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re: While America Slept -- Bessent's Remarks to the 2026 Reagan National Economic Forum
Posted on 5/31/26 at 3:42 pm to SlowFlowPro
Posted on 5/31/26 at 3:42 pm to SlowFlowPro
quote:You mean like during early CV19 when 50¢ n95 masks cost consumers $15/mask because only a handful of US companies manufactured them. 90% of production had shifted overseas to reduce costs on 50¢ units, and China shutdown exports due to its own domestic need?
Where is the money going to come from to pay the artificially increased salaries for the inefficient manufacturing?
I say $15/mask. That falsely assumes n95's were available to US consumers at any price. Usually they weren't. Wide availability could have prevented the economic shutdown.
But you're all in on repeating the same mistake.
Truly that willingness is the definition of insanity.
This post was edited on 5/31/26 at 3:43 pm
1
Posted on 5/31/26 at 3:51 pm to wdhalgren
quote:100%!!!
Sure there's a tab. If we run a trade deficit, we send more currency out than comes in.
The cloak preventing folks from appreciating the inflationary nature of transacted trade deficits is fluctuation in fiat valuation, and coincident manipulation. Taking the identical premise back to days of the specie gold standard removes the cloak, and is clarifying.
Posted on 5/31/26 at 3:57 pm to NC_Tigah
quote:
Taking the identical premise back to days of the specie gold standard removes the cloak, and is clarifying.
Yep, hard currency would make this problem quickly apparent. Run a big trade deficit, you run out of money and your trade deficit is cured. But with fiat money, you can increase the money supply, either directly, or indirectly via fractional reserve banking and debt. That can allow trade deficits to last longer, especially if you have the "reserve currency", but in the end you either balance your trade or destroy your currency. That's where people like SFP lose the plot. They think free money is our birthright.
This post was edited on 5/31/26 at 4:00 pm
Posted on 5/31/26 at 3:59 pm to wdhalgren
quote:
Sure there's a tab. If we run a trade deficit,
Why do you keep conflating our debt and the trade deficit?
quote:
we send more currency out than comes in.
And? If we're rich, this does not matter. Trade deficits for countries like the US just display our prosperity.
quote:
Those xss dollars are our IOU's, held by foreigners as currency or dollar based debt.
This is not true. Again, you're conflating things.
Posted on 5/31/26 at 4:01 pm to SlowFlowPro
quote:
Why do you keep conflating our debt and the trade deficit?
quote:
This is not true. Again, you're conflating things.
The only things I'm mistakenly conflating are facts and your ability to understand them.
Posted on 5/31/26 at 4:01 pm to NC_Tigah
quote:
You mean like during early CV19 when 50¢ n95 masks cost consumers $15/mask because only a handful of US companies manufactured them. 90% of production had shifted overseas to reduce costs on 50¢ units, and China shutdown exports due to its own domestic need?
No. We're not talking about Covid.
quote:
Wide availability could have prevented the economic shutdown.
Stop. Just stop.
quote:
But you're all in on repeating the same mistake.
Whatever small amount we overspent on N95s pales in comparison to the trillions we'd lose with this economic model.
We still come out ahead with an economy supporting our more productive economic outputs and not devolving our economy and SOL
Posted on 5/31/26 at 4:03 pm to wdhalgren
quote:
The only things I'm mistakenly conflating are facts and your ability to understand them.
Our country being so economically prosperous that we have excess money to spend on foreign goods is not an IOU or example of debt.
You're dishonestly conflating our trade deficit with our public deficit to dishonestly spin our prosperity as debt. It's nonsense.
Posted on 5/31/26 at 4:10 pm to SlowFlowPro
quote:
Our country being so economically prosperous that we have excess money to spend on foreign goods is not an IOU or example of debt.
A dollar is an IOU. It also has some similarities to equity, but closer to zero yield, zero maturity debt. That's why dollars are called Federal Reserve Notes, which means "I, the issuer, owe you one dollar's worth of stuff". Take one out of your wallet and look directly above the picture of George Washington.
This post was edited on 5/31/26 at 4:30 pm
Posted on 5/31/26 at 4:13 pm to SlowFlowPro
quote:OF COURSE WE ARE!
