I was disappointed to not hear two topics come up: 1) similarity of DJT's policy (anti-free trade) and that of Bernie Sanders - also anti-NAFTA... compare and contrast. 2) the sense that many jobs have been lost not so much to China but automation and shifting markets...
And is it not interesting that the Republicans, who are typically "free markets solve everything" are the ones insisting government save them - from the free market.
Otherwise, a very educational episode.
Not mentioned is the poor quality of much of China's 'steel'. Quality assurance seems to be a real problem in Chinese manufacturing. I don't know if it's a product of the culture, a lack of education, or simple fraud; but good quality is rare in China. See r/chinesium for examples.
So, in it's deepest sense, this disruption and shock doctrine is, in reality, a deep seated tribal war between the American worker and the Chinese worker, used and perpetuated by our supreme leaders to their advantage.
#45 is the cheerleader and the quarter back at the same time yelling "go get em' men".
Same as the wrestling games he lead.
Thanks to Natalie & Peter- this is one of the best Daily's.
2
Why don’t you interview an economist for this piece (e.g. Paul Krugman)?
I have listened to these conversations and what’s missing are the basic concepts from Macro Econ.
There isn’t any mention of investment in human capital or how undeveloped nations build their industries - from agrarian to agriculture to manufacturing and then specialized manufacturing, service industry and technology. Why nations tend to protect orphan industries, national security concerns, Chinese capital controls and the impossible trinity-how China controls its currency via the lack of free flow of capital.
Provide some explanation that there is a spectrum to the way economies operate - the USA is a liberal free market based democracy (shareholder based capitalism), Germany is a stakeholder capitalist country that still embraces the free market but gives more power to stakeholders (soziale Marktwirtschaft), China is a socialist market economy-the government has far greater control over directing capital to particular industries and the government has ownership in Chinese businesses.
The primary goal of a business in a free market economy is to maximize profit. The Chinese model doesn’t need to worry about this.
The industrial revolution belonged to the Europeans, the Tech revolution belonged to the USA and now China wants to dominate AI/Biotech. This is about a lot more than a trade conflict, this is about the future of the global economy. You need real economists talking about these issues.
4
@Professor Of Econ, Uh, the future of the global economy or just attempting to get the serfs back in the fields. The US has been freeriding on China's laborers and weak environmental regulations for decades and decades. Not since they joined the WTO either. Since Nixon.
But the serfs won't go back in the fields, no matter how much the master huffs. Good for them. I mean, you're literally defending the policies of a guy who says climate change is a Chinese Hoax and we're supposed to believe he's a supergenius negotiator that's going to set the course for the next century? Please.
The Daily explanation of the China trade war was excellent. What is missing in my view, however, is the alternative is to establishing a trade war such as the Transpacific Pac and whether or not that has a better opportunity to achieve reform in actions taken by China without doing the damage caused by a Trade War
4
I'm put in mind of a toddler seated on the throne, delighting as the world shudders and roils at his every foul emanation.
1
This so reminds me of Bush and the Iraq war. A not very bright man surrounded by not very bright advisers making stupendously stupid decisions.
Who is in the stronger position, the dictator of China or the President of the US?
Since 90% of rural America support Trump, then the ever growing harm to US agriculture may save us another four years, but at a cost.
1
Well, its all clear now.
The claim that our 'economy' is 'great' and 'unemployment' doesn't exist is finally clarified.
We are now going to reopen factories and produce the goods that are no longer affordable from China. I finally get it.
The last kick in the seat of the pants for the public was the faux Uber and Lyft profit extraction from the public. That gave the elites many times over their front money in an extraordinarily successful scam. I am so dumb.
The was as great a con as the success in making sure Americans have health coverage--in name only, but still.....
we now have , ahem, public transportation.
What was that claim made by the German minister?
That America always does the right thing, after they have tried everything else.
We have now righted our upside down economy on the backs of anybody else and must bow before the superior power of algorithms and media over wash. Slavery awaits you.