I see you're having another one of your meltdowns...
"I can't fix my life, but I can fix the world" said the socialist
Anyhow... when I posted the massive spike in food inflation... you responded by posting a chart that apparently no longer exists, explaining that the spike isn't so bad
I then respond with the following... which seems to have been spot on
Oh, and just for good measure... another great call by you. Just another thing to be wrong about...
May missed expectations again, as you know
"I can't fix my life, but I can fix the world" said the socialist
For the record, I still stand by supply chain nationalism. We aren't Luxembourg or Kuwait. One of the largest and most climatically and geographically diverse countries in the world should be able to produce everything it needs. The only thing to lose is the increase in corporate profits that offshoring created. That's a feature, not a bug.
Go get him!
Founding member of the Whiny Little Bitches and Pricks Club
bump from 2/4
i thought Summers was raising some good points including this one:
First, while there are enormous uncertainties, there is a chance that macroeconomic stimulus on a scale closer to World War II levels than normal recession levels will set off inflationary pressures of a kind we have not seen in a generation, with consequences for the value of the dollar and financial stability. This will be manageable if monetary and fiscal policy can be rapidly adjusted to address the problem. But given the commitments the Fed has made, administration officials’ dismissal of even the possibility of inflation, and the difficulties in mobilizing congressional support for tax increases or spending cuts, there is the risk of inflation expectations rising sharply. Stimulus measures of the magnitude contemplated are steps into the unknown. For credibility, they need to be accompanied by clear statements that the consequences will be monitored closely and, if necessary, there will be the capacity and will to adjust policy quickly.
"I am a victim, I will tell you. I am a victim."
"I am your retribution."
I still find it amusing (in a perverse way) that the $3,000 stimulus per households was something that at one time was backed by the unholy alliance of Bernie Sanders and Josh Hawley. And yes very poorly chosen one. They were its main advocates back in December. Mitch used his Senate majority to block it.
Then the two Democrats running for Senate in Georgia endorsed it and the thing took off.
Lesson: Anything that starts with a combination of people like Sanders and Hawley needs to be looked at very carefully before being turned into policy. Caveat emptor.
But I don't mean to be entirely critical. In my judgment, it is better to go too big on the stimulus and suffer some inflation than to make the opposite mistake. I just think we overshot the target by an amount that is difficult to excuse (sort of what Larry Summers was saying).
Last edited by nsacpi; 06-15-2021 at 12:21 PM.
"I am a victim, I will tell you. I am a victim."
"I am your retribution."
I agree that Mitch shot himself in the foot on that one. He was already trying to play hardball with Malleable Joe before the teams were finalized. That was a curious unforced error, as was his recent announcement that he'll block any Supreme Court nominee. He's looking to be past his prime.
Go get him!
Founding member of the Whiny Little Bitches and Pricks Club
That's the danger. But there are certain things we do want self sufficiency in. Rare earth metals, which China has a large market share in, is one. I believe we already have a strategic stockpile. Advanced microprocessor development and production is another. Some medical products, including vaccines, obviously. Probably a few others. But it shouldn't be a gravy train for the politically well-connected. There is some risk that happens.
"I am a victim, I will tell you. I am a victim."
"I am your retribution."