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it's another one of these words with multiple, slippery meanings we're always talking about.
I'm not saying you're wrong. I'm saying let's make you wrong.
the public sector is the most amazing thing. that's why they have to work so hard to keep it hated.
Congress controls spending, whether the revenue is from tariffs or other taxes. Congress controls tariffs, it's just delegated/abdicated that control.
i don’t really agree with Klein. i take the position i would have attributed to Pettis and Klein, that we should work to address balance. 1/
that tanking the economy is the “the easiest way” is like pointing out the easiest way to cure cancer is a bullet. that doesn’t mean one shouldn’t seek means to address the problem with less untoward side effects. 2/
the position Klein is taking is the “accommodate indefinite reserve currency demand, while trying to minimize the costs in financial fragility and dutch disease”. 3/
that’s a much better position to take than pretend there are no costs, but in my view (with Pettis i think) there’s a point where “exorbitant burden” really overwhelms “exorbitant privilege”, even as you work intelligently to manage the burden. 4/
the dollar can (well, could have before Wednesday) maintain a substantial reserve currency role even as the US imposed limits or frictions on our willingness to generate promises and see domestic tradables demand sapped. 5/
we could have rendered it an adjustable policy variable, this trade-off between the straightforward wealth Americans gained from RoW wanting our paper and the costs the regime imposes, and made fine-grained choices. 6/
instead of taking sides and tossing molatovs between left and liberal, be a left liberal.
"One former FAA engineer, who spoke to the Prospect on background for fear of reprisal given the high-profile death of Boeing whistleblower John Barnett last year…"
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as someone who lives in Florida and made a call to evacuate twice in the last three years based on obsessively monitoring NOAA websites, this is terrifying to me. the most Trump-ish state in the union, supercharging their (our) own catastrophe, blinded by false ideology abt govt and climate change.
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if you render a place completely uninhabitable, population transfer becomes as sad necessity rather than a crime against humanity.
what happens when the quasi-world-government just glitches out and goes haywire?
Next time some idiot is like "Mississippi, our poorest state, is more prosperous than France" citing GDP per capita stats, send them here.
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"The economic problems we face are serious, but this is not a serious way to address them." @rajivsethi.bsky.social rajivsethi.substack.com/p/reciprocal...
not much optimism about the dynamism of the EU in my reply stream!
here's a handy heuristic! when a guy says "They're eating the dogs, the people that came in, they're eating the cats…They're eating the pets of the people that live there." and in fact they are doing no such thing maybe don't vote for them to become the most powerful person on the planet.