No. We're not talking about Covid.
You're just so economically short-sighted, you don't see it ... which is crazy for someone of your capacity.
As long as we cede entire manufacturing sectors to the Chinese, we are only a single Chinese decision-point away from the next consumer-victimizing CV19-style price gouging.
Posted on 5/31/26 at 4:15 pm to SlowFlowPro
quote:Good God Almighty that is the Strawman of all strawmwn!
Our country being so economically prosperous that we have excess money to spend on foreign goods is not an IOU or example of debt.
Posted on 5/31/26 at 4:19 pm to NC_Tigah
quote:
Good God Almighty that is the Strawman of all strawmwn!
I've noticed with this poster if you push him far enough, he resorts to the ridiculous as a way to convince his counterpart to concede. At some point people realize he's not debating in good faith and just stop.
Posted on 5/31/26 at 4:27 pm to wdhalgren
quote:
A dollar is an IOU. It also has some similarities to equity, but closer to debt. That's why dollars are called Federal Reserve Notes, which means "I, the issuer, owe you one dollar's worth of stuff". Take one out of your wallet and look directly above the picture of George Washington.
Now you're adding a 2nd layer of dishonest conflation
Posted on 5/31/26 at 4:30 pm to NC_Tigah
quote:
OF COURSE WE ARE!
No we're not. Unless you're making a leftist "infrastructure" argument.
quote:
As long as we cede entire manufacturing sectors to the Chinese, we are only a single Chinese decision-point away from the next consumer-victimizing CV19-style price gouging.
You can expand this "infrastructure" argument to complete socialism.
Which is exactly why the Leftists used "infrastructure" to attempt just that.
Posted on 5/31/26 at 4:30 pm to SlowFlowPro
quote:
Now you're adding a 2nd layer of dishonest conflation
That’s rookie numbers. You typically add way more layers than that.
Posted on 5/31/26 at 4:37 pm to wdhalgren
quote:Indeed. You'd want that in your lawyer, BTW
I've noticed with this poster if you push him far enough, he resorts to the ridiculous as a way to convince his counterpart to concede.
Posted on 5/31/26 at 4:38 pm to NC_Tigah
quote:
Good God Almighty that is the Strawman of all strawmwn!
It's literally not.
You do realize our domestic economy is a LOT larger than our trade deficit, right?
And you do realize that a very large % of the money that "leaves" ends up re-invested in US. It's just a reaffirmation of why a trade deficit signals our economic status and SOL. These are not bad things.
Posted on 5/31/26 at 4:39 pm to wdhalgren
quote:
if you push him far enough, he resorts to the ridiculous
But that hasn't happened, unlike your doomsday scenario
Posted on 5/31/26 at 4:41 pm to SlowFlowPro
quote:Yikes!
Unless you're making a leftist "infrastructure" argument.
Anyone reading this thread will appreciate that stupidity for what it is.
quote:Try it ... Mr Stawman
You can expand this "infrastructure" argument to complete socialism.
quote:Speaking of which ...
"infrastructure"
Posted on 5/31/26 at 4:43 pm to SlowFlowPro
quote:
Now you're adding a 2nd layer of dishonest conflation
Did you never realize that? I remember when I first pondered the concept 45 years ago. But due to the internet, you don't have to take just my word for it. Not that investopedia is the authority on anything, but I don't feel like doing research on it again, so here's what they say, which is correct.
quote:
A Federal Reserve note is a term to describe the paper demand liabilities of the Federal Reserve, commonly referred to as "dollar bills," which circulate in the U.S. as legal tender.
If you ever get around to looking at the Federal Reserve's balance sheet, they list US dollars in circulation as a liability. In other words, a US dollar is a promissory note, or an IOU. Post gold standard, it promises one dollar worth of purchasing power on demand.
This post was edited on 5/31/26 at 4:47 pm
Posted on 5/31/26 at 4:44 pm to NC_Tigah
quote:
Yikes!
Anyone reading this thread will appreciate that stupidity for what it is.
"National security" = "infrastructure" as I covered earlier ITT
Literally anything can be spun to be either, which is the path to socialism and the erosion of the free market.
That is where you end up with the "infrastructure", er, "national security" argument.
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