellow employees on a production line, but many of these might be able to join the remnant American work force if they are willing and physically able.
OSHA, especially OSHA, will need to back off excessive safteyism in MANY situations that they have made ergonomically ridiculous on factory floors with redundant Emergency light curtains and Emergency Stop mechanisms placed in places that people rarely if ever would be stupid enough to get hurt. Imagine having to sign off your name and push a button every time you tied your shoe, buttoned each shirt button, zipped a zipper, tied a tie, and put on glasses just to get dressed in the morning. Would it take you an extra couple of minutes? Now imagine doing this all day. Would you be able to try on less clothes if modeling suits was your job if these cumbersome procedures were required each and every time you performed them? That’s what OSHA has done to some certain factory processes because of lawyers and a few litigious, predatory employees. The EPA would need to at least be reasonable also.
Rome wasn’t built in a day. This would be a 20 year thing to really get up to full speed. It would take 10 even if it were a whole of nation effort with media help and shockingly good attitudes from the entire country, which would be hard to get now as people think actually making stuff is beneath them.
Always start with the long-term, so as to cognitively calibrate the thing or phenomenon being examined.
Assume that you are back in the 1950’s and you and your spouse purchase a high quality furniture-suite from a small-business specialty-store, and pay with a cheque / (check) for the $1,000 purchase price. Then on your way out of the store you see a large bouquet of flowers in the window of a flower shop next door and you decide to get them for your new dining room table, and you write a cheque for the $10 purchase price.
A fews weeks later you receive your monthly bank statement along with your cancelled cheques for the period. You would have noted that both of the cancelled cheques from your shopping trip to downtown are included, and that you were charged an additional ten cents each as a cheque processing fee.
Today, some 70 years later, the same scope and quality of furniture suite costs $10,000 and there is now often a sales tax or VAT added to the final nominal sales price. Assume 10% or $1,000. And the flowers now cost $100, plus $10 of sales tax.
But today instead of paying by cheque, you are motivated to run the purchase through your major credit / payment-card account to take advantage of the purported interest-free period to the end of your next statement-period.
You then pay the $11,110 total on your next statement due date so as to nominally avoid any interest charges.
If we stop there, and do a comparative analysis of the transaction sequences for the two periods, we find, first, that in the earlier period the two transactions were processed and completed at a total cost and income to the bank of $0.20 or just under 0.02% of the total transaction sum ($1,010, and which 20 cents translates to 1% of the $10 cheque and .01% of the $1,000 cheque)). Such can be fairly categorized as a coefficient of transactional-administrative-drag on economic exchanges in the economy.
But in the latter / current era, of your $11,110 total payment, the two merchants only receive a combined $9,504 ($10,100 – $606) for the furniture-suite and flowers) and $1,044 ($1,100 – $66) in respect of the sales-taxes / VAT).
The aggregate of the nominal administrative charges goes to $660 to process the same essential exchange. But we also have to divide that by ten to $66 to eliminate the price-inflation factor. But even so the coefficient of drag on economic exchanges has gone from twenty cents to $66 on the same inflation-adjusted core transaction or exchange – a 330-times increase (or 33,000% increase).
That is based on the relative high end of the range (a merchant discount rate of 6%, which is typical for many small-business retail sectors (including also processing equipment rental fees, etc.)).
Of course the most substantive item is the $599.90 increase in the cost / price of processing the payment order for the furniture suite from the earlier $0.10 cheque processing fee to the current $600 nominal administrative fee.
Logically it should go the other way. In the 1950’s they were operating a system of physical paper-handling but had such a volume of orders / cheques processed that they could manage and profit at 10 cents per item.
As a mid-point frame-of reference, in or by 1994 the U.S. Government went to 100% direct-deposit for broadly-defined benefits payments (e.g., Social Security) because the processing costs of doing it electronically had then dropped to four cents per transaction versus a 25 cent cheque processing fee for paper cheques (The Check is not in the Mail article September 1994).
The real and profound change of course is the notion that the order processor is entitled to a percentage rake-off from the throughput. Proportional to the 1950’s scenario the cheque processing fees (at 6%) would have gone from $0.20 to $60.60. It would have been enough at the time to start a civil war.
But 70 years later we have been collectively domesticated or normalized into accepting an inflation-adjusted 30,000%-plus increase in financial transaction costs / fees.
But such normalization is itself premised on one overriding factor, and that is that the card-users and the public generally do not know about it.
The first thing to realize is that the merchants do not even nominally pay any money / fees to the nominal merchant-banks. In exchange for access, a merchant has to agree to give a stipulated percentage price discount to the respective card-users. A typical merchant may have to extend / apply a 3% discount for mc, 4% for visa, and 6% for amex. Applied to our merchant’s $10,000 (nominal / sticker price) furniture suite, then they would have to sell it to us for $9,700, $9,600, and $9,400 respectively, depending on which of the cards we use.
Then at the end of the next statement period when we pay the nominal full balance, our card-issuing bank receives and records a corresponding $30, $40, or $60 interest / credit charge concealed within the total. Our bank then transmits or kicks-back roughly half of the total interest / credit charge to the nominal merchant’s bank (or keeps it all in the case of amex and its closed system). And the separate clearinghouse corporations (e.g., visa / mc international), retain about 5% of the total interest / credit fee).
What this means in practice is that when visa / mc international release their gross fee revenue figures (e.g., a combined $50 billion for 2022), the corresponding gross interest / credit charge revenue received by the aggregate card-issuer-banks and merchant banks is $1 trillion. And, of that, about 10% or $100 billion is a direct rake-off from the aggregate sales-tax revenue that is run through the accounts.
How much damage or mischief could you cause – or corruptive-influence could you buy – throughout the world, with an ongoing slush-fund of $3 billion per day? Quite a bit.
Currently the people who own and operate the industry are systematically skimming $3 billion per day – well over $1 trillion per year – as concealed credit charges on credit / payment card transactions.
And that itself is a double-dip from the same credit that comprises the outstanding balances (about an additional $1.5 billion per day in new interest charges for a total of $4.5 billion per day).
So while masses of people were recently contemplating a purported $10 billion loan by the IMF to Egypt in respect of the situation in Gaza, for example, it is critical to bear in mind that such represents only a three-day rake-off from the masses.
And, at midnight tonight, a minimum new $30 billion will magically come into existence as another day’s interest on the $300 trillion-plus of existing debt. Then tomorrow at midnight, another $30 billion will magically come into existence, plus tomorrow’s interest on the $30 billion that was created today.
While I have not since preformed any extensive analysis of this particular metric, at one point in the 1990’s I had determined that in 1968, when private bank loan assets were an aggregate $32 billion in Canada, that extended globally, in or about 1970 the aggregate USD-equivalent hit the $1 billion per day mark for new interest charges on existing debt.
Today I would estimate that it is close to $60 billion per day worldwide. The official (March 2024) figure of $307 trillion of interest bearing debt worldwide and an average interest rate of 3% per annum yields about $30 billion per day, but that does not include what is called the standard deviation or average variance of the input into the arithmetic average, and which can easily double the real rates (because of the exponential error in the interest-amount calculation methodology).
To make it easy, assume that the actual figure is currently $61 billion per day. That would mean that in the, say, 100 days, that the US administration has contemplated sending another $61 billion to Ukraine, another $6.1 trillion of interest – and therefore money, has been created worldwide by GAAP just as surely as if it were directly coming hot off the printing press.
That’s what is killing the working class. And most everything else for that matter.
“These wandering imports, not American business people and policy planners, drove factories out of business. A million people were put out of work. There was no human hand in any of this, no one to fault, unless you want to blame the Chinese. You will not read about any American chief executives in this kind of piece, or the policy decisions of any American official on up to the White House. It all simply happened.”
But the Chinese are not entirely blameless either. It was BOTH the Chinese and the American elite who joined hands in the scheme, got filthy rich, and sold American workers out. Americans not only lost their jobs, but had the added joy of competing against the money-laundering Chinese flooding into America to buy up assets.
China was U.S.-made, and heads should roll for that.
That’s right. Tariff is paid by American consumer.
Thanks for helping our pocket books, Genocider Joe! American people will never hesitate to give you all they’ve got.
Actually, Genocider was probably happy to levy these added expenses upon us to help pay for all the billions he’s given away to Zelensky and his big Ukie con job.
Hey, maybe Hunter got some kickback of this money for the Biden crime family and the Big Guy himself. Real sharpies those two, no? Like in a beach ball factory. The feds should keep the concrete slab (meant for sleeping) in the presidential suite at Leavenworth warmed up and waiting for the Genocider.
China is a slave economy. Enjoy being a NWO tool under Emperor Xi.
These are just signs of a financialized economy and a once great country in serious decline. Even a full scale global war promoted by the Jews will not revive the country. The overhead (healthcare, cost of housing, inflation) that weigh on the working class will make most of their products uncompetitive. Face it, Russia and China are ascending and our nation is in freefall because our country is occupied by organized transnational Jewry.
‘Jim Tankersley, in that Times analytic piece noted above, was right to call Biden’s just-announced tariffs a shift of historic magnitude.’ — Patrick Lawrence
What is utterly remarkable about Tankersley’s piece, and Patrick Lawrence’s commentary on it, is that neither of them cite the statutory authority which ‘Biden’ relied on.
Apparently, most Americans now believe that the president can just dictate tariff rates by executive order.
In fact, Biden’s order relies on Section 301 of the Trade Act of 1974, which authorizes trade sanctions on foreign countries that violate U.S. trade agreements or engage in acts that are “unjustifiable” or “unreasonable” and burden U.S. commerce.
In other words, this is not ‘business as usual’ — it is a hostile sanction against Chinese behavior that is regarded as lawless or unreasonable.
Moreover, decades ago, Section 301 investigations were undertaken by the US Trade Representative to ascertain pertinent facts and determine what level of tariffs, if any, would be appropriate. Compare “Biden’s” announcement:
‘Today, President Biden is directing his Trade Representative to increase tariffs under Section 301 of the Trade Act of 1974 on $18 billion of imports from China.’
https://tinyurl.com/25mayd57
No pretense of a fact-finding ‘investigation’ here. This is just a shoot-from-the-hip executive ukase in an election year. And it didn’t provoke a peep of protest from Clowngress, which traditionally has specified tariff rates by statute and treaty.
All pretense of rules-based order is abandoned. The US is now governed by executive decree, just like communist China. Clueless Americans do not find this abnormal. The Lügenpresse does not bark.
Come on, people, better climb on board
Come on, baby, now we’re goin’ home
Ship of fools
Ship of fools
— The Doors, Ship of Fools
Will HRT medication be affected by any of this? If so menopausal women in the West will go Rabid!
I don’t think this is ultimately about bringing manufacturing back to America, ZOG does not care about that, it would be happy to outsource it to client states such as Philippines or South Korea that it controls. It just wants to rule the world and China a threat to that rule, if the average US citizen lived like third worlder the ruling elite would be happy with that.
I cannot dispute any of what you have written. However, I would like to say that the present generation live beyond their means.
=A friend has 50 shirts he does not wear. yet he runs off to buy a blue polka dot for $125. When he passed last December, his kids could not be bothered to drop his “stuff” at the Salvation Army. They hired a dump bin and sent it all to landfill !
=My neighbour bought a BMW but now cannot afford the car. It sits idle since Sep 23. Someone will come along and offer $15K for a car he bought for $85K. nevertheless, he is talking about a Ford Shelby.
=When I wanted a hutch I roamed the furniture stores. At $25K a pop, I kept my money in my pocket. However at one store a young couple signed up for a $35K oak unit at 25% interest. I finally got a $50K cherry wood custom unit for free. The second wife of an executive purged the belongings of the first wife and wanted it gone ! I was happy to drag it away (from the curb) with my U-Haul ..LOL
My favourite breakfast nook down the road is happy to take CASH. The owner is a sharp Lebanese and we both agree my coin has already been taxed millions of times before it entered my pocket. Why add sales tax and then tax it yet again as it filters down to business income ?
I could go on for another 400,000 words. I was taught to pay cash and bargain. I was taught to examine if my desired purchase was a want or a need. Today, people are convinced having the Gold credit card is sophisticated and carefully studying the purchase is the sign of a sleazy cheapskate.
