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Matt Stoller
@matthewstoller
Nick Kaldor in 1971 said our trade model will change "a nation of creative producers into a community of rentiers increasingly living on others, seeking gratification in ever more useless consumption, with all the debilitating effects of the bread and circuses of Imperial Rome."
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Matt Stoller
@matthewstoller
The history of the post-war era is so profoundly mis-taught. American "leadership" was about trading away chunks of the middle class in return for anti-Communist purposes and global stability.
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Matt Stoller
@matthewstoller
John Maynard Keynes knew this would happen at Bretton Woods when the U.S. stupidly put all the burdens of trade adjustment on debtor nations. Starting the 1960s the Germans and Japanese ripped us off for decades. The Chinese too now.
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Matt Stoller
@matthewstoller
Vague "national security" goals were the real force behind NAFTA. And China PNTR. And the TPP and Korea FTA. In 1979 Volcker crushed American manufacturing to protect the dollar. This was not at the behest of the U.S. but of Europeans.
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Matt Stoller
@matthewstoller
So much social discord in America is taught as resulting from innate cultural conflicts without reference to the obvious context of de-industrialization and declining wages that started in the mid-1960s.
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Matt Stoller
@matthewstoller
Now Angela Merkel is the leader of the destructive self-righteous mercantilists. The love of her politics among liberals was just rancid. I'm a liberal internationalist, which is I think it's clear we have to turn away from this model of sacrificing our middle class.
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Rob Steinernomics
🍆
@Steinernomics
返信先:
@matthewstoller
さん
You can’t have huge trade deficits and limited government spending. You must constantly reinvest in the future to maintain that standard of prosperity. Otherwise the private sector attempts to make up for it w unsustainable debt, which ultimately impoverishes the working class
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