Olivia
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Thuy Pham
@alwayswithyou85
Investor 💓💓💓
Hà Nội, Việt Nam
Joined February 2017
1.1K Following
283 Followers
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@elonmusk Mẹ nhà mày
@XFreeze Teaching AI to be hypocritical, does AI admit to betraying others?
Who to follow
Scott J Wheeler 
@swheelerstl
Financial Advisor at Synergy Wealth Solutions, a MassMutual agency. Disclosures: see website below. AR Insurance License #703471 CA License #4299414
Irishrygirl
@irishrygirl
Enigma, I'm not a snowflake, I'm an avalanche. never claimed to be lady like. I swear a lot. . My posts are my own and do not represent those of my employer
Contexte Énergie
@ContexteEnergie
L’édition Énergie de @Contexte | L’équipe : @GregoryBlachier @AnnaHbrt, @IsabelleSmets, @NezimTJ, @ThomasChemel et @GenicotD | Surtout sur Bluesky
Trump is imposing tariffs of 54% on China, 46% on Vietnam, and 20% on the EU.
So Vietnam invited China and European leaders to meet to discuss trade in a post-US world.
The world is changing fast. The US empire's desperate aggression is only accelerating the change.
Link: https://t.co/sMxhOzxvTK
🇺🇸JEFFREY SACHS:
"Tariffs are going to lower living standards.
They're going to wreck the US economy, and they're being put on for unbelievably bizarre and mistaken reasons that are completely fallacious.
Let me explain.
The United States runs a large deficit in its trade in goods and services — what's called the current account of the United States — and that deficit is about a trillion dollars.
Trump says, 'Oh, that's because other countries are ripping off the United States.'
I can't even begin to say how absurd that line is.
[The word is childish.]
Running a current account deficit means — and it means precisely — that the United States is spending more than it's producing. That's what leads to a deficit. You spend more than you produce.
And we spend more than we produce because we have very low saving in this country. We have an enormous budget deficit.
So the government is like the national credit card — it runs on credit.
It transfers money, pays for wars, pays for Israel’s wars, pays for military bases in 80 countries around the world, pays for that more than a trillion-dollar-a-year military establishment, and hundreds of billions more of associated spending on the military-industrial complex.
And it gives tax cuts for the richest Americans.
It allows for tax evasion by the richest Americans — and I mean evasion, because it doesn't do audits, and it guts enforcement of the tax laws.
So we hemorrhage deficits and have rising public debt.
And because of all that, the spending of our country is much larger than our national income.
It’s a trillion dollars more than national income.
It is exactly the imbalance of our imports of goods and services over our exports of goods and services.
All of this is to say that what Trump calls a 'ripoff' is just the absolute irresponsibility of the political class in Washington.
It's a corrupt, plutocratic gangsterism that gives away the taxes and tax cuts to the richest people and goes on war after war — on credit.
And that leads to these large deficits that Trump then blames on other countries.
Now he's going to correct these deficits, he thinks, by raising tariffs.
And of course, it's going to do nothing of the kind.
The deficits are going to continue because they come from the profligacy of Washington.
They don't come from the fact that other countries are ripping us off.
So he'll raise the tariffs. Americans will shift their spending, say, from an imported automobile to domestic automobiles. That's true. They'll pay higher prices for those domestic automobiles. And our auto industry will export less abroad.
So yes — there will be fewer imports and fewer exports, and the balance won’t budge.
And none of it's going to change the fiscal recklessness.
Because what's Trump’s highest aspiration? It is to continue tax cuts for the richest Americans, which is going to cost another $4 trillion over the next 10 years in the budget.
Because these tax cuts are supposed to end, but he says, 'No, no, no — these are taxes for my rich donors, so they're going to continue.'
So he's not going to solve the budget crisis.
He's not going to solve the trade deficit — because that comes from the budget crisis.
But what he's going to do is lower the living standards of our country and the world.
Because trade is beneficial in living standards — it's called gains from trade.
We buy more cheaply. We sell goods that we have a comparative advantage in. And both sides gain from trade.
Of course, we overdo it, because we overspend — but that’s a completely different thing.
No one’s ripping off the United States by these numbers.
I don’t know whether it's just rhetoric or ignorance or confusion, but it's unbelievably bad economic policy.
It will come to no good.
And incidentally, you mentioned rightly that tariffs are, of course, a tax. So who’s supposed to have authority over taxes?
[Congress.]
And Congress has nothing to say in this. This is a one-person show.
What did we become in this country? Even King George wouldn't levy taxes without the British Parliament in the 18th century.
So what happened to this country? Trump just says, 'Oh, it's an emergency,' and now we have one-person rule — and one-person rule on completely fallacious premises that don’t pass the first day of study of what a trade deficit is.
I taught that for more than 20 years at Harvard University — what is a trade deficit, how does it relate to the excess of spending over production, how does it relate to the excess of investment in a country over a low saving rate?
Well, none of this seems to register.
No one asks a question.
There isn’t a day of hearings.
There isn’t any analysis.
It’s a one-person show based on economic fallacies that are going to wreck our economy, wreck the world trading system.
And I can tell you — all over the world, because I am talking with leaders all over the world, and recently in Asia — the words to describe this, you can’t say in polite company."
![nxt888's tweet photo. 🇺🇸JEFFREY SACHS:
"Tariffs are going to lower living standards.
They're going to wreck the US economy, and they're being put on for unbelievably bizarre and mistaken reasons that are completely fallacious.
