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The "we can just print dollars" part is wild. Especially since the world really wants these dollars. Any other country would see rampant inflation immediately.
by cynicalpeace 2y ago
The "we can just print dollars" part is wild.
Especially since the world really wants these dollars. Any other country would see rampant inflation immediately.
Instead, we've exported these dollars worldwide, enriched the money printers and destroyed our middle class.
Understanding how this works made me think that reforming international trade is the way to ameliorate wealth inequality in the USA, rather than progressive taxation. This is basically JD Vance's stance.
- card_zero 2y agoInteresting, how's that? I don't really know much about what Vance thinks. Protectionism?
- cynicalpeace 2y agoSee this video where he questions the Fed Chair about the dollar's role as the world's reserve currency [1] He notes that the dollar's status is a tax on producing and a subsidy on consuming. He also notes it's a national security risk if we need to buy bullets from our adversaries. This is basically the position the current administration is taking. Weaken the dollar and encourage onshoring manufacturing by imposing tariffs, or even just the threat of tariffs. You strengthen the middle class and our military position at the same time. [1] https://www.youtube.com/watch?v=e1VzOUd5IYc https://www.youtube.com/watch?v=e1VzOUd5IYc