La dependencia del bolívar al dólar es tan dañino como fue la sumisión al colonialismo español antes de la batalla de Carabobo aporrea.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aporrea.org Daily Mail and Mail on Sunday newspapers.
12/28/2020 2:55:47 PM GMT
In the middle of 2020, foreign investors owned a little more than $13 trillion more of US assets (stocks, bonds, and brick-and-mortar) than Americans owned of foreign assets. It is the other side of chronic current account deficits, the broad measure of trade. By this measure, the US is the world s largest debtor. It spurs much teeth-gnashing angst for reformists of all stripes.
Not so fast, says Michael Pettis and Matthew Klein in their book, Trade Wars are Class Wars. They tell us that the problem is not that the US lives beyond its means, but other countries, especially Germany and China, suppress domestic-demand and buy US financial assets instead of US goods. It produces an overvalued dollar that aggravates the trade imbalance and spurs financial crisis.
The wealth of billionaires isn’t America’s big inequality crisis
Focusing on the fortunes of the rich alone can do US society much harm
(Photo: Reuters)
Noah Smith
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The US seems to finally have decided that inequality is a problem. The reassurance that a rising tide would lift all boats rings hollow after a series of recessions left so many stuck in the mud. Economists are realizing that allowing greater inequality often doesn’t boost growth. And the moral case for inequality the notion that rich people are fairly compensated for creating huge amounts of economic value also seems to have largely collapsed. Even some Republicans are now talking about the problem.