Let me explain.
The United States runs a large deficit in its trade in goods and services — what's called the current account of the United States — and that deficit is about a trillion dollars.
Trump says, 'Oh, that's because other countries are ripping off the United States.'
I can't even begin to say how absurd that line is.
[The word is childish.]
Running a current account deficit means — and it means precisely — that the United States is spending more than it's producing. That's what leads to a deficit. You spend more than you produce.
And we spend more than we produce because we have very low saving in this country. We have an enormous budget deficit.
So the government is like the national credit card — it runs on credit.
It transfers money, pays for wars, pays for Israel’s wars, pays for military bases in 80 countries around the world, pays for that more than a trillion-dollar-a-year military establishment, and hundreds of billions more of associated spending on the military-industrial complex.
And it gives tax cuts for the richest Americans.
It allows for tax evasion by the richest Americans — and I mean evasion, because it doesn't do audits, and it guts enforcement of the tax laws.
So we hemorrhage deficits and have rising public debt.
And because of all that, the spending of our country is much larger than our national income.
It’s a trillion dollars more than national income.
It is exactly the imbalance of our imports of goods and services over our exports of goods and services.
All of this is to say that what Trump calls a 'ripoff' is just the absolute irresponsibility of the political class in Washington.
It's a corrupt, plutocratic gangsterism that gives away the taxes and tax cuts to the richest people and goes on war after war — on credit.
And that leads to these large deficits that Trump then blames on other countries.
Now he's going to correct these deficits, he thinks, by raising tariffs.
And of course, it's going to do nothing of the kind.
The deficits are going to continue because they come from the profligacy of Washington.
They don't come from the fact that other countries are ripping us off.
So he'll raise the tariffs. Americans will shift their spending, say, from an imported automobile to domestic automobiles. That's true. They'll pay higher prices for those domestic automobiles. And our auto industry will export less abroad.
So yes — there will be fewer imports and fewer exports, and the balance won’t budge.
And none of it's going to change the fiscal recklessness.
Because what's Trump’s highest aspiration? It is to continue tax cuts for the richest Americans, which is going to cost another $4 trillion over the next 10 years in the budget.
Because these tax cuts are supposed to end, but he says, 'No, no, no — these are taxes for my rich donors, so they're going to continue.'
So he's not going to solve the budget crisis.
He's not going to solve the trade deficit — because that comes from the budget crisis.
But what he's going to do is lower the living standards of our country and the world.
Because trade is beneficial in living standards — it's called gains from trade.
We buy more cheaply. We sell goods that we have a comparative advantage in. And both sides gain from trade.
Of course, we overdo it, because we overspend — but that’s a completely different thing.
No one’s ripping off the United States by these numbers.
I don’t know whether it's just rhetoric or ignorance or confusion, but it's unbelievably bad economic policy.
It will come to no good.
And incidentally, you mentioned rightly that tariffs are, of course, a tax. So who’s supposed to have authority over taxes?
[Congress.]
And Congress has nothing to say in this. This is a one-person show.
What did we become in this country? Even King George wouldn't levy taxes without the British Parliament in the 18th century.
So what happened to this country? Trump just says, 'Oh, it's an emergency,' and now we have one-person rule — and one-person rule on completely fallacious premises that don’t pass the first day of study of what a trade deficit is.
I taught that for more than 20 years at Harvard University — what is a trade deficit, how does it relate to the excess of spending over production, how does it relate to the excess of investment in a country over a low saving rate?
Well, none of this seems to register.
No one asks a question.
There isn’t a day of hearings.
There isn’t any analysis.
It’s a one-person show based on economic fallacies that are going to wreck our economy, wreck the world trading system.
And I can tell you — all over the world, because I am talking with leaders all over the world, and recently in Asia — the words to describe this, you can’t say in polite company."](https://pbs.twimg.com/media/GnlwAP6bQAAg8ny.jpg)
Donald Trump's policies benefit wealthy elites at the expense of everyone else.
His administration includes 13 billionaires, and he is cutting taxes on the rich and corporations while imposing a large consumption tax on the poor and working class. https://t.co/AgkLXdtR0q
@matthew_pines You are the best!
@DKellerCMT 30 level
New Year countdown in Las Vegas for each time zone
ICYMI @sarahoconnor_
The minimum wage has passed the high inflation test via @FT
https://t.co/koEihT53KE
Efforts To Protect US Intensify Amid Global Shift From Dollar https://t.co/JZIQTzavYC
BOJ’s Record-Bond Buying Is Driving Need for YCC Tweaks https://t.co/ot7My1XHZK
a meteor and mount fuji
Did you know that while the SEC is busy suing Binance and Coinbase, BLACKROCK & the biggest banks in the US silently bought RECORD amounts of #Bitcoin 🤯
These banks buying BTC in Q1 2023 include:
🚨 BLACKROCK
🚨 Bank Of America
🚨 Fidelity
What do they know?
🧵 Thread 👇
1/
@Mayhem4Markets 💗 It's just a cute feeling
Remember the emerging-markets rally? It's running into headwinds from the US data surprise, says @johnauthers https://t.co/7hXnLk4IUV via @opinion
#China’s population started shrinking in 2022 for 1st time in six decades as births decline from 10.6mln to 9.6 mln despite efforts to enourage bigger families. A total of 10.41 million people died, Nation facing increasingly seriously demographic crises https://t.co/LC2PZj93lW
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