Consumers today have been pimped and perverted. All the old ways and traditions are looked upon as dumb outdated shit. No one could have convinced my Grandma that the stale breadcrumbs from her bread bin were inferior to Acme Crumbs selling for $7.99 plus tax.
Hence the average citizen begs the corporations to mislead them in every way and happily hand over their hard earned salaries to CEO’s raking in tens of millions in compensation.
Common sense has flown and all that remains is a chronic stupidity. That is why I see friends and family, some earning $35K a year and some 7 figures are all broke and hand to mouth. They make stupid purchases and live beyond their means ! Many are buried in debt they will never be able to repay. Welcome to modern marketing and nincompoops who want to be considered “jet setters” regardless of the cost..financial, physical or mental.
“Do you mean the CPC? The Communist Party of China? If so, please explain how it runs Biden.”
CCP or CPC… what difference does that make to the main point? Ever since the fucking Chinese bastards started corrupting the Americans, it’s all going downhill and stopping it must be the priority, including a war using Taiwan to set it back. Biden is Xi’s bitch but Xi is a Trump bitch.
When I worked in Zimbabwe, I bought a beautiful brown shoe (made in China) for $30US. After one month the lacquer peeled off and as a further insult the sole came loose. I took it to the White cobbler who laughed in my face. The shoe was unrepairable. And so I bought a leather pair hand made in the UK for $900 US. It was a wise purchase and 24 years later cost me $37.50 per year plus $240 for resoles. Fifty years from now will be as new as when made.
My son likes stupid $300 sneakers made in China by a designer company. These very units sell for $20 in Viet Nam ? How do I know this ? The glue used for North America is different (weaker) because of the temperatures. In wearing his sneakers in the blazing heat of the Nam, the sneaker came apart. A sidewalk shoe repair fellow fixed it for $5 US. However in talking to hotel staff he bought a new similar pair at Fong Dong Troung Wong store for $15, after much bargaining ! It was made with a higher quality adhesive suitable for extremely hot temperatures.
I need not bore the readers with tales of Chinese tools that fail after a few months and clothes that come apart.
Many will disagree with me, but (1) how many of anything does one need ? and (2) an item that costs $1.00 to make in China is a $1.00 item. Selling it for $300 does not make it a quality item that will last.
That is how the slopes make their coin, off the Western suckers looking for cheap goods they must purchase again and again and again.
In my opinion, huge tariffs on China will put them on notice as to who puts the noodles on their table. In making their goods expensive companies will be forced to return to the US if they wish to remain profitable.
I wonder why you would base your conclusions on unsubstantiated information. The author of this article is wrong.We could never control America like the Jews did.
The transfer of manufacturing industry to our country is the law of the market, but the top tier of the United States has not dealt with this problem well.
It is inevitable when the top class of Americans, whether Republican or Democrat, choose this path on their own and no one opposes it.
If you want to think that our cheap products are doing anything to you, you should kill your top.
In fact, we are also facing manufacturing transfer now, but we deliberately do not develop some underdeveloped areas, and then when the manufacturing needs to be transferred, the manufacturing industry will be transferred to our underdeveloped places. And this time is the meaning of our transportation hub construction.
不过我这样费心给你解释也无所谓了，你爱觉得事实是什么就是什么吧。
Maybe next time you say aliens control the U.S. government, I’ll find your story a little more credible…
反正你就是个小丑
Joe Biden has convicted President Trump,
The Indians have won the battle.
Sure is quiet out there.
Yeah,,,too quiet.
Large scale manufacturing is not coming back to the US. Chinese sanctions will simply move global production to other shores–India, Vietnam, Indonesia etc.
The purpose of the tariffs is not a ‘jobs program’ for Americans, but rather economic warfare, to threaten China’s economy, because they are not on board with globo-homo, Israel, and all the rest of the Western ‘rules based order’. Do you think there would even be any talk about tariffs if China decided to become a vassal of the Anglo-American-Jewish Empire?
But it is not just directed at China, even though they are Chinese tariffs. Another purpose is to attempt to get China on-board with Western sanctions against Russia. You see this with the push against ‘dual use’ exports that are said to be useful for Russia’s military.
So don’t get the idea that it’s being done to ‘return’ manufacturing to the US. That’s just the excuse bandied about, and used as a talking point.
How many illegals have streamed over the border in the last 3 years? The ruling class sees these 10-30 million, along with their children as the future factory workers of America. I haven’t seen a White, (or black or Asian), landscaper in 20 years. It probably won’t work because the manufacturing is just going to move to other Asian and 3rd world countries. By the time the US reaches 3rd world status, no one will need us. That’s if we reach 3rd world status, Biden has agreed to allow American weapons to attack within Russia, which could result in WW3. It just keeps getting worse.
Judenpresse, but your words ring true.
Great article.
On a lighter note it seems to have worked at least a little.
Video Link
This was an amazing explanation- thanks so much. I copied and saved it.
Oh, the ineptitude! How could government be so stupid? Old Joe has lost his marbles, according to the narrative.
P. Lawrence writes:
Either Mr. Lawrence is working on behalf of the Biden administration and this article is deliberate obfuscation, or else he has been fooled and ate up the Biden narrative–hook, line, and sinker.
The regime presents a long series of calculated steps as blunders and mistakes. Joe is presented as a well-meaning old man who is in cognitive decline.
Nothing could be farther from the truth. Economic steps are taken to reach a specific objective, yet they are sold to the public as designed to achieve a false objective. And when the steps taken fail to achieve the false goal, it is attributed to ineptitude, such as this article argues.
Take the so-called Inflation Reduction Act, for instance. Nothing in the bill addresses inflation. It’s full of subsidies and is merely a bailout for the green energy industry, because it is not economically viable. When it fails to reduce inflation, government will simply say, “Oops, our bad. We were wrong. Teeheehee.”
Now, we must consider the true objectives of Biden’s tariffs on Chinese imports. They are being implemented, along with other measures like Russian sanctions, to create two economic zones in the world.
The first zone is the dollar zone, which is loyal to US policy and intended to preserve the dollar’s status in world trade and as a reserve currency. The second zone is composed of those who are hostile to the dominance of the US dollar, into which camp China is slowly being pushed.
Chinese tariffs continue the construction of a financial wall around the dollar system. It is designed to imprison those on the inside and prevent a mass exodus when the dollar, inevitably, collapses.
The dollar is borrowed into existence, and new dollars must constantly be created through new debt, or else the entire edifice comes crashing down. Interest compounds, exponentially, so each day, billions of dollars must be created. When trillions of new dollars are required each day, which is a mathematical certainty, the dollar will become nonviable.
When that day comes, the authorities need total control over the dollar zone, which China tariffs and Russia sanctions are designed to achieve.
P. Lawrence also writes:
This is true, but it fails to comprehend that the Sino-American relationship is a child of the dollar, because everything within this relationship is influenced by what’s best for the dollar. No thought is given to the national interest, or what’s best for the people.
Having the world’s reserve currency is a two-edged sword, since it cuts both ways. The dollar remains strong, relative to other currencies, which supports its purchasing power, but other nations can always devalue against it. For this reason, when the pound sterling was the world’s reserve currency, Britain went from being the workshop of the world to being a nation of shopkeepers.
De-industrialization is an endogenous and unavoidable result of having the reserve currency. It wasn’t an oversight or unexpected outcome, but rather an acceptable result of every financial decision made by American authorities for the past eighty years.
Except for those seven fools surrounding Biden at the signing ceremony (eight fools if we include P. Lawrence), nobody expects the Chinese tariffs to lead to reindustrialization in America. The intention is to prevent people from fleeing the dollar when it reaches its inexorable collapse, so authorities can seamlessly swap it out for its replacement.
“My stategy as a writer on world politics: On any subject, side against America in favor of any Eastern interests. Eastern propaganda pays by propping up my otherwise paltry existence. I didn’t sell my soul because I never had one to begin with.” Anonymous
I am no Trump lover. But this trial is indicative of what is to come.
Move to White city in a red state. The Republicans are a bunch of fucking pussies; the party is riddled with beta males, women, and faggots. Despite their bravado, they won’t do a single fucking thing. There will be no pushback. This trial was many things, but a major part of it was “revenge of the darkies.” The nigger DA admitted as much. Whites will now be harassed even more. Our property and lives are now subject to the whims of darkie and faggot communists. Despite what many on this forum say, there is no where else to run and hide. Europe is about to fall to the muzzies, and the rest of the English speaking world has fallen to the communists.
Balkanize, balkanize, balkanize. We’re in for some real shit.
We’re not exactly blameless for this idiocy – better named EVIL – when we consider the fact that everything develops over time. Like this…….
“The destruction of the ‘American Way’ accelerated under my watch – and yours, if you’re anywhere my age – so let’s fess up – we were part of the problem. How so? We let a bunch of ‘developmentally arrested’ adolescent know nothings take over the entire culture and country – every institution you can name is run by DaWoke. It took them over 100 years, but let’s face it – they are in charge and they are not bashful about telling us that they are.” – from – http://www.crushlimbraw.com – the biggest group being DaBoomers, under whose administration – both corporately and governmentally – this evil force attained full bore.
Furthermore, the seeds for this insanity were planted over 200 years ago when our culture began to worship government and science – but without conscience or sanity – in effect substituting ourselves for God. Whether it’s climate change, electric cars, DEI or transnuttyness, they are just items in our current rush to suicide as a civilization – literally every day brings more proof we’ve totally lost our way – while ASSuming we’re DaBest that ever was – that’s DELUSIONAL!
To say we didn’t see this coming is a cop-out! Ignorance is not bliss – it’s a freaking curse! It’s gonna be long hard ride back, but somebody has to do it – and it starts with you, me, your family, neighborhood and so on – the free ride is over, folks. You’re either all in or all out – and that includes those comfortable churchians who sit in their pews ASSuming their future is safe. We’ve ALL been deceived by our churches, schools, governments and political parties by DaSynagogue of Satan – and if you don’t know who DSOS is, maybe it’s time you did. It all starts at my website as shown above. The harvest is ripe, but the workers are few.
Get to work!
“Keeping a competitor out by erecting walls made of import tariffs, when viewed from this perspective, is the desperate choice of people who simply cannot measure up to a moment that requires more intellect, imagination and courage than they can summon.”
One is reminded that from 1776 to around 1965 (ish), the United States was strongly protectionist. Protectionism is a valid policy with deep intellectual roots – the “American School” of economics. This policy took the United States from a backwards agricultural colony to the greatest industrial and military power the world had ever seen, with the highest standards of living. It’s the libertarian “free” traders who are incoherent and wrong.
But. What the Biden proxy administration is doing is not any sort of coherent nationalistic industrial policy, it’s just throwing money at politically favored interests domestic AND foreign), and as such, will indeed not do the average American any good.
Of course, the ongoing third-world invasion renders that all meet.
China desperately wanted to be on-board and be able to benefit from the Western “rules based” disorder, but the Americans pushed them away. The only reason China is giving a lifeline, and nothing more, to dogged US opponents like Russia and Iran, is because the US will not accept it as a vassal. The same way the US pushed away Russia, regardless of how much Putin begged to part of the US based world disorder. Because China and Russia are not vassal material, and the US knows it. Long term they will compete with US for regional hegemony, which the US does not want them to have.
The weakest links are Iran and Russia, and so US will focus its efforts on bringing them down, so that it can focus on China. And China knows this so it fights back.
China is very timid and is not fighting back in any serious way. Because it needs more time. It wants to profit from trade with the West, milk the West as much as it can before the real fight begins. But the West knows this, and is going to deny China such benefits.
China will remain timid until US imposes sanctions or war upon it, like it did with Russia and Iran. But the US and West still depend on China, and sanctioning it would backfire right now.
It is going to be a long war of attrition. Russia and Iran will be the main targets of US economic and military warfare, because they are the weak links in the chain. Right now focus is more on Russia than Iran, perhaps because the West thinks it can negotiate with Iran, and wean it away from the anti-US alliance. But if negotiations fail, then things might escalate, and Iran will be targeted. Russia will face relentless escalation until it is ready to negotiate. Who will fall first, Russia or Iran. Or will both emerge victorious? Time will tell.
