They don't have enough gold for what?Quote:
Originally Posted by Swordsmyth
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They don't have enough gold for what?Quote:
Originally Posted by Swordsmyth
To back their currency or save them from collapse.Quote:
Originally Posted by devil21
If you truly think that the amount of gold is what matters then you should definitely spend more time reading economic articles and less time posting Trump articles.Quote:
Originally Posted by Swordsmyth
Theoretically, any amount of gold can be used as a gold backing. It is the currency that is revalued to gold, not the amount of gold revalued to the currency.
Maybe you should do more research on how bad China's economy is instead of just hating America first and cheering for America's enemies.Quote:
Originally Posted by devil21
Gold is not magic, the amount very much matters, I can't start a new currency backed by my mother's wedding ring.Quote:
Originally Posted by devil21
LOL@hating America. The last refuge of a failed argument.Quote:
Originally Posted by Swordsmyth
I work with Chinese suppliers through alibaba. Have you even spoken to an actual Chinese person in real life?
Theoretically you could. It would be one hella valuable ring but it is possible. But regarding the amounts, China (and Russia) ban practically all gold exports and have been amassing tonnage off the books for years. 20,000 tons seems to be the general consensus by those that are very in tune with PM markets. They've surely bought a lot of gold with the trillions of dollars they've received from us over the years and they don't export practically any of the gold they've mined.Quote:
Originally Posted by Swordsmyth
That fallacy isn't worth a rebuttal.Quote:
Originally Posted by devil21
Didn't think so. You let the media form your perception of the rest of the world and what their conditions are.Quote:
Originally Posted by Swordsmyth
Actually it is the MSM that would have us believe that China's economy is strong.Quote:
Originally Posted by devil21
Your perceptions are apparently formed on personal relationships and wishful thinking.
Yeah, personal relationships. You know, that lame "on the ground' stuff. Maybe I should let the 5 major media companies (and getting fewer by the day) form my perceptions and opinions instead. Perhaps then I shall be as enlightened as you.Quote:
Originally Posted by Swordsmyth
eta: Btw, if you admit that the media lies, why post so much of their drivel?
That is why China did not put you in charge of long term planning.Quote:
Originally Posted by Madison320
:D
Best case scenario is that China "surrenders", removes all it's trade barriers, and the US does the same. The costs from the tariffs get recouped in the long run through "free and fair" trade.
I think it's fantasy though. I think the most likely scenario is both sides keep their tariffs, at least until Trump is no longer president. Either way, consumers end up worse off in both countries.
Here's a list of the stuff from China's "weak" economy that we are taxing:Quote:
Originally Posted by Swordsmyth
Aircraft tires
Nuclear reactors
Boat motors
Aircraft engines and engine parts
Air and gas compressors, which are used in various goods like refrigerators
Industrial heating equipment
Scales, mostly for weighing large industrial equipment
Cranes and other "lifting equipment"
Bulldozers, backhoes, tampers, boring machines, and other large construction vehicles
Oil and gas drilling platform parts
Plows, mowers, combine harvester-threshers, and other large agricultural vehicles
Dairy milkers, chicken incubators, and other livestock equipment
Machinery for foods processing, including meat processing and fruit processing
Machinery for making paper cardboard and other paper products
Parts of printers and copy machines
Machinery for processing and molding metals or cement, and their parts
Machinery for making glass products, including lightbulbs
Machinery for making rubber or plastic goods
Ball bearings
DC and AC generators of various sizes and power levels
Electricity transformers
Industrial magnets
Lithium batteries and other batteries
Industrial ovens and furnaces
Radar and radio equipment
Parts for televisions, video-recording equipment, and similar video products
Electronic traffics signs
Electrical equipment such as resistors and circuit breakers
LEDs
Trains and rail parts
Large vehicles using both diesel and non-diesel fuel
Some cars and trucks, motorcycles, helicopters, airplanes, and spacecraft
Microscopes and telescopes
Lasers
Imaging and navigational equipment
Medical equipment such as X-rays and pacemakers
Scientific equipment such as pressure gauges and spectrometers
We don't need that crap made from peasants anyway.
Quote:
Originally Posted by devil21
I agree. The perception that Chinese slave peasants are working in shacks producing crappy t-shirts falls flat when you look at the high tech industrial goods that the China is able to produce. It takes serious high tech factories and manufacturing expertise to be able to produce that stuff.
We should be making all these things for ourselves. If we have to depend on China for them, that is a shameful state of affairs that should be corrected forthwith.Quote:
Originally Posted by Madison320
Why? What is the benefit of autarky?Quote:
Originally Posted by thoughtomator
<facepalm>Quote:
Originally Posted by thoughtomator
We don't have to "depend" on China for these things - we buy them from China to use our wealth in other places. The "shameful" state of affairs would be to take our wealth away from those other things just to satisfy economic ignorance.
The list of the $200 billion new tariffed products from China is eye popping, 205 pages. I think the dollar figure applied is just window dressing. It's pretty much all things like raw materials, chemical precursors, fabrics, furniture, car parts, seafood, etc. Noticeable dollar price increases on a lot of things are going to start kicking in next month.Quote:
Originally Posted by Madison320
He posts things that the media reports on reluctantly.Quote:
Originally Posted by devil21
When the media reports that the 28 pages from the 9/11 commission report about Saudi involvement that were classified may become declassified, do you think that is worth posting? Of course it is. Even though it is the media's worst nightmare, and they may put a bunch of lipstick on it, they still have to write the story sometimes. And it's nice to hear them admit it.
