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Agreed. Agriculture makes up around 1% of US GDP, and if that disappeared, we’d feel more than 1% less wealthy. Whereas the “service” provided by bankers and lawyers in constructing and selling derivatives
may well be north of 1% of US GDP, and if that disappeared, it would be like John Bolton’s line about the consequences of half of the UN disappearing (except accurate in this case). Peter Beattie Assistant Professor; Assistant Programme Director, MSSc in Global Political Economy The Chinese University of Hong Kong +852 3943 9794 Social Evolution, Political Psychology, and the Media in Democracy:
The Invisible Hand in the U.S. Marketplace of Ideas
(Palgrave Macmillan, 2019) From: Salon <salon-bounces@listserve.com>
On Behalf Of Mayraj Fahim via Salon Many things made in China. I think GDP ratio masks that. On Monday, May 13, 2024 at 08:55:32 AM GMT+5, Clyde Prestowitz via Salon <salon@listserve.com> wrote:
We must put things in perspective. Imports from China account for about 2 percent of U.S. gdp. Not insignificant but not enough to spark a
runaway wave of unstoppable inflation. From: Salon <salon-bounces@listserve.com>
On Behalf Of Chas Freeman via Salon People don't realise the difference between Chinese manufacturing costs and those in the West. Here an entrepreneur is quoted >$50 per box
for his sunglasses, vs. $2 from China. Imagine the inflation if we just cut off from China one day? I'm in favour of re-shoring and an... 1/3 That’s the reality. It is not great that we are where we are. But we are where we are. We can’t just wish it away. There’s no magic potion
to solve this. And the geopolitics and military people who tell you a war with the Chinese won’t collapse Western economies are conning you. --
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