Trump says US will institute tariffs on steel and aluminum imports next week

#1,951
#1,951
carlos86 said:
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From what I could read before it wanted my money to read the rest of it, 800 acres ain’t farming. He’s doing it for a hobby.

And his complaint about only getting a price the locals will pay him for his crop, sounds like he needs to go back to ag school.
 
#1,952
#1,952
China slams oil prices, but tariff war can't stop U.S. boom in oil and gas exports

I cannot emphasize enough the effect of the oil/hydrocarbon recovery revolution in this nation. much like the agricultural revolution of the past 100+ years. You control commodities, you control the future, just like the kingdoms of the 1600's in the new world. I thought we were at peak oil decades ago;
https://paleofuture.gizmodo.com/weve-been-incorrectly-predicting-peak-oil-for-over-a-ce-1668986354

We do not need the Keystone pipeline, or any other pipeline as the oil runneth dry. Now we do not have enough pipeline to get it to market.
 
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#1,953
#1,953
Obsessed said:
From what I could read before it wanted my money to read the rest of it, 800 acres ain’t farming. He’s doing it for a hobby.

And his complaint about only getting a price the locals will pay him for his crop, sounds like he needs to go back to ag school.
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In other words, if you can't survive with only access to local markets and you farm a mere 800 acres, you don't deserve to be in business?
 
#1,954
#1,954
n_huffhines said:
In other words, if you can't survive with only access to local markets and you farm a mere 800 acres, you don't deserve to be in business?
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He can lock in a price on his harvest long before he ever plants his crop huff. He can get contracts with a guaranteed price per bushel.
 
#1,957
#1,957
Help me with this guys, because I have not been formally educated on economics. I have read some Keynes and others BS about supply side and demand side etc...but dont have a deep understanding...

It seems that when it comes to manufacturing and several other issues what hurts us is not being able to compete with cheap labor over seas.

Countries like Venezuela and others that arent failed states, have switched currencies and done other things like that nation wide to money matters to fix problems. Why cant our government legislate that, say. Everything be cut in half. Prices of every good or service, every salary or hourly wage, everything...be cut in half. That would, in theory, make our citizens all paid half what they are now, and make us competitive with other countries for jobs...as long as all goods and services were halved also, it should work right? I understand that the values for all houses, cars, land everything would also be halved...but as long as they all were, it would still work right? Is there something here that I dont get? I know it would then make foreign goods twice as expensive...but that's the point...to make our own stuff again...like we did 50 years ago.

What am I getting wrong here?
 
#1,958
#1,958
marcusluvsvols said:
Help me with this guys, because I have not been formally educated on economics. I have read some Keynes and others BS about supply side and demand side etc...but dont have a deep understanding...

It seems that when it comes to manufacturing and several other issues what hurts us is not being able to compete with cheap labor over seas.

Countries like Venezuela and others that arent failed states, have switched currencies and done other things like that nation wide to money matters to fix problems. Why cant our government legislate that, say. Everything be cut in half. Prices of every good or service, every salary or hourly wage, everything...be cut in half. That would, in theory, make our citizens all paid half what they are now, and make us competitive with other countries for jobs...as long as all goods and services were halved also, it should work right? I understand that the values for all houses, cars, land everything would also be halved...but as long as they all were, it would still work right? Is there something here that I dont get? I know it would then make foreign goods twice as expensive...but that's the point...to make our own stuff again...like we did 50 years ago.

What am I getting wrong here?
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price and wage controls are an even bigger disaster for the economy than trade protectionism.

the US still makes plenty of stuff, probably more than it did 50 years ago
 
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#1,962
#1,962
MG1968 said:
price and wage controls are an even bigger disaster for the economy than trade protectionism.

the US still makes plenty of stuff, probably more than it did 50 years ago
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We manufacture more than we ever have before, but you'll never hear the protectionists mention this fact. Weird, right? But you will hear "We used to build things in this country..." from the people crying 24/7 about fake news.
 
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#1,963
#1,963
n_huffhines said:
We manufacture more than we ever have before, but you'll never hear the protectionists mention this fact. Weird, right? But you will hear "We used to build things in this country..." from the people crying 24/7 about fake news.
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However as a percentage of gross output we are more of a service industry I believe right? I think even you’ve brought this up huff?
 