You don't understand how China's economy is weak, it is export dependent and it is riddled with corruption, misallocation of resources and debt problems worse than ours.Quote:
Originally Posted by Madison320
It has nothing to do with the technological level of the products they sell us.
That's nice but it isn't true.Quote:
Originally Posted by CaptUSA
In the first place we don't use our "wealth" in "better" ways, the corrupt oligarchs who arranged the current trade relationship use it to enslave us and the rest of the world, and in the second an excess of economic "efficiency" can leave you fragile and dependent on hostile foreigners for vital things, it is bad enough if it happens naturally but when it is part of a deliberate strategy by enemies foreign and domestic it can be deadly.
You just don't understand, the fact that we are becoming dependent on a hostile foreign power for ever more sophisticated and important things makes the problem worse not better.Quote:
Originally Posted by Madison320
:rolleyes: Typical authoritarian response. I'm sure YOU know what the "better" ways are. :rolleyes:Quote:
Originally Posted by Swordsmyth
Oh, the proud ignorance on display. You don't get weaker through efficiency. Never. You gain wealth and strength. If your concerns about being reliant on hostile foreigners were to ever come to fruition, we would simply use our excess wealth in other places.Quote:
Originally Posted by Swordsmyth
(You do realize that your authoritarian principles about planning economies and strategically planning global interests are exactly what gives us neocons, right???)
http://www.ecns.cn/news/economy/2018...z7260888.shtmlQuote:
Originally Posted by Swordsmyth
Quote:
China becomes only mid-income economy on world's 20 most innovative list
China has been the only mid-income economy on the list of the world's 20 most innovative economies, said the Global Innovation Index (GII) 2018 released in New York Tuesday.
The annual ranking also showed China has the second largest number of Science and Technology Clusters and is making rapid progress on clean energy technologies.
FROM 22nd TO 17th
China climbed to 17th on the GII rankings from 22nd last year, showing a steady upward trend over the years, showed the GII 2018.
"The case of China fits into a trend. We've seen for several years now of China rising in the rankings," said Francis Gurry, Director General of the World Intellectual Property Organization (WIPO), at the launch of the document.
He noted China is the only economy from the mid-income group to be ranked in the top 20.
Explaining the leap, he said China's economy is transforming from a labor intensive one towards one with high value addition, with innovation being a central element in this structural transformation driven by a top-down strategy.
While Switzerland continued to dominate for a 8th year, the document showed, the United States slid from 4th in 2017 to 6th, though in absolute terms, the country remained the top contributor in key innovation inputs and outputs.
In addition, the United States came second after China in the volume of researchers, patents and scientific and technical publications, noted Bruno Lanvin of INSEAD, a leading business school that co-published the GII.
https://www.reuters.com/article/us-c...-idUSKBN1HO06S
Quote:
China posts strong growth despite trade concerns
BEIJING (Reuters) - China’s economy grew at a slightly faster-than-expected pace of 6.8 percent in the first quarter, buoyed by strong consumer demand and robust property investment.
Resilience in the world’s second-largest economy will likely keep a synchronized global recovery on track for a while longer, even as China faces rising tensions with the United States that could impact billions of dollars in trade.
Quote:
Consumption, which accounted for almost 80 percent of economic growth in the first quarter, played a significant role in supporting the economy even as risks grew for Chinese exporters.
March retail sales rose 10.1 percent from a year earlier, slightly more than expected and the strongest pace in four months, with consumers buying more of almost everything from cosmetics to furniture and home appliances.
If by "dependent" you mean that they give us stuff cheaper than we could make it ourselves, then that only helps our position. Seriously... read an economics book, son.Quote:
Originally Posted by Swordsmyth
Nope, but I know when central planning oligarchs are misusing the wealth, you just cut that part off because you couldn't argue with it.Quote:
Originally Posted by CaptUSA
Efficiency is opposed to stability, ordinarily the two are kept in balance to some degree but our world has been artificially warped towards efficiency.Quote:
Originally Posted by CaptUSA
You do realize that they are the ones who created the current state of affairs and oppose any attempts to correct it right????Quote:
Originally Posted by CaptUSA
I mean we no longer have the capacity to make the things we need for ourselves and are therefore susceptible to blackmail.Quote:
Originally Posted by CaptUSA
It is the same situation the government creates in welfare communities, if you need them to supply your needs they get to dictate how you live.
Propaganda, the Soviets used to report how marvelous their economy was too.Quote:
Originally Posted by Zippyjuan
Peace and happiness, my friends.:heart:Quote:
Originally Posted by Swordsmyth
https://www.youtube.com/watch?v=wlvYGqi3Dbc
Yeah, YOU just want to be the one directing where the wealth should go. You are much more benevolent than they! :rolleyes:Quote:
Originally Posted by Swordsmyth
Da fuq??? We have a myriad of regulations and barriers in place that prevent efficiency! Hell, we've both given Trump credit in other threads about reducing some of those. But now you want to increase barriers because the world is too efficient?! Are you a moron or just confused?Quote:
Originally Posted by Swordsmyth
So, your plan to "correct" it is to use more government controls?! Are you even reading your posts??Quote:
Originally Posted by Swordsmyth