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It's so important to understand the "rigged trade game" and goals that China has created.
Because China is a communist country and from what I understand all land and buildings are owned by the government, their government considers it "investment" to subsidize manufacturing. The Chinese official interviewed was open about China's goal to monopolize 90% of the WORLDS manufacturing, moving forward. Sadly, a good chunk of it was and still is being paid for by consumers from the USA, trillions of dollars, nearly the amount of our entire national debt over the last ~13 years. All the while, our politicians on BOTH sides did nothing. Even 15 years ago, Chinese imports into the US were only charged 2-3% tariffs, while China had 16-17% tariffs on goods from the USA.
This Canadian blogger who immigrated to China when she was a kid, also is supportive of Trump's trade war, despite the fact that she does not like Trump (major understatement there). She hates Communists a lot more.
The "game" may indeed be rigged. As I've posted frequently, it is hard on either moral or even pragmatic grounds to embrace Team China.
But two questions obtrude. First, is de-rigging even possible, at reasonable cost? In other words, it may be the case, that accepting the unfairness and adapting to it, might be less deleterious than attempting any radical move. Second, even if we agree with the ends, are the presently-implemented means prudent and effective? It might be said, that the mere emotional satisfaction of finally "doing something", after decades of inaction or indifference, is not a compelling reason for said action.
There are many economic and political controversies, where the status quo is unjust, not to mention suboptimal. But attempts at remedy may be even worse, than those of passively meek toleration. I worry that, as often happens, the remedy will be worse than the illness, and we will have come to regret the prideful insistence on "taking a principled stand". Sometimes, outright cowardice or even the willful abetting of an injustice, is the wiser economic course.
Today I feel poorer (and am poorer) than a month ago. Is it worth it?
We are the only remaining country that has any sort of leverage on China. If we are going to do something like this then this would be the last opportunity to do as such before we lose any such remaining leverage.
The "game" may indeed be rigged. As I've posted frequently, it is hard on either moral or even pragmatic grounds to embrace Team China.
But two questions obtrude. First, is de-rigging even possible, at reasonable cost? In other words, it may be the case, that accepting the unfairness and adapting to it, might be less deleterious than attempting any radical move. Second, even if we agree with the ends, are the presently-implemented means prudent and effective? It might be said, that the mere emotional satisfaction of finally "doing something", after decades of inaction or indifference, is not a compelling reason for said action.
There are many economic and political controversies, where the status quo is unjust, not to mention suboptimal. But attempts at remedy may be even worse, than those of passively meek toleration. I worry that, as often happens, the remedy will be worse than the illness, and we will have come to regret the prideful insistence on "taking a principled stand". Sometimes, outright cowardice or even the willful abetting of an injustice, is the wiser economic course.
Today I feel poorer (and am poorer) than a month ago. Is it worth it?
The thing is, even I accept that we are in a world trade economy now. But, I don't feel that we need to eliminate trade with China it just needs to be balanced as it's currently extremely out of whack. The division in opinion along party lines regarding this massive trade deficit greatly disgusts me. $13 Trillion would have gone a long ways in the USA spent in the best interests of both political parties, and instead we might as well cut our arm off, send it to China, have them cook it for us and send it back, and we'll eat it and say "yummy can I have another?"
I think that a level of better trade balance can be reached, but it's not going to happen overnight. Domestic manufacturing needs assurance that the next administration is going to continue to support this policy, and not reverse it. Otherwise all the investment in domestic manufacturing will have been a flop. More disturbing, is what China is doing with it's billions or trillions in surplus trade money besides subsidizing their own manufacturing. They've built a massive navy. They have purchased companies in the USA from food processing to banks and skyscrapers of office, retail, and apartment space. They've attempted to buy up companies that own many of our power plants, which thankfully a federal judge blocked the sale of in interest of national security!
The "game" may indeed be rigged. As I've posted frequently, it is hard on either moral or even pragmatic grounds to embrace Team China.
But two questions obtrude. First, is de-rigging even possible, at reasonable cost? In other words, it may be the case, that accepting the unfairness and adapting to it, might be less deleterious than attempting any radical move. Second, even if we agree with the ends, are the presently-implemented means prudent and effective? It might be said, that the mere emotional satisfaction of finally "doing something", after decades of inaction or indifference, is not a compelling reason for said action.
There are many economic and political controversies, where the status quo is unjust, not to mention suboptimal. But attempts at remedy may be even worse, than those of passively meek toleration. I worry that, as often happens, the remedy will be worse than the illness, and we will have come to regret the prideful insistence on "taking a principled stand". Sometimes, outright cowardice or even the willful abetting of an injustice, is the wiser economic course.
Today I feel poorer (and am poorer) than a month ago. Is it worth it?
I think there's no question there's a short term hit to our economy. The question becomes, how do we come out of this in the long run? The weakness of America is we think only of the short run. The Chinese think long term and they find it easy to take advantage of us because we're such short term thinkers who are unwilling to endure any pain or short term sacrifice--and that applies to pretty much everything in America these days.
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