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That is not what the article said. It would be preferable to produce real physical stuff everywhere in the world. Instead of using printed money to avoid produc
by kesor 5y ago
That is not what the article said. It would be preferable to produce real physical stuff everywhere in the world. Instead of using printed money to avoid production and still being able to buy everything someone else produced for you.
If you produce real things, and you have excess, you can use that excess to trade with other countries/states that have excess. But the USA for at least 30 years had a deficit, covered by debt, covered by printed dollars. https://fred.stlouisfed.org/series/BOPGSTB https://fred.stlouisfed.org/series/BOPGSTB
- nly 5y agoWhat about services?
- hirako2000 5y agothe same has also been happening to services. see how outsourcing dev, support, creative work etc to the same or similar countries that took on physical production. While the service sector remains, it is more and more comprising of bullshit jobs with fancier and fancier ego nurturing titles. the US still export a lot of services, those that people in developing countries don't seem able to offer yet. but the import/export balance isn't there. fill the gab with debt.
- kesor 5y agoOnce upon a time you had services, a kid would clean your windows and filled the gas for you, a productive kid that could buy a house at 20yo. Today at 30yo you are still living with your parents and services you receive are over-the-phone-from-another-country, and it takes about 20-30 phone calls to get something simple done.