Dear President Trump: Stop the Damn Trade Lies
The US did not "lose $500bn". The US received $500bn of goods and services it didn't pay for with goods or services in the other direction
Today, Trump told his biggest lie yet about trade. I am sick of this nonsense.
Tariffs Bring Wealth – A Blatant Lie
Tariffs will bring in FAR MORE wealth to our Country than even a phenomenal deal of the traditional kind. Also, much easier & quicker to do. Our Farmers will do better, faster, and starving nations can now be helped. Waivers on some products will be granted, or go to new source!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
Tariffs Will Buy Agricultural Goods – WTF?
Trump’s Proposal in Two Sentences
- For starters, tariffs are a tax on consumers.
- Thus, the bottom line of this idiocy is Trump proposes taxing US citizens to send free food to poor and starving countries.
US Lost $500 Billion – A Lie
We have lost 500 Billion Dollars a year, for many years, on Crazy Trade with China. NO MORE!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
- The US most assuredly has not lost $500 billion. US buyers received goods and services in return for dollars the Fed continues to debase.
- If China is indeed selling goods below cost, it is a subsidy, thus a gain to US buyers.
Aid for Farmers
The Wall Street Journal reports With Trade Deal in Jeopardy, Trump Pledges Aid to Farmers:
With a U.S.-China trade deal in danger of collapse, the Trump administration said it will begin work on a new program to provide aid to farmers—sending a signal to Beijing that Washington is preparing for a prolonged conflict.
Farm sales and incomes have slumped during the continued trade tensions with China, and new tariffs imposed Friday raise the prospect of more hardship ahead.
As negotiators for the U.S. and China continued talks Friday, Mr. Trump said on Twitter that the U.S. could use tariff revenue to buy “agricultural products from our Great Farmers, in larger amounts than China ever did, and ship it to poor & starving countries in the form of humanitarian assistance.”
Prolonged Trade War
Here’s the the subtitle of that WSJ article: Administration signals it is ready for a prolonged standoff as new tariffs on China take hold.
That’s a bit ironic given the following Tweet from today.
Negotiations Going Well – Might Conclude This Week
BREAKING: minutes ago… pic.twitter.com/sLxs0Y1wZQ
— Gregory Mannarino (@GregMannarino) May 9, 2019
Hey, We are Really Close…
US Tsy Sec. Mnuchin: Trade Talks Were ‘Constructive’
— LiveSquawk (@LiveSquawk) May 10, 2019
Beautiful Letter
Let’s not forget yesterday’s beautiful letter: Trump says he has received ‘beautiful’ letter from China’s Xi.
Once again, we are close, really, really close. We are so close that Trump is ready for a prolonged standoff.
Don’t worry, there will be money left over after we send free food to the world.
Message Not Heard
On April 29, Chuck Grassley, a Republican Senator from Iowa warns Trump over tariffs.
In reference to USMCA (Trump’s NAFTA replacement) Senator Grassley warned “Trump’s Tariffs End or His Trade Deal Dies“.
Grassley concern is the devastating impact Trump’s tariffs have had on US agriculture.
Trump believes the tariffs will pay for themselves and then some.
Money Left Over
….If we bought 15 Billion Dollars of Agriculture from our Farmers, far more than China buys now, we would have more than 85 Billion Dollars left over for new Infrastructure, Healthcare, or anything else. China would greatly slow down, and we would automatically speed up!
— Donald J. Trump (@realDonaldTrump) May 10, 2019
If there will be money left over, why bother with deal?
Economic Illiteracy
Dear president Trump. You are an economic illiterate. I suggest some light reading.
Reading List
- Economics for Real People by Gene Callahan
- Economics in One Lesson by Henry Hazlitt
- What Has Government Done With Our Money? by Murray N. Rothbard
- Case Against the Fed: Murray N. Rothbard
- Tomorrow’s Gold Marc Faber
- Capitalism For Kids: Growing Up To Be Your Own Boss by Carl Hess
- Debunking Modern Monetary Theory (MMT) & Understanding it First by Erik Zimerman
- An Introduction to Austrian Economics by Thomas C. Taylor
Items two, three, four, and eight are free downloads at mises.org. Item seven is a free website article.
Where should Trump Start?
This is easy. Trump should start with number 6: Capitalism for Kids.
That’s the correct level for him to pick up some essential basics.
Source: MishTalk
I feel sick to my stomach every time i see this Arschgesicht. And every time he open his mouth it stinks worse than pigsarse. And then i have to deal with the fact that this arseling was voted in as President. And worst of all, those simple minded poorly educated pinhead yanks believe this bullshit.