China will be hoping the Russia and Iran will do the fighting for them, but China is not willing to join Russia in war, or join Iran in defying US sanctions or in openly supporting Iran militarily.
Once again Patrick Lawrence appears to have no idea of the JeWS responsible! First it was the JEWS and their HATReD for white gentiles that brought us “multiculturalism is our greatest strength” when Jews promoting knew it was part of a Jewish don’t hide and conquer!! That softened Americans into thinking we are all just one big global happy family. Until you look at how Jews in Israel behave! 😂🤣. Second it was Wallstreet JEWS that used massive tax cuts for the rich to create “an INVESTOR class of SUPER RICH” (translation: a tyrannical Jewish oligarchy) that would not be AFRAID of losing money on investments that would trickle DOWN, when in reality, JEWS fucked America in that grand bargain by trickling OUT for cheaper slave labor for higher profits and massive wealth to owners and Wall Street Jews who couldn’t destroy American companies and sell of their parts fast enough! One only need to look at the graphs of flat-lined wages while the 1% made 93% of the profits!!
Congratulations JEWS! You have successfully deceived and destroyed the white gentiles, their countries and their power!! Now hopefully China and Russia can pay you back with nuclear blasts! Deceived white of course will be “standing with Jews and Israel” consumed and exterminated by the fire as Jews look to make one last final war in white countries to kill all the whites and our countries. Enjoy!
Does it matter if Franklin actually wrote it or is it more important that Jews actually did it?
“There is a great danger for the United State of America. This great danger is the Jew. Gentlemen, in every land the Jews have settled, they have depressed the moral level and lowered the degree of commercial honesty. They have remained apart and unassimilated; oppressed, they attempt to strangle the nation financially, as in the case of Portugal and Spain.
For more than seventeen hundred years they have lamented their sorrowful fate — namely, that they have been driven out of their mother land; but, gentlemen, if the civilized world today should give them back Palestine and their property, they would immediately find pressing reason for not returning there. Why? Because they are vampires and vampires cannot live on other vampires –they cannot live among themselves. They must live among Christians and others who do not belong to their race.
If they are not expelled from the United States by the Constitution within less than one hundred years, they will stream into this country in such numbers that they will rule and destroy us and change our form of Government for which we Americans shed our blood and sacrificed our life, property and personal freedom. If the Jews are not excluded within two hundred years, our children will be working in the field to feed Jews while they remain in the counting houses, gleefully rubbing their hands.
I warn you, gentlemen, if you do not exclude the Jews forever, your children and your children’s children will curse you in their graves. Their ideas are not those of Americans, even when they lived among us for ten generations. The leopard cannot change his spots. The Jews are a danger to this land, and if they are allowed to enter, they will imperil our institutions. They should be excluded by the Constitution.”
It was the capitalist crowd that sold America down river. They moved their factories overseas to make a higher profit, by undercutting American labor – so don’t let those who inherited their Grandfathers’ industries off the hook. They sold the working class into poverty because the American workers wanted $10/hr instead of being satisfied with $7.25/hr.; ….because the American worker wanted to drive a new car every 5 years instead of “thumbing down a ride”;…….because the American worker wanted their kids to eat roast beef occasionally rather than Ramen noodles everyday. It was our “elite class” that didn’t want other Americans to live decent lives – so don’t kid yourself.
Our capitalist system is wore out – it was good when Henry Ford paid his factory workers a high enough salary to buy their own products, but, today, even our workers at MacDonalds can’t afford to buy the junk that they cook. Time to bring on the socialism – get off the working stiff’s back. A good start would be to tax passive, unearned income at the same rate as income earned by bending one’s back.
We need a government modeled on the one that Russia has evolved. But it won’t work here, due to the low quality of the body politic, and lack of a center.
Russia and China are centripetal societies, while we are centrifugal.
You know what I mean, Vern?
Video Link
Video Link
You’re a comedian, clown. Here is the refutation: Everything you wrote is salacious, a lie, not true, and putrefacted fish guts, offal.
One wonders if it would be meaningful to think more in terms of credit potentiality than money supply when reckoning the impact of expected interest payments. As I understand it, revenue from interest income increases enterprise value, which increases the capacity to carry debt. Certainly somewhere in the transaction is usurpation of power, for debt is used to underwrite all manner of mad and predatory claims in market economies.
gonna have to agree with the IronSausage here.
a good start would be to step into the wayback machine, bring der fuhrer and his team of economic advisors here and have them initiate an action plan to save us from total collapse.
What is socialism? In practice it’s always rule by bureaucrats. Who become bureaucrats? People who want power, are lazy or connected to the powerful. It can’t work because of human nature always wins out and those with the worst nature’s rise to the top. The one major benefit of capitalism is that the free market can crush some of the more evil humans.
“Face it, Russia and China are ascending and our nation is in freefall…..”
And maybe it’s all part of an organized plan by the elites to make it so? Has the destruction of the U.S. been on purpose, a kind of passing of the baton to the East? Is all the fighting and posturing just for show, or is it truly a fight between the globalists (who want to control the world) and non-globalist countries (who want to trade, but maintain their autonomy)?
– OR –
Has the destruction of the U.S. simply been caused by, as you say, the financialization of the economy by addicts whose addiction was to wealth and power? And in their pursuit of wealth and power, not unlike your common everyday alcoholic who destroys his family, they have in sixty years destroyed a whole country, its culture, traditions and high-trust society?
Oblivious to what was happening, because they didn’t know the end game or even that they were playing a “game”, the American public were slowly, but surely turned into addicts themselves through the use of propaganda, the use of fear (fear of missing out) and the “greed is good” mantra? While thinking they were chasing the “American Dream”, while thinking they were winning, Americans jumped (some reluctantly) onto the game board and became the ultimate consumers. They just didn’t realize the game was never set up for THEM to win; they didn’t realize they were playing a zero-sum game and from the get-go they were set up to be the losers. And lose, they did. They lost their country and their souls.
And just where do we plan on getting the electric power to run the factories .They plan on shutting downcast power plants ( well, already are)…. I guess they think “renewables “ will save them.This country’s too dumb to survive.
“It was the capitalist crowd that sold America down river.”
Totally agree with what you’ve said. I was just pointing out that the Chinese “elite” ALSO played a huge role in selling America down the river. The American AND Chinese elite knew full well what was going to happen, both readily played the game, and both made bank out of the arrangement. China wants to step off now, they want to rip up the contract, but that doesn’t mean they weren’t an equal player for a very long time. Of course they were courted by the Americans, but they still chose to play. My point is not to let them off the hook either.
I could never compete with your highness, though I think it is wise to occasionally make use of humor to make a point, your constant clownish demeanor is something few people can even claim to be able to emulate, let alone accomplish in fact. Maybe Vern can?
Besides, your ad hominem reply betrays a lack of arguments on your part, which shows that deep down you agree with my analysis, which is right on the mark, by the way.
“ever since the fucking Chinese bastards started corrupting the Americans”
https://www.fingleton.net/extract-from-in-the-jaws-of-the-dragon/
quite frankly, the west is centipedial, as in the inhuman centipede.
I have two questions. I hope you can answer for me or perhaps someone else.
1. I am interested in buying a house that was valued at around $260,000 in 2017. It is now listed for $800,000. Why do people pay these outrageous and inflated housing prices? Is it possible to bring some type of collusion or legal action against real estate agents who conspire to keep housing prices catastrophically inflated?
2. When I go out to remote places in the south, and I mean places where no one lives, there are foreigners from India and the Middle East who owns convenience stores – operating fuel pumps and the lottery.Do you believe the US government has a covert program that place is non-Americans in business set ups, complete with cash and deep and complex assistance with permits?
Life in Europe is better in many ways, e.g. Europeans have more places to walk around than Americans do. But aren’t Europeans’ wages lower than Americans’?
I’m of two minds on this.
On the one hand, China, especially under the backsliding Xi cult of personality, is so obnoxiously aggressive, murderously repressive, selfish, brazenly hypocritical, dishonest, corrupt, manipulative, irresponsible, exploitative, and hostile that I’m sympathetic to any policy that would bring down that regime, and certainly favorable to measures to protect our strategically crucial industries from Chinese competition (especially when and if China is dumping subsidized product below cost with the deliberate intent of ruining its American competition).
On the other, I’m worried that after decades of China policy that was too soft, we are now in danger of over-correcting. China may never fully catch up to us, but it is here to stay and from now on will simply be too big and rich for us to isolate, especially on our own. While the pre-World War One conventional wisdom that trade ties make war impossible was wrong, it is still the case that trade wars can cause tensions that help lead to real war, as the Depression-era protectionism and tariff walls showed, in contrast to the post-WW2 era of reducing tariffs and increased cooperation that reconciled once-bitter foes like France and Germany. Let’s not totally slam the door on on hopes for a modus vivendi with China under which for all our huge differences we manage to somehow get along and cooperate and trade for our mutual benefit.
Are NOT the facts indeed “whatever they are”?
Hitler’s “plan” was: suddenly skyrocket the debt to gigantic and rapidly growing levels via completely unsustainable provocative armament spending, welfare-state pandering, and unnecessary totalitarian takeover of every facet of the economy and civil society. Attempt dumb autarky by propping up hothouse local industries despite what they produce being inferior and crushingly expensive.
Desperately carry out a short-term delay of the inevitable disastrous reckoning by seizing and looting Austria and Czechoslovakia for their state gold reserves and other government and private-sector assets.
Unable to stave off the tsunami of debt reckoning forever, launch a war of aggression to steal and loot others’ land and property on a massive scale despite the huge risk of embroiling your nation in a world war, and hope for the best.
Result: utter ruin.
Not a good plan.
“Expensive cheap” LOL. What rubbish. For anyone but a professional carpenter, the $3 hammer which is every bit as good as the $14, is a parity product, is the better buy. Why pay five times the price to employ an American worker? Americans are rank hypocrites who want the $3 hammer but a job making the $14 hammer. You can’t have both.
Trump’s much needed recalibration of trade deals such as NAFTA and his implementation of mildly punitive tariffs on the Chinese Communist Party and others is one of the best things I liked about what Trump did while he was president. Are the Chinese dodging Donald Trump-inspired tariffs by using Mexico as an entrepot to the USA?
I want Trumpy to go further on up the road with his beautiful tariffs in the 2024 presidential campaign against Biden . I want PROHIBITIVE tariffs or REVENUE RAISING tariffs to be placed on any damn thing or service that comes anywhere near the USA. Trump’s tariffs weren’t big enough. I want FAFTA. Fit – As – a Fiddle – Tariff – Act(FAFTA) to pay for national health care — free at the point of delivery.
I take the darker view of the American Empire’s ruling class and its dealings with China in that the American Empire’s ruling class always saw China as a way to get massive amounts of cheap labor to make massive amounts of money while de-industrializing the USA and pauperizing Whites Without College Degrees in the USA.
Some people advance the notion that Nixon was being strategic in his dealings with China and not just setting up a chance for plutocrats and globalizer transnationalists to take advantage of China’s cheap labor. I think Ohio Quaker Boy Nixon was doing the bidding of the American Empire’s ruling class by preparing the way for plutocrats to profit off cheap Chinese labor. Nixon was in on the anti-worker China scam from the get-go.
Nixon was an evil and treasonous and immoral bastard who sold us out for some cheap Chinese labor and some shekels from the JEW/WASP Ruling Class of the American Empire.
Tariffs are beautiful and tariffs must be used to crush the Chinese Communist Party and anybody else that needs to be crushed.
REVENUE RAISING Tariffs are boring and lack pop; unless they are used to crush globalizers, bankers and foreigners and to reward Americans. FAFTA.
PUNITIVE Tariffs are just half measures on the way to PROHIBITIVE Tariffs.
PROHIBITIVE Tariffs are the way to go!
TRUMP 2024 could call for the implementation of an 800 percent Beautiful Tariff on any and all goods and services emanating from any and all territories and jurisdictions controlled by the CHINESE COMMUNIST PARTY.
Trump 2024 could say that every other nation or jurisdiction should be hit with a 700 percent beautiful tariff.
