Monday, November 14, 2011
RE ALABAMA ORIGINALLY THIS PLACE WAS A REFUGE AND A SEARCH FOR WEALTH BY FOREIGN POWERS NOW THE CHINA WAGE
Eventually, it came to be considered a land of opportunity, still very much one by use of slave labor for a long time.
Finally, a sense of opportunity grew, during and after slavery, for those who lived here or came here as refugees.
Now there is little difference,
in the long run,
from leaving borders open for the poor billions of the world, especially the hundreds of poor millions in Mexico and further south, to come here,
than from buying and importing cheap goods from poorer countries,
rather than those made by citizens of this country.
Either way, eventually, you get to the China Price,
and thus, the China wage.
See also recent nyt articles on disillusioned white collar guest worker summer students.
What did you expect?
Eventually, it came to be considered a land of opportunity, still very much one by use of slave labor for a long time.
Finally, a sense of opportunity grew, during and after slavery, for those who lived here or came here as refugees.
Now there is little difference,
in the long run,
from leaving borders open for the poor billions of the world, especially the hundreds of poor millions in Mexico and further south, to come here,
than from buying and importing cheap goods from poorer countries,
rather than those made by citizens of this country.
Either way, eventually, you get to the China Price,
and thus, the China wage.
See also recent nyt articles on disillusioned white collar guest worker summer students.
What did you expect?
Saturday, August 17, 2013
RE BBC EGYPT DEMOCRACY CHINA MEDIA QUOTE
"The West is an irresponsible teacher, but Egyptian society should have its own judgment and the political capacity to itself resolve the country's internal sharp conflicts of interest. Unfortunately, it has none of this. It is naive and rash like a child... Egyptians must calm down and think," comments the Global Times.
"The Arab Spring in Egypt has turned rapidly into an absurd farce and unprecedented tragedy, and this is indeed historical inevitability... China itself has had a similar experience, but its price was much higher. This was the Republic of China established in 1912," Song Luzheng writes in the Social Outlook commentary website.
"The painful lesson of Egypt is indeed a very valuable asset for China. It has made us aware once again of the price of going astray. If in the 1990s, Russia paid a high price in pointing out the direction for China's path, the Arab Spring in the Middle East has come at the right time for those more forgetful Chinese in the 21st Century," he concludes.
Saturday, March 3, 2018
RE DK CURRENT POST 80 YEARS WHO DISDAINS EXPERTISE?
"..."Trump Proclaims Tariffs on Steel and Aluminum and Stocks Sag in Reply." Once again we have a President who prides himself on being an economic innovator, but one who, unlike FDR, disdains expertise and relies completely on his own instincts. Those stories illustrate a big difference in our political situation. 6 years into his presidency, FDR had definitely got the nation onto a new path, and although the economy was once again in a severe recession, he and the Congress were grappling with it together..." DK
So much one might say about this passage.
Reagan was an economic innovator...
Nixon was an economic innovator...
Clinton was an economic innovator...
And so on.
FDR was an economic innovator, but he had an enormous political mandate.
He did not conspicuously benefit the lower class much, as he has been touted to have done, but rather the middle class.
He was a great stimulus to free trade, which has ultimately proven catastrophic since 1932 for us. In fact, that was in part how he sold his liberal domestic programs.
He blamed Smoot Hawley for the Great Depression which he claimed, wrongly, to have been getting us out of.
More importantly, no good economist, especially someone like Kindleberger, even of that time, thought that Smoot Hawley caused the Great Depression, but they have almost all, later, nevertheless, paid lip service to this ridiculous account.
So when Professor Kaiser now contrasts FDR to Trump, as someone who disdains expertise, just be aware...FDR knew very well that there was very capable expertise on this issue which he was frankly ignoring.
Here is FDR's speech, 1932 , Sioux City Iowa:
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