"We're not protectionists! We're fucking idiots. Big difference"
Barrons Nov. 10, 2015
"Protectionism could backfire. It could be a disaster"
The status quo could implode.
"...what helped turn a normal recession into a global economic disaster was the spread of protectionism, starting with the Smoot-Hawley tariff, which resulted in retaliation even before Hoover signed the bill in 1930."
Smoot-Hawley tariffs did not cause GDP to drop -25% in three years. At that time, total U.S. exports were 6% of GDP...Duh....
U.S. Exports % of GDP:
U.S. Exports % of GDP:
It's not "protectionism", it's called balanced trade, something previous generations could understand but today's fucktards can't comprehend...
Current account = capital account
Imbalance of trade = debt...
0% poverty capital visualized:
Manufacturing jobs (blue) with Fed Funds rate...
Annual trade deficit with China $billions aka. "debt"
"[2000-2012]...Not only did America lose 5.7 million manufacturing jobs, but the decline as a share of total manufacturing jobs (33 percent) exceeded the rate of loss in the Great Depression. Despite this unprecedented negative performance, most economists, pundits and elected officials are remarkably blasé about what has transpired."
"On average, 1,276 manufacturing jobs were lost every day for the past 12 years...America had, on average, 17 fewer manufacturing establishments [factories] than it had the previous day"
Factories
Industries
Jobs
Intellectual property
Management expertise
"An Econo-dunce is someone who knows the cost of everything and the value of nothing"