Trump 2024 must immediately call for the importation of some lady beach volleyball athletes from Denmark — tariff free for you and me — as a gesture of goodwill and comity with Denmark and maybe some tariff free Danish butter cookies.
The JEW/WASP ruling class of the American Empire has conspired and colluded with the Chinese Communist Party for 50 years to lower wages for American workers and to de-industrialize the USA.
I fully supported the then President Trump and his beautiful tariff measures to teach some manners to the Chinese Communist Party. I just think Trump 2024 should make his beautiful tariffs on the Chinese Communist Party PROHIBITIVE instead of REVENUE RAISING or PUNITIVE.
Trump 2024 should call for the US Navy to stop and sink all boats carrying any damn thing whatsoever from the Chinese Communist Party. Do it on live TV after the crew has been evacuated and the fuel from the ship has been removed. Environmental and humanitarian concerns must be paramount when sinking ships carrying cheap labor crud from the Chinese Communist Party.
I think #2 is explained by kinship networks. Indians must have extensive operations in the United States.
In October 2023, they finished work on the second largest Hindu temple in the world in New Jersey, which took 14 years to build using 12,500 slaves — sorry, volunteers. The project cost $96 million, which I think is a miracle, and required 1.9 million cubit feet of imported stone. The largest Hindu temple in the world is Angkor Wat in Cambodia, built in the 12th Century. Let that sink in. It is larger than the largest Hindu temple in India.
I think Indians can manage to capitalize a few gas stations and Middle Easterners likewise.
https://www.architecturaldigest.com/story/record-breaking-hindu-temple-opens-after-years-controversy
as to your last indecipherable question, yes it is called israel.
Generally old tools made by Americans or Brits are better than Chinese ones.
The US is free to decouple from whomever it wants. But here is the thing. Chinese brands don’t make money in the US. – except maybe TCL .. Chinese contract manufacturers make money making making US products for US companies. Those contract manufacturers don’t make that much profit. However US brands make loads of money from China. It has started to lessen as Chinese brands have gotten better. But what has really accelerated it has been the anti China sentiment coming out of the US. Korean and Japanese firms have felt it now too. There is no reason to buy a Ford or a Samsung or a Toshiba when Chinese brands are just as good and some better now. So American and Japanese and Korean cars market shares have been plummeting. So if everyone retrenches to their home market – what will happen to company profits? Give an honest and well reasoned answer ….
Considering the things that have happened in recent years, it seems we’re now realizing the predictable consequences of one of organized jewry’s biggest accomplishments: the de facto consolidation of power into the executive branch and the installation into the office of president (and other high political offices) some of the most evil men that have ever walked this earth.
Now that there’s no more such a thing as separation of powers/checks and balances, apparently the “president” has been vested with the power to start a nuclear war on a whim and wipe us all out, so it’s not surprising that he also has the power to single-handedly start or escalate an economic war with China risking the destruction of what’s left of our economy, and possibly also resulting in the cutoff of the supply of active pharmaceutical ingredients imported from China, which could kill millions of people in the U.S.
“expensively cheap” or “cheaply expensive” is nothing but rhetoric。For many Americans, after they put basic food on the table, and roof on the top, they do NOT have much left to buy those so-called “expensively cheap” things!
How do you know China to be all those things?
so you are saying the u.s.a. is following hitler’s plan, and that zionist predatory banksters are behind both? wow carney, you’ve finally seen the light. what, did jojo the dogfaced hermaphodyke get you thrown out of the congress of wonders?
“Top American Internet companies have already reneged on Western values in pursuit of lucrative business in their Chinese subsidiaries.”
It were the men of the White West that invented the Internet. You are just riding on its back for free.
Unz.com
needs a proper China critic.It has several sinosycophants penning articles and two-bit 50 cent lurkers in the comments section.
Some routine counterbalance would be refreshing.
Imagine worshipping a jewish puppet’s literal Hollywood movie script and thinking anyone’s going to care what you have to say.
when china focused on making things cheaper, they were our friends. when they focused on making things better, they became our mortal enemy.
too late for the u.s., the whole world is on to their ponzinomics, they are done. this is why they want to groom india to be their new bitch. normally, i would warn the indians to beware, but the indians are a cagey lot, who plan to pick the u.s. carcass clean, while gaining the infrastructure the dying empire will bequeath to them.
After the entirety of the CCP is either life gulagged or permanently “invited to tea”, China might a more reasonable place to build proper relations with. Many Chinese long for this scenario, a China free of CCP pestilence. Theft as a cultural high art form will never fade however.
We should not necessarily raise the middle finger to the middle kingdom as a whole, just to it’s intractable psychopathic leadership.
a cursory glance at your comments has shown you to be a zionist. fuck off.
and thanks for giving that jewtastic report on the situation in europe in the run up to the second world war. it sounds exactly like what the jewnited states is doing right now to stave off the inevitable.
maybe mefobills will sound in on all this, he’s qualified. i’m just a peasant on the land.
He is correct – but I don’t think those cars are for the US market. They are for Latin America and the Caribbean. Brazil has seen a huge surge in Chinese cars being made in Brazil too. uS consumers still are prejudiced against the quality of Chinese brands. If they buy them they will see that no longer is true (they don’t know TCL or Hisense are Chinese tv’s). So they will use “national security” as an excuse
Maybe it is because the Sinosycophants and Wumaos have actually been to China?
Meanwhile there are those who refuse to have their beliefs challenged and stubbornly cling on to their preferred bias.
If China is really as bad as they believe, should they not visit China and come back with irrefutable proof so that they can prove them pesky Sinosycophants and Wumaos wrong once and for all?
The airfare is not expensive. I am sure you can afford it. The only question is:
Do you dare ?
To begin with, we have to separate “companies” into two groups:
-1- Anti-American multinationals, some of whom have HQ’s in the U.S.
-2- American companies that actually make things with local labor.
Retrenchment favours genuine American companies and diminishes anti-American MegaCorporations.
Foreign companies undercut American workers when jobs are outsourced. This is a key behaviour of anti-American multinationals. Gradual decoupling via slowly increasing tariffs would indeed hurt the profits of these abusive MegaCorporations.
However, it would simultaneously boost the earnings of actual American firms. These companies hire American workers who spend much of their wages locally. It is a virtuous cycle. Each manufacturing position supports:
• Buildings and machinery that must be purchased & maintained
• Local spending on services provided by Americans
• Purchasing local property which will have a house built by Americans
• etc
Outsourcing kills this cycle. Once the manufacturing job goes overseas, all of the indirect economic activity also dries up.
_____
Americans workers are struggling because there are not enough good jobs. Excessive outsourcing and migration have placed far too much power in the hands of MegaCorporation executives who suppress wages.
This does not imply strict isolationism. Trade will still flow in & out. However, the net trade deficit/surplus needs to be rebalanced so that it is near zero. Items not related to national security, such as fashionware, can continue to come from outside. Raw material extraction, refining, and manufacturing essential to national security will be prioritized for MAGA Reindustrialization.
PEACE 😇
What % of Chinese long for this?
Spooks for Gooks
No one cares about what anti-Semitic Hollywood has to say. I certainly don’t.
Box office numbers are cratering. This is the worst Memorial Day weekend in recent history. Girl bosses and woke Islamophile deviancy does not sell. What has Hamas supporter Quannah Chasinghorse [MORE] been in? (1)
PEACE 😇
__________
(1) https://www.buzzfeed.com/morgansloss1/celebrities-speak-out-palestine
My Indian Grandad (Dad’s Dad) who lived during the Empire era had bought lot of things made in the UK, Netherlands or Germany, back in those days. Scissors, Knives, Utensils/ cutlery (Sheffield/ Solingen) etc… lots of stuff and even some clothing. Working just as fine to this day.
This is what the Indian elites are hoping for too. But maybe it is too late, the USA is past it’s prime. Basically the USA ends up creating it’s own future enemy, American elites are stupid. The USA benefited the USSR when the USSR was an ally against Germany, then China when China was an ally against the USSR. And now India as an ally to bring down China.
Maybe USA and India might become enemies tomorrow!! It is not impossible that many decades from now we would see a cold war in between a Marxist Bolshevik USA and a Right winged Hindu fascist India.
Advertising, the greatest evil ever created by ‘human’ monsters. Just one of the marks of The Beast, soon to devour humanity.
A cancer almost TOTALLY owned and operated by Jews is ‘antisemitic’, is it, psycho? Do you need any more evidence that ‘antisemitism’ now means EVERYTHING? ‘Woke Islamophile deviancy..’? BARKING mad!
It’s the CPC cretin. The Chinese don’t live to obey Yankee psychos, you racist dullard. They have their own society, superior to the US sewer in EVERY way.The last IPSOS poll of social satisfaction allowed to be published ie two years ago, found China to be the most contented society on Earth, with 91% satisfied or greatly satisfied.
The Americans can make it back to the top of manufacturing chain only if they stop spending money (tens of trillions) on waging endless wars (hot wars and cold wars) for their global hegemony based on false pathos and insincere heroism, so that the Americans can lie, steal and enslave others with no conscience burden.
It’s called global capitalism, to exploit labor and natural resources throughout the entire planet to channel wealth and profits to the top 1% elite oligarch class. What makes you think these elite give a damn thing about any average citizen on planet earth, whether it be an American worker, a Chinese worker, a Vietnamese worker, a German worker, a French worker, a Russian worker, or any other 99% of human beings? Answer that idiot morons.
Everything can be learned from:
1) The Money Masters
2) The Creature from Jekyll Island
3) American Exception
4) Super Imperialism – The Economic Strategy of American Empire
5) Confessions of an Economic Hitman
6) Pam Ho – War of the Worlds The New Class
To sum things up:
1) After WW2, the banks were heavily invested in Aerospace and defense firms and if there’s no boogeyman / enemy, these banks would lose a lot of money if military companies were to go out of business. So they whipped up the frenzy that the USSR could invade Western Europe so they formed NATO to keep the military industrial complex machine / defense contractors humming along during peace time (and called the Department of War and rebranded it as Department of Defense). This shows how much the MIC is part of the US economy and how the war economy was simply rebranded as the Cold War during peace time. NATO was designed to keep the Americans in control of Europe, keep the Russians / USSR out, and the Germans DOWN.
2) The elite banking class created the World Bank / IMF so that the US could take control / global domination of the financial system (you control the world’s monetary system, you control the world). Due to the Bretton Wood agreement where the US dollar is now the world’s reserve currency (because the US now has 65-70% of the world’s gold and 50% of global GDP).
3) World Bank / IMF chief purpose was to enslave the rest of the world (mainly the global south / 3rd world countries in perpetual debt and servitude)
4) With the proxy cold war to contain communism in Korea / Vietnam during the 1950-1970s, the US suddenly went from the number one creditor country to the number one debtor country. Because the US simply printed paper money to pay for the wars. These money printed by the privately owned bank cartel called the Federal Reserve are simply debt financing to the US government to spend on wars
5) These US dollars being spent overseas, especially in Vietnam, ending in Vietnam’s central banks which was a colony of France at the time so those dollars got transferred back to France, in which Charles de Gaulle sent them back to the US to exchange them for Gold
6) With so much US dollar floating throughout the world and countries starting to send those US dollars back to the US for GOLD, Nixon had to end the GOLD exchange to preserve US holdings of GOLD in 1971
7) Since countries can no longer exchange US dollar for GOLD, these countries had to hold onto the US dollars and use it for trade, which devalues their own national currencies
8) With confidence in the US dollar eroding, the US struck a deal with Saudi Arabia in 1973 to provide Saudi Arabia with military security but the Kingdom must sell oil in only US dollar and recycle surplus US dollar back to the US to purchase US treasuries and bonds. This deal created great demand for the greenback so now the greenback is free floating, not constrained by GOLD backing and US treasury and bond market (Wall Street) became the new GOLD standard
9) Debt financing was how the US beat the USSR during Cold War 1.0.
10) Also, with the Sino-Soviet split, the US saw an opportunity to help build up China, hoping to use China as a buffer to further weaken the USSR
11) Plus, with much greater demand for the greenback, the US gets to print almost free money (it cost less than 15 cents to create a 100 dollar bill), and sell money / export money to the rest of the world. But what will the US get from the money? They have to buy stuff from other countries with that money, so manufacturing gets transferred to China as a way to use China as a buffer to contain the USSR and also to use an increase in US dollar demand to invest and buy stuff made in China (on the cheap) and ship them back to the US to be sold to US consumers, hence generating massive profits for US companies and Wall Street.
