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Some third party commentary: https://paulkrugman.substack.com/p/trumps-team-of-economic-yes-men#:~:text=back%20in%20november%20he%20wrote%20%E2%80%9Ca%20user%E2
by olejorgenb 2y ago
Some third party commentary: https://paulkrugman.substack.com/p/trumps-team-of-economic-yes-men#:~:text=back%20in%20november%20he%20wrote%20%E2%80%9Ca%20user%E2%80%99s%20guide%20to%20restructuring%20the%20global%20trading%20system%2C%E2%80%9D%20which%20might%20qualify%20as%20a%20manifesto%20if%20it%20were%20intelligible. https://paulkrugman.substack.com/p/trumps-team-of-economic-y...
"I, however, don’t find Miran puzzling at all, thanks to my long experience as (among other things) an economics professor at MIT, Princeton and CUNY. You see, I recognize the genre. Most years, at least one student tries to BS his way through the term paper requirement by producing something with a bunch of learned-sounding references and some gratuitous equations, hoping that you won’t notice the absence of any coherent argument.
And when I say lack of coherence I don’t mean that I disagree; I mean that the document simply doesn’t hang together. Part 3 makes the case for tariffs by arguing that they won’t be inflationary because they’ll lead to a stronger dollar, reducing import prices. Part 4 then calls for an all-out effort to weaken the dollar, using emergency powers if necessary.
Oh, and Miran’s plan for weakening the dollar involves pressuring foreign governments to stop accumulating dollar reserves — in effect, diminishing the role of the dollar as a reserve currency. (That wouldn’t work, but never mind.) Let’s hope nobody tells Trump, who has threatened to impose punitive tariffs on any country that dares move away from the dollar."