#1,964
#1,964
NorthDallas40 said:
However as a percentage of gross output we are more of a service industry I believe right? I think even you’ve brought this up huff?
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Sure, but this isn't necessarily a bad thing*. It's an inevitable result of becoming wealthier. Essentially what's happened is our ability to buy goods and services has increased more rapidly than our ability to produce goods.

*Manufacturing lost due to regulation is a bad thing, but regulation + protectionism = 2 government wrongs =/= a right
 
#1,966
#1,966
marcusluvsvols said:
Help me with this guys, because I have not been formally educated on economics. I have read some Keynes and others BS about supply side and demand side etc...but dont have a deep understanding...

It seems that when it comes to manufacturing and several other issues what hurts us is not being able to compete with cheap labor over seas.

Countries like Venezuela and others that arent failed states, have switched currencies and done other things like that nation wide to money matters to fix problems. Why cant our government legislate that, say. Everything be cut in half. Prices of every good or service, every salary or hourly wage, everything...be cut in half. That would, in theory, make our citizens all paid half what they are now, and make us competitive with other countries for jobs...as long as all goods and services were halved also, it should work right? I understand that the values for all houses, cars, land everything would also be halved...but as long as they all were, it would still work right? Is there something here that I dont get? I know it would then make foreign goods twice as expensive...but that's the point...to make our own stuff again...like we did 50 years ago.

What am I getting wrong here?
Click to expand...
You're correct about labor costs being the dominant factor, which is why this tariff strategy won't suddenly return us to being a manufacturing juggernaut.

That said, no way we're slashing wages. There would be a revolution, lol! Of course, if we continue on our same spending path, inflation will drop the value of the US dollar, perhaps significantly. That might bring relative wages down.
 
#1,967
#1,967
Vol_Doc said:
You're correct about labor costs being the dominant factor, which is why this tariff strategy won't suddenly return us to being a manufacturing juggernaut.

That said, no way we're slashing wages. There would be a revolution, lol! Of course, if we continue on our same spending path, inflation will drop the value of the US dollar, perhaps significantly. That might bring relative wages down.
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The Federal Reserve wants as many “notes” in circulation as possible. A collective, broad-reaching wage reduction will not happen, ever.

@Orange_Crush brought this up a few weeks ago, but he was spot on. Imagine a system where “money” has no backing, and within this system, the money that is lent with interest is paid back in notes with no backing.

And the cycle perpetuates.......
 
#1,968
#1,968
n_huffhines said:
Sure, but this isn't necessarily a bad thing*. It's an inevitable result of becoming wealthier. Essentially what's happened is our ability to buy goods and services has increased more rapidly than our ability to produce goods.

*Manufacturing lost due to regulation is a bad thing, but regulation + protectionism = 2 government wrongs =/= a right
Click to expand...

I wasn’t implying it was. Basically our total mfg goods output is higher than it has been due to growth but on a percentage basis mfg goods is less that services in current total output. I was really just trying to clarify.
 
#1,969
#1,969
NorthDallas40 said:
I wasn’t implying it was. Basically our total mfg goods output is higher than it has been due to growth but on a percentage basis mfg goods is less that services in current total output. I was really just trying to clarify.
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I would say it's due to innovation, mostly.
 
#1,970
#1,970
n_huffhines said:
I would say it's due to innovation, mostly.
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PoTAYtoe poTAHtoe basically. Growth occurred, I’d say the direct general reason was efficiency increases. The efficiency increase I am sure is related to innovation impacts.

Side note. Innovation is one of those cool buzz words that, as a living breathing practicing engineer, I normally roll my eyes when I hear it. It’s just the recent cool label we now throw around to what us engineers have called “doing our damn jobs” for decades.
 
#1,971
#1,971
NorthDallas40 said:
PoTAYtoe poTAHtoe basically. Growth occurred, I’d say the direct general reason was efficiency increases. The efficiency increase I am sure is related to innovation impacts.

Side note. Innovation is one of those cool buzz words that, as a living breathing practicing engineer, I normally roll my eyes when I hear it. It’s just the recent cool label we now throw around to what us engineers have called “doing our damn jobs” for decades.
Click to expand...

Wtf to 80% of this.
 
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