12) The exodus of US dollar throughout the entire world is what gives US global hegemony. Trade surplus countries (like Germany, Japan, South Korea, China, Saudi Arabia, etc.) make so much US dollars they have to support the US dollar and recycle them back to the US to buy US treasuries and bonds. Trade deficit countries (like Argentina, Brazil, Turkey, Greece, India) starve for US dollar and must borrow US dollar to power their economies and net imports.
13) So the US global empire has found the perfect formula no other empires in the past was able to do, have rich countries and rich foreigners and poor countries and poor foreigners finance the net imports of the US economy and US government. The US powers away on debt based system running massive trade deficits with most of the world.
14) Military spending, domestically and externally, are mostly based on debt financing (meaning borrowed money)
15) But China and Russia saw how flawed the system is (during the 2008 financial crisis) so the BRIC trading bloc had their first meeting in 2009 to figure out a way to de-dollarize and get out of the US dominated financial system. That’s when Obama made the pivot to Asia in an attempt to contain China and prevent this from happening.
16) The new cold war 2.0 is all about preserving the US dominated financial system / preserving the US dollar as the world’s reserve currency. All these ANTI-CHINESE and ANTI-RUSSIA rhetoric and looming wars with Russia, China and Iran are all due to these 3 countries desire to create a parallel global financial system independent of the US dollar and also to reign in oligarchs from overstepping their boundaries. Obviously, the Western / US / collective WEST oligarchs are totally against this.
REMEMBER, ALL WARS ARE BANKERS WARS. AGAIN, IT’S CALLED GLOBAL CAPITALISM. THE RICH GET RICHER AND THE POOR GET POORER. THAT’S HOW GLOBAL CAPITALISM FUNCTIONS.
Tik Tok would also agree-
All I know is that USA dumped millions of gallons of Agent Orange over Vietnam and this is causing genetic deformities by those affected –some babies have severe defromations. Over in Laos there are 2 million tons of unexploded ordinance from the Vietnam war but Laos was not a party to this conflict and 99% of this ordinance is still intact and very dangerous.
Before conjuring up nonsense about China –the USA should reflect on what it has done in the past and failing to do today.
Clean up these messes and after the clean up go home and stay there.
Unfortunately it won’t be decoupling from just Asia. It will be decoupling from the rest of the world.
Already Mexico is encouraging Chinese companies to set up there. Brazil will either cooperate with China or create its own indigenous solutions. Further down the road, there are the rest of the Global South that are subscribed to the Belt And Road because they too want a piece of the development pie.
Just like in the past economic sanctions were used with precision, but now used like a shotgun to blast everything in sight, so too will barriers be applied to every difficulty. Eventually the USA will find itself building walls around itself.
Perhaps the USA will be able to reindustrialise somewhat. But what would the repercussions be?:
1. Goods comparable in quality with something available outside the USA will cost significantly more. Ironically, black markets will appear….when people eagerly snap up non-US made goods because they are better quality for the same price or lower.
2. US companies will become less competitive. One reason why Chinese EV cars have developed so quickly, is because the Chinese government has a deliberate policy of improving the health of their companies through competition. Why do you think that they allow Tesla in China? Or Apple in China?
3. A major reason why the US did well in the past was because it sucked in foreign talent. How many of the great innovators in the USA today are foreign born or are descended from recent immigrants? If the USA builds walls around itself, where would the next Elon Musk go to create his fortune? A closed USA with a population of 350million, or a China with 1400 million which is intimately connected to a larger wold population of 5500 million?
4. Yes, the average American is feeling economic pain. But even the present conditions are still being held up by the Petrodollar which is a Tax-On-The-World. If the USA retreats into itself, will the rest of the world be eager to continue the Petrodollar regime? When the Petrodollar is discarded, Americans can expect to experience and immediate decline in their purchasing power. What was a $30 toaster from China would cost $50 after the tariffs, and $100 after the USD drops in value when the Petrodollar dies.
In past centuries it was possible for the US to pursue protectionist measures. But today is different. Which country is willing to allow tariff free imports into their country if the US imposes tariffs on theirs? Eventually the US would become an island unto itself.
The Chinese made a similar mistake in the late 1700s or early 1800s when the isolated themselves from the world. They have learned from that mistake, and it is why they force their own companies to strive to improve by allowing the strongest foreign competition.
Will the USA be able to learn from China’s errors?
I doubt it, they are too busy denigrating China to take it seriously.
“CCP or CPC… what difference does that make to the main point? ”
Simply that people who write CCP are either ignorant or else being deliberately offensive.
Ignorance is excusable but the endless sinophobia of assholes like you is not.
I’ll ask you again.
Exactly how is Biden being controlled by Xi?
“I need not bore the readers with tales of Chinese tools that fail after a few months and clothes that come apart. ”
I have on my shelf an old book titled “Poorly made in China”. It’s very amusing but it was printed in 2009 bearing stories from previous decades.
Times have changed. Just look at the quality of world-beating Chinese EVs, with (in China at least) amazingly low prices.
He reads the New York Times.
Ooh I’m a scary Zionist. How dare I think that Jews, like everyone else, have a right to a country of their own? AND YES, I say the same about Germans and every other white ethno-national group, so don’t start with the whining and whatabouting.
Meanwhile, you Nazi crank, the facts I posted about Hitler’s crackpot nation-wrecking folly remain utterly unrefuted.
Jojo the what?? Sorry, I’m not in your bubble.
I absolutely agree we should want to have friendly and mutually prosperous relations with China as a nation. We already do with Taiwan, and did with Hong Kong before the CCP takeover. And we have good relations with other East Asian nations like Japan and South Korea.
The problem is, as you say, the CCP regime. And unfortunately, we can’t just wait around for it to collapse. They’re in power, so what do we do? I’m not sure. As I said, I’m of two minds.
2028–China Mainland forecast is to have 80,000,000 Engineers.
STEM is the going concern in China –creating and making things.
Engineers are not slaves –they create —ideaas- technology and making things.
High speed rail –moving 100 million over a weekend–electric vehicles and battery techology–the Chinese today are “miles ahead” of Canada— and the USA is scared of competion.
The big town crier of Human Rights–Freedom- Democracy and Free trade is all nonsense.
America is slipping and scared of competion—a whiner and complainer-
I feel like you have to be pretty conformist to work a repetitive job on a factory line. America has countless subcultures, but a manufacturing subculture that can compete with China’s will never develop because of deep differences between Americans and Chinese people. A detailed, insightful comment from “KL” on Substack addresses that issue:
https://substack.com/@kl12959698/note/c-57819104
Sure – polls from a totalitarian police state are super-convincing and the trustworthy voice of the people, just like the sham elections. The dances of praise for Kim the peasants do in North Korea are totally spontaneous too! I bet you actually think you’re a skeptical, savvy, not easily taken in type. LOL
And you actually sound serious! China superior in EVERY way?
The country that eats bats, live squirming fish, bird’s nests, rotten eggs, and fetuses. And as a result is a vile and putrid source of disease after disease infesting and infecting the rest of the world.
The country so riddled with corruption that it pervades even an institution of absolutely central importance — its nuclear-warhead strategic ballistic missile force replaced the missiles’ fuel with WATER to sell off the fuel for a miserable quick cash-in, or burn it off in stupid cookout parties the way blacks would. Xi had even personally made the Strategic Rocket Forces a fully separate branch of the armed forces like the army and navy, and personally picked all its top generals amid his supposed anti-corruption drive. And yet STILL that happened. THAT is how corrupt that society is.
The country that, when it launched a campaign to destroy the “Four Olds” of outdated practices from before the Communist takeover, focused on burning irreplaceable classical literature and art and architecture, but decided to keep useless superstitious crackpot quacky “Traditional Chinese Medicine” which to this day is bizarrely intertwined with actual scientific medicine throughout its health care and medical education system. Imagine if Western hospitals and medical schools still bothered with Galen’s “four humors”! And this isn’t just a matter of quirky cultural practices – nor even a vast stupid waste of time and money that diverts resources and patient recovery potential away from proven and effective treatment to the Asian equivalent of voodoo. Oh no — stupid “TCM” is a primary driver of poaching that is driving many species of charismatic megafauna to extinction, including elephants, rhinos, and many more — all to make useless, moronic “traditional medicine.”
I could go on, but I’ll stop.
No, don’t whatabout or evade. Obviously to anyone not into disgusting “food”, corruption, and quackery, they’re not superior in every way.
Agent Orange was a defoliant, not a weapon. Its effects are wildly exaggerated. Vietnam vets’ “scorned victim” narrative made them into sacred cows whose claims must never be questioned (including hilariously stupid stories of orange-colored liquid being dropped on them, when orange was merely a NAME, not the actual COLOR of the substance, yet ignorant yahoo politicians pandering to the cameras put on concerned frowny-faces and nodded sympathetically), unleashing a flood of sweet sweet taxpayer dollars that based on no actual science. And wonder of wonders, the Communists also joined in the festival of America-bashing lies and smears for propaganda purposes.
Surely Communist regimes are super duper concerned about the environment and human health and safety! Oh wait – Vietnamese fish are raised in fecal water and sold on the world market, the Soviet Union’s chemical and biological warfare facilities resulted in multiple instances of deadly outbreaks, and the island their illegal facility was on became connected to the mainland when their reckless schemes drained an entire SEA, the Aral Sea, erasing it from the map.
China – invader and oppressor of Tibet and Xinjiang, bully in the South China Sea, aggressor against India and Russia, joiner of Stalin and Kim’s war of aggression against South Korea, aggressor against Vietnam after helping North Vietnam’s war of aggression against South Vietnam, should shut its trap.
What you are describing is a feedback-loop, and you are correct.
Real-estate values are the primary sponge that soaks up money / credit supply on behalf of the property-owning class. Business / enterprise assets are probably a close second.
The sine qua non or one essential element of the private nominal banking system is the interminability of financial liabilities. Once a legal debt is created, it tends to persist forever. In a fiat money system no debt is ever paid but only discharged, meaning that it is legally assigned to some other legal entity.
This means that the only way debt-money is destroyed is through bankruptcy of the institutional structure, or nominal taxation. Once it is understood that nominal taxation does not raise any money for government, but is the pure targeted destruction of purchasing power of the class of legal-persons to whom it is directed, the entire rotten system comes into a wonderfully sharp focus.
In a world obsessed with money the vast majority of people do not understand the first and most important thing about money, and that is that there is no money. A fiat-money system is by definition a no-money system.
Everything that people are habituated to think of as money is in fact an intangible-derivative-of money. There are promises-to-pay money, there are orders-to-pay money, there are various kinds of evidence (exchangeable-evidence-of-debt) that one party owes money to another party, and all of the accounts are denominated in money. But there is no money, only evidence-of-tangible-and-intangible-things that serve as money. Even nominal paper-money or currency / legal-tender money is merely or in substance evidence that its issuer (normally a central-bank) owes-money to the holder of it.
In 1978, for example, and in reference to Bank of Canada notes, the Supreme Court was compelled by the facts of the case to observe and take judicial notice that:
Just as we could have a fully-functional otherwise-duplicate of the existing-system but denominated in unicorn-horns instead of dollars, pounds, euros, yen, rubles and yuan. There are no unicorn-horns in fact, but that does not matter because there doesn’t have to be.
More generally, virtually everything that functions as money is in fact information about money. Money is an idea or intellectual concept that has no mass nor weight nor physical dimensions.
Even gold is not money. Gold is gold. And silver is not money. Silver is silver. That’s the point. Both are vastly superior to serve in lieu of money, but neither is money, per se. Properly identified and classified, an exchange for gold or silver is an equity-exchange or barter-exchange, and not a money / financial transaction at all. The word money is first and foremost an adjective / opinion and not a noun / fact, as in money (financial) asset versus real-capital asset. Much of the private financial system is based on such noun-ification of adjectives and adverbs to falsely portray and present opinions as facts.
