Market Philosophy: What You Got?

Z wrote

The issue now is that it is hot down south so people are partying inside instead of outside.  The transmission rate is dramatically lower outside than inside in AC.

Z wrote

.  More than half of all new cases are under 35 years old and they are spreading it to their parents and coworkers.

Harvey wrote

  The idea that if you own a company you must be rich, is bs.

 

Jamesdeluxe wrote

Z wrote

The issue now is that it is hot down south so people are partying inside instead of outside.  The transmission rate is dramatically lower outside than inside in AC.

When did the conventional wisdom (particularly the administration's) stop claiming that warmer weather would kill off the virus?

Harvey wrote

It was sarcasm. The point was why would anyone spend their own money to pay someone to do nothing?  The answer is they wouldn't.

You wouldn't and neither would I.

 The answer can be found in a brilliant new book by journalist Matthew Klein and economist Michael Pettis, Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace. Trump's trade war failed because he did not understand what is actually driving the problems with the world trade system. The United States has a massive and destructive trade deficit because it has become the world's consumer of last resort, which in turn is the product of inequality in foreign countries and the dollar's role in the international financial system. In effect, America has become the victim of its own centrality in the global economy. However, it is a great mistake to think of this as the fault of foreign countries. As the book's title indicates, the real competition is between rich elites and working-class people of all countries. So far elites have been winning, and the result is a dysfunctional trade system that has wreaked social carnage across the world.

Klein and Pettis have a complex and penetrating analysis of world trade, but their basic argument is quite easy to understand. It is an observed fact that rich people save more of their income than working-class or poor ones. Therefore, the more unequal a country is, the more it will struggle to actually consume all that its economy is capable of producing. A severely unequal country is liable to fall into a permanent mild depression, with high unemployment and idle economic capacity, because its workers do not have enough income to consume what they produce.

Z wrote

 

If you get an education and work hard you can live the American dream.  Even if you don’t do those things you are better off in America than just about everywhere else on Earth.

Z wrote

The American standard And quality of living for the bottom 20% of workers (not freeloaders that won’t work) is much higher than it was back in the 70s and 80s and light years ahead of 100 years ago

Z wrote

If you get an education and work hard you can live the American dream.  Even if you don’t do those things you are better off in America than just about everywhere else on Earth.

nepa wrote

Z wrote

If you get an education and work hard you can live the American dream.  Even if you don’t do those things you are better off in America than just about everywhere else on Earth.

If you were an African American would you say the same thing?