@howardlutnick How do the countless families of people your country has killed feel?
Probably exactly the same, but with less hubris.
168 little kids in Iran, millions more around the world
US is not a beacon of light. It is a purveyor of war incapable of shining a light on its own inadequacies
@Aaantonson1776@Delikwu The US doesn't "have" to spend on its military. It chooses to.
US military spending dwarfs every other country, China included.
If your measure of success is how much money you spend on activities to kill people, you are the ones with the problem
Trump is going to turn on Kevin Warsh. It is only a matter of time.
Here is why.
Warsh will walk into the Federal Reserve with the same neoclassical training as every chair before him.
That training will tell him to raise interest rates because the models interpret rising prices as too much demand. His PhD advisers will agree. They all learned the same thing.
But the actual problem is that Trump's own war has destroyed a chunk of the world's physical production capacity.
The fertilizer, the helium, the sulphuric acid that comes through the Strait of Hormuz. He had no idea what those inputs actually do inside global manufacturing.
So the war wrecks supply. Prices rise. The Fed raises rates. The economy gets worse.
And then Trump starts screaming about interest rates being too high and blames the person he just put in the job.
We watched this exact cycle play out with the previous Fed chair.
Trump appointed him, attacked him, then forgot he was the one who chose him in the first place.
There is no limit to that kind of forgetfulness. Let's wait and see when this round comes.
For a more comprehensive understanding, refer to the full video presentation given in the comments.
#SteveKeen #PostKeynesian #FederalReserve #EconomicCrisis
Gavin Newsom goes off on the Trump Family corruption:
Newsom: And I’m not talking about the $100,000 watches. I’m not talking about the guitars that he’s selling that you didn’t even know about, or the Bibles, or the sneakers. I’m not talking about all that.
I’m talking about what’s happening substantively with these kids and these investments, and the Pentagon contracts they’re receiving on rare earth minerals and drone companies, and all the stuff that’s happening with the Kushner family, the Witkoff family, the “Board of Peace,” which is about getting a piece of the Middle East.
Let’s talk about the UAE and high-value chips, where they’re getting a piece of our national security, where the Biden administration held off. But as long as you can get a deal done with the UAE on the private family businesses, then all of a sudden national security becomes less of an important talking point.
Or how about the tariff relief in places like Vietnam for the golf courses and the development deals, and the dozen other countries that he’s doing business in? How about all the corruption as it relates to the self-dealing with his resorts and all of his assets that the Secret Service and taxpayers are subsidizing? Or directing G7 investments? Or the emoluments issues across the spectrum every day? Or just the day trading literally behind the Oval Office desk, or showing up on your calendar at a company that you just invested in because you know that stock’s going to pop because you’re going to promote it the next day?
All of this happening—this open sewage system. You talk about draining the swamp. He gave it a presidential suite with gold leaf.
And you’re seeing this gross corruption at a scale and scope never before seen in modern American history. This is stuff I don’t even imagine exists at this scale in a year and a half, even in Putin’s Russia or Kim Jong-un’s North Korea.
This photograph today deserves a Pulitzer Prize.
A black girl sits in the middle of dozens of white supremacist patriot front members in Washington DC on the Fourth of July.
This is so representative of the country. We’re living in under Donald Trump right now. I want my country back.
REUTERS/Cheney Orr @orr_photo