…
But if there is no money, then how can banks loan money to borrowers?
Answer: They don’t. The business-in-fact of the nominal private banking system is credit-reinsurance and not money-lending (as per the following from a different work-in-progress):
Not money-lenders
Banks are not what you think they are. They are not money-lenders – they are credit-reinsurers, and they are asset-sinks. When you sign and deliver a promissory-note and mortgage you are underwriting and advancing real-estate-secured-credit to the bank.
The bank / banker strips-off and retains the financial and real-estate security as a minimum 100%-premium for itself, and then returns or reinsures unsecured-credit back to you as an unsecured-deposit-credit that does not cost the bank anything material to produce.
The money / credit for the alleged or pretended-loan does not even exist unless and until you underwrite-it by accepting the liability for it by agreeing that you owe it, normally under the promissory-note that is secured by the mortgage (and whether by separate-instrument or embedded in the nominal-mortgage itself).
You then have to add or issue the same amount again in the form of a signed-check / cheque (an order to pay money drawn on the bank, and which upon delivery becomes a financial / money-asset of the bank) to the seller of the real-estate, who has to co-sign-it / endorse-it and deliver it back to the bank as a ratification of the otherwise recoverable-loss of their property and legal-title to the bank in exchange for an unsecured-deposit-credit / unsecured-liability of the bank. Then the bank (merely) agrees that it owes the principal-amount (selling price) to the seller instead of to you.
The nominal mortgage is a combination bill-of-sale that transfers all right, title, and interest in the property to the bank (and / or creates a trust in favour of the bank as beneficiary), plus an embedded repurchase-option that allows you to buy the property back from the bank by paying it all of the nominal-money (and discharging all of the other liabilities) required under all of the securities. When a bank forecloses, it is not foreclosing on the house and real-estate, because it already owns the house and real-estate. The foreclosure is of the repurchase-option – sometimes referred to as a right of redemption (from the sin of debt) (and another example of cognitive-dyslexia).
The pretended-banker arrives at the transaction with metaphoric empty-pockets, and leaves with all of the financial-securities from the income-pre-qualified lead-underwriter / pretended-borrower in one hand, and the legal-title to the market-value-pre-qualified-real-estate property (and the endorsed-check) from the seller in the other.
From the nominal bankers’ (and its owners’) perspective there is only one material reality, and that is that pre-qualified-real-equity / secured-assets come in, and only unsecured-liabilities go out. They are real-asset-sinks, and they are unsecured-liability-kiters (kiting means to keep (financial) paper in the air). The penultimate in balanced-and-leveraged feedback-loops.
___
My apologies if the above seems somewhat disjoint with respect to your question, but as Carl Sagan said to introduce his circa 1980 series Cosmos: “If you truly want to make an apple pie from scatch, first you have to invent the universe.”
The key to understanding the domestic and international private financial system is that every essential and material aspect of it is a compartmentalized systemized delusion:
The modus operandi of the oligarch-control-structure has long been to (1) sell the public on a false premise, (2) establish a corresponding new systematized delusion, (3) link-it or daisy-chain-it to the ever more firmly-established / existing systematized delusions, and (4) move on to the next one. You cannot see this in the short term – you can only see it by studying history – on the order of about 300 years.
The second is the psychological process referred to as gaslighting, where the target of it is induced to accept ever-increasing non sequiturs and eventual absurdities by slow but relentless incremental steps.
There are at least a dozen daisy-chained critical subsystems that define today’s private global financial system – all of which qualify as serious systematized delusions – and which have settled into an orchestrated multi-layer feedback-loop that relentlessly expands by the gaslighting process.
There is also a lowest-common-denominator. Each of these processes is designed to systemically and systematically deplete the working-capital of the masses to ensure their perpetual subservience to the oligarch-control-structure. Perhaps the most foundational false premise among humans is that those at the top are supremely motivated by greed. They are not. They are motivated by their self-perceived need to dominate for its own sake. Greed is legitimately portrayed as a vice – but it is not unequivocally evil. The point at which greed becomes unequivocally evil is when you want something of value to another – not for its own sake – but to deprive the other of it for its own sake.
But none of it is possible without a critical additional element and that is acquiescence. The corresponding legal principle is called latches, and the oligarch-control-structure has had centuries of practice and experience in fostering and exploiting this most insidious of human failings. “Silence equals consent” is the ratcheting-device that drives the gaslighting process ever forward.
___
What the larger system has learned to do very efficiently is to induce all levels of society (consumer, academic, etc.) into endless vacuous arguments over any given logical process of reasoning – but never to question the false premises upon which it is all based.
Again, my apologies for the disjointedness in some of the above from my cutting and pasting from other material. I will have to give it more thought to more precisely answer your question.
Also please excuse my delay in responding. I am in south east Africa on Central African Time (where it is early morning here), and my internet access is by cell phone that is often a bit chancy.
One last thing, there is a typo in my original comment. The last sentence in the eighth paragraph should read ” and $1,034 ($1,100 – $66) in respect of the sales-taxes” [and not $1,044].
Otherwise, many thanks for your questions. Hope it helps. TPM.
You carry the conversation expressly up the mountain singlehandedly, and for this I thank you most sincerely. I would like to reply in detail, and I will do so as soon as I can. Apologies for the delays on my side as well.
All this is shit! When an “obnoxiously aggressive, murderously repressive, selfish, brazenly hypocritical, dishonest, corrupt, manipulative, irresponsible, exploitative, and hostile” shithole gets shit all over himself and wants to become less shitty, his instinct is to smear the shit that is on himself onto someone who is clean– just like what you are doing. 😀
Actually, China liberated North Korea from Amelikan military occupation and helped the Vietnamese liberated their Southern brothers. China will one day repeat the same in North America and Australia:
“Ignorance is excusable but the endless sinophobia of assholes like you is not.”
For a long time I used to love Chinese food until I realized that it was bad for me. And I used to dislike Japanese cuisine but now I realize that it’s actually a healthier choice. The Chinese, not unlike the food is a slow but deadly poison… it’s best to avoid it. Nothing personal!
China is not the only one. Many countries start by building cheap, low quality stuff and then slowly climb the value chain and improve quality with time. China has passed the stage of cheap, low quality products some time back. But it takes time for reputation to be build up.
Why is Chinese food unhealthy? You mean traditional organic Chinese food is unhealthy? Really? Hard to believe that.
Traditional organic Japanese food is sure healthy.
It has been there for too long. Poison needs to go down the drain:
Re China: Too early to tell.
https://www.scmp.com/article/970657/not-letting-facts-ruin-good-story
Chinese peasant emancipation came hard and fast. China’s destiny is probably exactly like that of the West. The de-civilizational parasite that has eaten through the social fabric in the West likes English and easily gains admittance to Romance channels. To penetrate China down to every last boy and girl will take more time. China’s language is its firewall.
Meanwhile China lives on its considerable cultural and genetic patrimony, with enough left over to feed the parasites.
Because we Chinese see clearly that the success of the West in the past 200 years is not because of the political model, but because of the corporate system and the lower moral bottom line. Jews in particular and white people of all kinds plundered our property by all means.
American ballot politics is just a puppet game played by Jews. There are Zionist Jews on one side and internationalist Jews on the other.
Whoever it is, it’s owned by the Jews.
There’s no difference.
All relatives of the Rothschilds.
Blinken and Kushner are typical.
你看，我们其实以后会复仇的，但是具体怎么复仇，会取决于你们。如果你们不识好歹愿意当犹太人的狗，那我们可不客气了。
要不来个白人大屠杀纪念馆吧？
You do understand that Google Translate exists, and your genocidal threats are but a click away. But I am heartened by the sentiment expressed in your first sentence.
Though I know the Chinese routinely move from silks to shirt-sleeves in the span of 3-6 generations, may I ask how tall you are?
Since you have no problem with the Chinese — just for starters — mass-importing endless hordes of Han into Tibet and Xinjiang to reduce the locals to minority status in their own homelands, destroying the local religious infrastructure including centuries-old iconic buildings, forcing religious services to incorporate literally blasphemous songs praising the Communist Party its sacred-cow infallible god-king Xi Jinping, throwing over a million Uighur into concentration camps for relentless and brutal ideological indoctrination and slave labor, kidnapping and “disappearing” the real Panchen Lama and propping up a fake Communist-imposed puppet so as to prevent an orderly and traditional succession of Tibetan religious authority, subjecting Uighur females to forced marriages to Han males so as to water down the local population, cracking down on distinctive local ethnic costume and appearances such as beards, carrying out systematic and large-scale executions, and in every conceivable way behaving like oppressive, obnoxious conquerors intent on destroying their subject nations’ independence, culture, language, architecture, faith, and freedom, you can F right off.
I agree, at many points emphatically. Please permit a few adjustments in the definitions, not for the correction of your argument, which coheres, but for the admission of mine. I hope we soon meet upon the heath, assuming the heath is up the mountain from my last metaphor.
——————————————————————————
Perhaps we might use currency for moneyness, keeping ‘a money’ the noun.
* The currency of a money runs on a scale from Monopoly to monopoly, from low purchase and narrow domain to high purchase (on goods) and wide domain (of goodness).
* Value should be the primitive in the system, to keep a check on money, since money really should be a check on goods. We certainly govern as if this were the case!
* The financial dimension of money to which you allude, might be drawn as an orthogonal axis spanning cash to credit. Higher order derivatives strain credibility where cash doesn’t.
I think the driving purpose of the financial system we suffer becomes the secret changing of cash for credit, where cash is reliably good for value and credit is more readily given but less easily spent.
——————————————————————————
I heartily agree that though Gold is purchased for its price qualia, Gold is not essentially money. Gold can be pressed into use as a money. In the grammar above, Gold is a high currency and therefore high fidelity cash money.
(An aside:
Though Gold and Silver have a bracing effect when taken as the basis of a monetary system, specie jealousy reports war o’clock on the regular. But perhaps when it is time for war, it is time for war. The signal can be dampened by a confusion of debt spaghet for only so long.
Nevertheless, given the state of military technology, I doubt we can return to a world of splendid little wars. Thankfully, given the state of information technology, return to an age of gold and brigadiers is not our only option.)
——————————————————————————
The banker arrives sceptered. I think that’s the fiat part. Banking is a high expenditure business that requires capitalization and mobilization at a scale impossible for miserable entrants. What’s more, maintenance is complex, specific, and expensive.
Good bankers hang on good charters, and so they perform the ritual dances, propitiate the ecclesia, and stand ever ready to moirologize the least incident. The faithful achieve the highest levels of credit and credibility within a fiat system. Highly credited they cannot be said to be unsecured, to give the term a generic turn, only momentarily uninterested. As Il Signore is his master’s vassal and not the goodman’s peer, his blessings are what he trades for kisses from the goodwife dear.
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Yes, I have noticed that the disciplines are strictly guarded, maybe intentionally to effect compartmentalization as suggested. If you don’t show you hold to the premises, you are thrown from them. The academy has confiscated all the words to think thoughts with.
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Yes. No leveraged buyouts. And no bridge financing for your stupid merger. How about that. Not approved. Someone paralegislated our way into this mess. Someone will have to paralegislate our way out. Lina Khan seems quite the talent, incidentally.
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What does it mean to have a totalizing, fiat financial system with no democracy, no republic, and no majesty in government. Kleptocracy and misery.
Credit is a device of feudalism. If the sovereign is good, the good is credited. If he is a devil, then I’m afraid, he’ll issue devilism orders.
This @Carney character is a total looney, just like MEMOJEW DUDE. The idiots we have to deal with on this website.
Not really. He is very honest and stating the obvious truth. I hope he doesn’t stop.
He just forgets to tell he is looking at a mirror.
Great response. He’s looking at the man in the mirror and actually talking to himself and criticizing himself.
All those adjectives that you attribute to China are a real description of the good ole US of A. When was the last time China was at war? 1979 with the short lived war with Vietnam. Do you realize it is alot easier to start your own business in China than in the US? I mean a helluva lot easier, and we are supposed to be living in the capitol of capitalism. Screw voting!!!! I was doing it faithfully from my first time I could vote in 1988 til 2010. I then decided it was all BS and opted out in 2012, voted Trump and GOP in 2016. After that I decided it was a total waste of time. The system has to come down, and casting a vote isn’t going to go that far.
