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No Hyper-economy, like China or the EU is going to stand about and take what seems like economic intimidation from the US. All the unaffiliated nations are goin
by drumhead 2y ago
No Hyper-economy, like China or the EU is going to stand about and take what seems like economic intimidation from the US. All the unaffiliated nations are going to be collateral damage in this clash of the economic titans.
The best thing everyone can do is maintain low tariffs and try and strike free trade deals with each other. But the consequeces of Trumps Trade war are going to be disasterous for smaller developing nations and their economies. We'll see more poverty, more political instability, civil wars, coups and other unpleaseant activities.
The USA will probably get higher inflation while the rest of the world sees lower inflation if not deflation.
We'll have to find a way of getting through this window of misfortune to the other side, where I suspect we'll all be poorer and less free.
- hello_moto 2y agoAnd billionaires are still going to be rich. I hope one day USA wakes up and realize the solution is wealth tax to these billionaires
- morkalork 2y agoA wealth tax isn't the only solution, it's just the more civilized option that's in everyone's best interest
- electriclove 2y agoLike what Norway did? https://www.theguardian.com/world/2023/apr/10/super-rich-abandoning-norway-at-record-rate-as-wealth-tax-rises-slightly https://www.theguardian.com/world/2023/apr/10/super-rich-aba...
- sparkle_fish 2y agoYes, why not? To the best of my knowledge Norway is still thriving. Ideally more countries would get on board with such ideas and there will be fewer palpable places for them to relocate to. From the article, “The model in Norway is that everyone should contribute relevant to ability and therefore those that have a greater ability to pay taxes, should pay a little more.” This seems more than fair, particularly while failing tax systems are leading to unprecedented levels of inequality.
- electriclove 2y agoAhh sounds like good old Karl Marx “From each according to his ability, to each according to his needs” https://en.m.wikipedia.org/wiki/From_each_according_to_his_ability,_to_each_according_to_his_needs https://en.m.wikipedia.org/wiki/From_each_according_to_his_a...
- mckn1ght 2y agoPeople don't become billionaires solely due to ability. Luck is the dominant factor: affluent upbringing and inheritance.
- hello_moto 2y agoLet them drive inequality and create chaos somewhere else.
- blooalien 2y ago> I hope one day USA wakes up and realize the solution is wealth tax to these billionaires That only works if everyone everywhere does it all at the same time, so they've nowhere to move to/hide.
- ndsipa_pomu 2y agoSounds to me like it's best to start taxing billionaires and hope that other places follow suit.
- hello_moto 2y agoThey can’t bring their assets that are tied to US without divesting and got dinged once.
- mnky9800n 2y agoWhy does America get inflation and everyone else gets deflation in your view?
- guerrilla 2y agoThings will cost more in the US than elsewhere assuming we (abroad) don't also attack ourselves.
- bryanlarsen 2y agoChinese firms that used to produce goods for the US are now going to sell these goods in other countries instead, increasing supply in the other countries, lowering prices.
- TremendousJudge 2y agoCan the rest of the world just absorb the ridiculously high levels of consumption of the US market?
- rsynnott 2y agoIn this scenario, the US voluntarily goes quasi-autarky, but everyone else continues to trade.