reuters.com
www.reuters.com

A U.S. federal court on Wednesday blocked President Donald Trump’s “Liberation Day” tariffs from going into effect, ruling that the president overstepped his authority by imposing across-the-board duties on imports from nations that sell more to the United States than they buy.

  • Plebcouncilman@sh.itjust.worksEnglish
    13·
    3 days ago

    Sure the implementation is fucked. But the basis of it is not necessarily bad. And I believe that even botched implement would have resulted in long term gains that would have been beneficial.

    Also economic experts are almost exclusively coming from a neoclassical vision, which is incomplete because it disregards the role of money. Modern Monetary Theory simply fixes that limitation and adds a new perspective that is more complete than the neoclassical vision.

    https://docs.google.com/document/d/1gvDcMU_ko1h5TeVjQL8UMJW9gmKY1x0zcqKIRTZQDAQ/mobilebasic

    When the experts of any given field are said that they are incorrect they tend to react with rejection, so it is no surprise that they would reject MMT, as it destroys a lot of what their work has been based on. So don’t just listen to what the experts say, they have incentives to reject revolutionary ideas in their field.

    • ExtantHuman@lemm.ee
      3·
      3 days ago

      You’re acting like “the basis of the concept of a tariff” matters when the tool is used poorly.

      Also, the long term effects of this implementation would not have been beneficial, it would only shrink US trade as it makes itself both irrelevant and an irrational unpredictable partner.

      You really sound like you have the most surface level understanding of what is happening. MMT doesn’t work when you remove your status as the reserve currency by doing this shit.

      • Plebcouncilman@sh.itjust.worksEnglish
        12·
        3 days ago

        MMT doesn’t rely on being the reserve currency. In fact I think it sometimes argues against it? I’m not an expert on everything MMT yet though, so I can’t speak to that point.

        But fair point yes, the implementation as not great. That still doesn’t mean that it wouldn’t have had some very good effects for the rest of the world even at the cost of US hegemony. (Since when that became a good thing anyways?)

        • ExtantHuman@lemm.ee
          2·
          3 days ago

          MMT relies upon taking in debt.

          People have to have trust in the entity taking on the debt to give it the loan. Doing insane shit that causes the global trade to abandon the USD as the reserve currency means waaaaay less entities are willing to loan that money.

          Which means interest needs to be higher.

          Which also increases inflation more rapidly.

          Which breaks the entire concept behind MMT being a useful tool.

          • Plebcouncilman@sh.itjust.worksEnglish
            04·
            3 days ago

            You do not understand MMT.

            Edit: The reason I say that is because MMT basically says the opposite of what you just wrote there. A Government that mints their own currency doesn’t need to take any loans to spend money, all they have to do is print more money.