I believe this sort of incontinent blathering of lies is known as a Gish Gallop. It does illustrate prettily how GENOCIDAL rage lies just below the surface of Western abuse of China. When you’ve spent your entire life screeching that you are ‘Number One’ and another mob shows up and puts you deep into the also-rans, if you’re a certain type of violent inadequate, that will make you very, very, angry and vengeful indeed.
IPSOS is a French organisation, and numerous others, Chinese and foreign, report similar findings, you evil, racist, hate-crazed piece of shit. The thought of how greatly racist vermin like you are agonised by China’s rise, and your descent back into the shit from which you crawled, brightens my day.
That is EXACTLY what the whites have done in North Amelika and Australiar.
https://www.unz.com/article/the-price-of-bidens-new-china-tariffs/#comment-6595212
You are trying to smear the shit on your body onto other people in the vain hope that that could make you cleaner.
Pathetic!
Cheap things from China fall apart because that is what their American contractors call for. it’s strange though that you Americans think Apple products are the best – when they are made in China. You don’t get the difference??? Oh and btw – Tesla and General Motors will tell you the cars they make in China have less defects than the ones they make in the US.
True European wages are lower…. But in general their retirements are more secure and they don’t spend as much out of pocket on healthcare. (Actually the same is true of China).
Actually automation takes away more jobs than outsourcing.
But you are going to tell me with a straight face that American companies will be willing to take lower profit margins in order to add some US manufacturing jobs back???? You seriously believe that??? I was just watching new phenomenon in the US where fast food workers are being replaced by robots and apps. So if fast food jobs are doing it because of wages – you seriously are going to believe it will happen en masse for manufacturing??? Consider even something high tech like semiconductors. The US has had to make $60 billion available to entice companies to add production in the US. You seriously think that is sustainable across many industries???
And you expect that all with a “strong” US dollar???
A complete and utter liar in all of your comments. I will just touch on the first sentence. #1 most of Tibet are still Tibetans. #2 more Tibetans have lived in other provinces of China than in Tibet for more than a century. I won’t even waste time with the Uighurs. I will let a Canadian and Australian explain that garbage bag full of lies:
“Cheap things from China fall apart because that is what their American contractors call for”
Boston was probably the first American city to get China to build its luxurious Metro trainset sometime in 2019.
LA and Chicago soon followed. There’s no doubt more American cities will join the three in seeking China’s expertise when Sino-US relations improved.
Essentially, selling trains and building/renovating city metros are small affairs for China. The billion-dollar projects for long distance fast trains that Indonesia and Laos are enjoying are what China is most famous for – providing high quality yet affordable projects within a specified period. Years ago India got the Japanese to build a shorter version of the fast train but somehow that project never got finished. A similar offer by Vietnam to Japan met with the same fate. China took over and finally the Vietnamese are getting their dream of a North-South “reunification” train realized.
The US has an anachronistic “Wild, Wild, West” industrial policy which fails miserably. It is now fashionable to blame China. The other poster also blame US non-competitiveness on widely published Chinese government subsidies.
One example from a 2022 CSIS report:
“Even using a conservative methodology, China’s industrial policy spending is enormous, totaling at
least 1.73 percent of GDP in 2019. This is equivalent to more than $248 billion at nominal exchange
rates and $407 billion at purchasing power parity exchange rates. ”
https://substack.com/redirect/42500757-92a4-42f4-9955-6a017478b576?j=eyJ1IjoiN25tMiJ9.ArAjoe3w0B9T_qIn_sADWsrqWSMS2r8ZypYyWEAFxWc
Much less reported is US government subsidies. The following from US House Budget Committee’s Oversight Task Force:
“BIDEN CLAIM: “President Biden and Congressional Democrats are delivering historic Investments in America that are creating good jobs around the country and revitalizing our communities.” The President “put policies in place that have contributed to more than $470 billion in private sector investment commitments.”
FACT CHECK: The “historic investments” made by Democrats don’t help the middle class.
The following from US House Budget Committee Oversight Task Force:
” The “Inflation Reduction Act” enacted by Democrats last year gave $271 billion in tax credits to pay for “green” energy projects that even liberals admit are a boon for the top 1 percent.
These out of control “green” handouts are going to cost American communities an estimated $1.2 trillion, according to independent analysis by Goldman Sachs, nearly $1 trillion higher than original estimates.
Companies with over $1 billion in sales receive more than 90 percent of special interest green energy tax subsidies.
Some analysts estimate that banks and insurers alone receive over half of green energy checks, far more than any other industry or sector.”
https://budget.house.gov/press-release/fact-check-setting-the-record-straight-on-bidenomics
Yes this Carney character is a complete moron. He projects his Anglo Saxon EVIL MENTALITY on others to wash away his own SINS. The Chinese Han would have to systematically murder 90% of the Tibetans and Muslims in China and eradicate them (meaning mass murder 20 Million people) in order to catch up to what the Anglo Saxons had done to the Native Indians, Aborigines, and West African black slaves. Oh, and then China need to continue their path of world conquest by bombing Vietnam, Laos, North and South Korea, and Cambodia back to the stone age, hence murdering millions more. Then the Chinese can have a humongous toast, knowing they are now just as EVIL as these foreign ANGLO SAXON bastards from Europe.
Duh, most US citizens and consumers are complete morons when it comes to basic economics. US companies transferred manufacturing to China. But who maintains the design and engineering? Did US scientists, designers and engineers got laid off? NO, NO, NO. It was the blue collar workers working in the plants that got the AXE. Most of the profits go directly to US companies. Hence inflating their stock price, profit margin, increase research and development, etc. Millions of US workers (CEOs, executives, scientists, engineers, designers, financial analysts) got richer and wealthier in the process. Only the millions of blue collar workers got the short end side of the stick. The US consumers also benefited from cheaper goods.
IT’S CALLED GLOBAL CAPITALISM. TO EXPLOIT LABOR AND NATURAL RESOURCES THROUGHOUT THE ENTIRE PLANET TO TRANSFER WEALTH TO THE TOP 1% – 10% LEAVING THE LEFT BEHINDS POORER AND POORER. THAT’S IT. IT’S THAT SIMPLE. SIMPLE GLOBAL CAPITALISM ECONOMIC SYSTEM IN A NUTSHELL.
I’ll do you one better. Just google search “Pam Ho War of the Worlds The New Class”. It explains everything better than anyone out there on this planet earth. I guarantee it. Read it and weep.
Are you going to tell me with a straight face that anti-American MegaCorporations outsourcing U.S. jobs is desirable???? You seriously believe that????
Do you not understand that MAGA will *impose* tariffs over the objections over your SJW Globalist elites?!?!? Do you grasp that decreasing imports & improving industrial capacity in America will strengthen the U.S. Dollar????
As bad as the USD may be… China is barely beginning to address catastrophic problems with their domestic housing and construction markets. Evergrande went down in 2020 and they are just now, 4 years later, dealing with that. There are hundreds, probably thousands, of firms in similar distress. Not to mention the regional governments that invested in these failing SOE’s. Do you really think that your “strong” CCP yuan will hold up????
These questions about your pro-multinational MegaCorporation positions are not going away. Please give some honest and well reasoned answers.
#LetsGoBrandon 😇
The threat of genocide is tied to your dignity and intelligence.
If you give up your dignity and choose to become a guard dog of the Jews, then both the Jews and we will send you a Holocaust.
The Jews especially want us to kill you to relieve the pressure of the Jews themselves.
You see, our leadership is very rational and gives you opportunities, but the people below are not so rational.
It’s easy to be induced to want to kill white people.
This has happened a lot in our history.
Would you like to hunt the Jews with us first? Or would you rather be slaughtered by us?
If you think belittling us China will make America great again, go ahead.
Anyway, now whether it is low-end manufacturing or high-end technology, it is in the hands of China.Considering how bad your lies are, I’m worried that you’re good enough to fool the MAGAs, so I’m here to help you with your lies.
Well, now I’m going to teach you how to make up our lies:
Given that we do have the phenomenon of real estate company failures, you should say that the failure of real estate companies in our country represents the first step of our country falling into the middle income trap.
The second step will happen in the next few years, with the collapse of the real estate bubble, a large number of the middle class will be destroyed, and the middle class represents the solid driving force of the country, because this class will be hit, the political instability will occur.
Third, because our chips were sanctioned by the United States, our self-developed chips could not be sold to the United States, so this led to the collapse of chip market prices, and our country suffered heavy losses because the chip business theory was too low.
All right, I made it up for you.
If you want to attract enough MAGA to listen to you, you should at least make your words sound logical…
Indeed – though I recall a certain Congress member (Schumer) stating that Chinese trains was a “security risk” and so the US shouldn’t use them. What came of that?
Yeah strange that people from countries who extol the virtues of capitalism against the “evils of socialism” don’t seem to know how capitalism works.
Sadly – you seem to believe the post WW2 economic order is still working the same way in 2024. The rest of the globe is not destroyed. The US is not the only game in town – let alone the biggest market. So you think the US can re-industrialize – reduce imports – and keep the dollar strong. I guess you believe in magic dust. Everything has a trade off in this world.
As to what you say about the yuan… I laugh. MAGA president Trump wanted to label China a currency manipulator by stating that China kept it’s currency artificially low. I guess just throw things at the fan and see where they blow – huh? But then again – according to you guys China was going to bail out Evergrande since if it fell – China would collapse. Well China did not bail out Evergrande and it hasn’t collapsed.
You are a very silly sausage.
Nope… You are the one passionately embracing the 2024 MegaCorporation economics. I am stating that your position is incorrect. Current days are quite different than post WW2.
Why do you believe that your multinational MegaCorporations are good for U.S. workers? Please answer the question directly.
Only those who know they have lost bring out meaningless phrases like ‘magic dust’.
To those of us with logical thinking capability, it quite clear that a robust domestic economy helps (but does not guarantee) currency stability. What is wrong with this combination? Please give some honest and well reasoned answers.
You completely missed the actual facts.
The CCP is just now, 4 years later, working on a final disposition for Evergrande. There are thousands of of property and construction firms in similar straits, not to mention regional governments that invested in them. The CCP may not be headed to collapse. However, they will be tied up with domestic concerns for a decade trying to achieve a soft landing.
The CCP will not declare the self destructive trade war that guys like you desperately want.
#LetsGoBrandon 😇
Hi! Thanks for all that! Very interesting and stimulating.
And here again my apologies for the delay in responding. The electricity has been down here and all of my gadgets ran out of juice – a little taste of how dependant we all are on the basic technology without which our advanced devices do not function.
In any event I am working on a response to some of your comments here and will post asap.
But from a macro-perspective, the most important thing to realize is that the phenomena known as money and banking are only about 20% based on rational economic theory. The other 80% is more properly recognized and classed as psychiatric phenomena.
Anyway, I will post this now as the electricity often comes back on for only a short period after an extended outage and then crashes again. TPM.
Great to engage on this topic, as currency is the prime policy lever. However, I suggest we loop China back into the conversation to save our host the headache of off-topic comments. I am quite happy to discuss the trade dimension of dollar fiat and offshore dollar creation, if this is also of interest to you.
Alternatively, we could easily move this discussion to a Michael Hudson article. Thanks.
You can rail against Mega Corporations all you want but the FACT is they run the US Congress and therefore the laws – so how is your dream scenario even remotely possible?
But as an aside – manufacturing is not going to be the jobs generator that it used to be anywhere. Whether in the US or Germany or Japan or China. You can take the smartphone industry or cars or tv’s or anything you like that is mass produced. They require less humans for the same output than they did 30 years ago. So again – where is your dream scenario going to come from of all these high paying manufacturing jobs? Even service jobs are being automated as much as possible.
Handling a bankruptcy and bailing out a company are completely different things.
Great points.
If we extrapolate this trend to 20 or 30 years down the road, there will be a new crisis for society. When there will be little need for human labour.
Then either the 1% who own all the robots will have all the wealth and the rest have nothing…..or the whole economic system needs to be radically transformed.
The way things are going, capitalist societies are going to have to do far more adjustment than socialist ones.
I think that you are being far too optimistic at automation in manufacturing. The “low hanging fruit” has been picked in that field. Machines are coming in at other places like fast food. Those machines have to be manufactured and maintained. Thus making MAGA Reindustrialization a huge economic engine.
However — let us take your assumption as correct — There will be fewer manufacturing jobs globally. Under your concept, which is better for U.S. workers:
��� -A- Having those jobs in America
��� -B- Letting anti-American multinationals outsource them
Is it not obvious that -A- is the better choice?
Maximizing employment remains the best option for U.S. workers. You are unintentionally supporting the case that MAGA Reindustrialization is necessary policy.
_____
If truly transformational change comes — Employees will have a 20 hour (or less) week and everything will be different. That could happen 100 years down the road, but it is not terribly relevant for near term politics.
PEACE 😇
Absolutely. By A123 is living in a dream world. None of us can predict precisely but one thing we know is the old playbooks won’t work. It is in many ways more disruptive than switch to industrial societies.
Sadly, showmethereal is illogical. He simultaneously:
��� • States that “None of us can predict precisely”, then
��� • Precisely predicts MAGA Reindustrialization cannot work
The internal contradiction in his declarations are obvious to the casual observer.
Whatever may come in the future, it is intuitively obvious that U.S. workers will be better off if more goods are made in America.
Perhaps you can explain why showmethereal believes that deindustrialization at the whim of anti-American multinationals is desirable.
#LetsGoBrandon 😇
You are certainly right. Re industrialisation will of course be good for the USA, because it will be sustainable.
But at the same time I don’t think Americans who hope for a healthy, re-industrialised USA realise what pain and sacrifice they will have to go through in order to get it.
It is like an obese guy wishing that he has six-pack abs. Yes, six pack abs will be nice to impress girls with. But that also means that he has sacrifice all those goodies and snacks and comfortable sofas he has been used to sitting in.
Very likely when that “reindustrialisation” happens, US wages will match those of say France or South Korea. Americans should be prepared for a 30 or 40% decrease in spending power.
I don’t even believe he says that it is “desirable”. He only makes the case that it is unlikely.
One must not to conflate a predicted outcome, with a desire for that outcome.
It took decades to deindustrialize. There is no quick fix at hand. Rebuilding the pool of skilled labor will take years. So will reopening mines and restarting long lead time heavy industry.
MAGA is much larger than Trump. His 2nd term will help, but it will require multiple administrations to finish pushing out the Globalist establishment RINO’s. And then, more work to keep them out. Corporatists do not want a genuine merit based labour party to flourish.
Some sacrifice is required for national security. However, I do not think it will be as hard on workers as you predict.
Good jobs and low immigration will change the allocation of wealth. Workers will receive more and the elites will be forced to settle for less. Some things will be more expensive, however a better match between wages and housing cost will free up disposable income.
PEACE 😇
You are behind the times. There are phone and car manufacturing plants in China now that you barely see any humans. But yeah your crowd thinks it is “slave labor”. Kind of reminds me of the idiots claiming forced labor by Uighurs picking cotton. Even western companies went there and said “most of the cotton picking in Xinjiang is done by machine”. I’m old enough to have relatives that used to do migrant agricultural labor. The world changes fast. You basically think the U.S. can be competitive picking cotton by hand. Fact is even if the U.S. still had slaves – machines are more efficient at picking cotton nowadays so it still wouldn’t make sense for you.
But even where you choose to locate manufacturing aside from labor – physical infrastructure- workforce (still need competent people to operate the machines and run the business) – energy cost – healthcare cost. Germany and Japan had to be forced to make cars in the U.S. under tariff threat. One of the main gripes they had was healthcare costs in the U.S. compared to their home countries. Meanwhile the care was not better. Again this is not post WW2 where the U.S. was the only game left in town.
A123, as a dedicated Talmudic Zionazi regards all goyim as inferior, but ‘Asiatics’ are the worst! The obvious fact that the Chinese, led by the CPC, have created the greatest economy and society in history, while the ‘Judeo-Christian’ West rots from the head, has sent the Chosenites livid with rage. That the Chinese could not be bothered hating Jews, and will never worship them, instead seeing them as mere fellow human beings, worsens the Judaic angst.
Yeah it’s those libertarians, lol. They win every election hands down. Their policy of decentralization is causing the usa to go to shit. Their militarism is run amok all over the world.
Libertarianism should be banned for all the destruction it has caused. Anyone who detours from the current paradigm should be banished or eliminated. Gotta luv ya sum democracy or else.
For the new readers, /sarc/.
The problem with ideologies such as libertarianism, is that the very liberty/freedom of thought that they espouse, do not lend to the formation of strong movements. It can at most inform the society from the side.
This phenomenon is correlated on the other side of the world. Taoism is similarly disposed towards the individual doing his own thing. It too is only able to influence overwhelmingly Confucian societies from the side….subtly in the form of Zen / Chan, etc.
The Pentagon ran a clandestine disinformation effort in 2020 aimed at undermining the reputation of China’s COVID vaccine Sinovac.
That eventually transformed into a full-blown anti-vax campaign, a new Reuters investigation claims.
According to the news agency, the US Department of Defense employed some 300 fake accounts on social network X (then known as Twitter) to discredit the Chinese vaccine in the Philippines.
The posts made by those phony accounts urged Filipinos not to trust the Chinese vaccine or as protective measures such as face masks, with one such post reportedly claiming that “COVID came from China and the VACCINE also came from China.”
Communist Manifesto concluding comments “Working men of all countries unite-you have nothing t o lose but your chains and have a world to win.
From each according to his ability and to each according to his needs”
The above “from each” and “to each” are in the Bible –Book of Acts 4:53 and 11:29 – to disagree with Marx one must also disagree with the Bible – and Luke was a Greek medical Doctor who penned Acts.
Annanias and Sapphira “failed” the above by selling land and Keeping a portion ( good capitalist with Adam Smith’s “Invisible hand” but Both were struck dead.
Lying to the Holy Spirit —-serious matter.
Why are there no Canadian or American or European Journalists in China at Tibet and Xinjiang mingling with the locals and reporting first hand what is happening and why 87% of Chinse residents including 56 minority groups are Happy with their state of affairs ?
Reason: the BIG LIE —it is easy to peddle LIES_ HATRED and all else from a desk at the Pentagon or CIA and demand the major news outlets TV and newspapers follow this script.
Likewise Americans and Canadians do not travel –too content watching a gong show unravelling.
Thanks very much for this!
I was unaware of it. But it really does make sense.
One irony though. The Anti Vax phenomenon has been so successful in certain countries, that the next time an even more nasty bug comes around, alot more people are going to get killed.
If I were writing a Hollywood movie about a super villain planning to destroy the USA, by creating an Anti Vax movement …. then watching hundreds of millions refusing to take precautions and dying en masse…. that would make a brilliant plot.
Another excellent point.
The early Christians, the ones who still had the closest contact with Jesus, and his purest teachings…..were highly communalistic.
It is too bad that modern day Christians are so selective and yet undiscerning about their own scriptures.
You can’t be stupid enough to not know that the Chinese regime — a totalitarian police state — would never allow foreign journalists to roam unescorted through these sensitive occupied areas. Nor that the terrorized locals would be deeply reluctant to take the gigantic risk of confiding forbidden truths.
You can’t be stupid enough to honestly think that polls of mainland Chinese — again, in a totalitarian police state in which dissent is brutally crushed and all media are a dreary relentless drumbeat of incessant praise for the system — are an honest indicator of public opinion.
There are literally no criticisms of Communist ideology, of the Communist Party’s “right” to a monopoly of political power, or of its infallible god-emperor Xi allowed in any medium at any time.
So, since you are perfectly well aware of these facts, you can only be a deliberate, conscious, knowing liar. And in defense of one of the worst regimes in human history. The cause of the tens of millions of deaths-causing horrific famine of the Great Leap Forward. The cause of the utter madness of the Cultural Revolution, in which cannibalism was no longer so much a reflection of extreme starvation but instead of the deepest depths of barbarism. In which every conceivable form of oppression is carried out to this day – including slow suffocation of minority languages and faiths, blatant lies, erasure of history, hysterical and blasphemous idolization of self-appointed and illegitimate tyrants, on and on.
And don’t even try with any pathetic whataboutism. You know and I know before you even start that there’s no remote comparison.
Contemptible.
Did the Chinese kill any foreigners during China’s Civil war and cultural revolution? Did they invade and murdered any Vietnamese? Any Europeans? Any US citizens and civilians? Any Russians? Any Africans in Africa or Muslims in the Middle East? Any Mexicans? Any Brazilians?
I REST MY CASE.
A civil war is you fighting among your own people from your own tribe / country. If you rape and murder your own family members, relatives and people in your own neighborhood that’s your problem. Don’t be bringing that shit to me, my family and neighborhood 8000 miles away. Get it?
So a bunch of Chinese murdering Chinese, if I’m not Chinese jn China why is that my problem? Just like your family and neighborhood problems aren’t my problem. Get it? You’re not my family, friend or neighbor so don’t be bringing your shit to my family and neighborhood. Get it? Especially when I live thousands of miles away from where you reside.
Did the Chinese kill any foreigners during China’s Civil war and cultural revolution?
The John Birch Society is named after an American killed in China by the Communists before the final Communist victory in 1949.
Did they invade and murdered [sic] any Vietnamese?
Uh, YES. China is deeply implicated in the Communist North Vietnamese regime’s long aggression against Laos and South Vietnam, leading to huge numbers of deaths. A desire to “unify” the country or free it of US influence is obviously no excuse: East Germany never invaded West Germany (although it funded various Communist and neo-Nazi terror groups that committed some murders.)
And even after North Vietnam invaded and subjugated the South in 1975 (breaking its solemn word given at the Paris Peace Accords to do so, to utter silence then and now from so-called “antiwar” activists), that should have at the very least ended outright war… but oh no. Beijing was still not done formenting violence and death in that unhappy land. In 1979 China invaded Vietnam, causing tens of thousands of deaths on both sides (the equivalent of all US deaths in the years of Vietnam or Korea) in less than a month.
Any Africans in Africa or Muslims in the Middle East?
China supplied arms and other aid to various Communist movements and regimes in the Third World involved in active wars and civil wars, sometimes in concert with but often in opposition to the Soviets, in both cases prolonging and fostering war and death.
Any Russians?
The Chinese helped the anti-Soviet rebels in Afghanistan in the 1970s and 80s.
If you want to look just at the Mao era, the Sino Soviet border conflict in 1969 resulted in scores of dead Russians and other Soviets, and it was entirely Chinese aggression.
Uh, I’m happy with how Japan, China, South Korea, and Taiwan have prospered and risen. I’m even happy for the hundreds of millions of people in mainland China who have risen from the utter horror and squalor of Maoist madness; I just wish they could do so in full freedom like the the respectable, free, democratic Asian nations.
But I reserve the right to criticize aspects of Chinese society that are bizarre and repellent; particularly the ridiculous quackery and bizarre eating practices; both of which the supposedly “scientific socialist” Communist regime should have stamped out under its own premises.
You really ar e an ignorant person with no depth of knowliedge in history or economics–simply a Homer Smpson devotee.
USA has killed 20 million since Korea – Vietnam and War on Terror–consider Syria- Afghanistan- Iraq Vietenam-= Korea ( the South started the war with USA backing but later when North repelled them and drove them South over the 38th the Americans and South kKoreans cry they wer invaded) – Somalia–Libya —“We came we saw he died !” —Ha ha ha—Ukraine –500,000 dead with NATO and USA blessing.
Matter af fact the USA is the global tryant here -there- everywhere under the old Monroe Doctrine–how Hawaii has benefited since the big fire in 2022—NOTHING has been done to help th eNatives–how many in USA live on Indian reservations as 5th class citizens.
WHY has NO FOX –CNN –Washington Post journalistst been to Tibet or Xinjiang recently? Reason is things have never been betterr the people and were these American reporters to return with films and interviews with REAL people in Tibet or Xinjiang enjoying life —the- Ignorant braindead lazy stupid Americans ,Canadians and Brits would be in state of total shock –“We have been Lied to –BIG TIME”