Forwarded from Very Reasonable Information (Chris Paul)
Stephen Miran's "Mar-a-Lago Accord"
A Userβs Guide to Restructuring
the Global Trading System
"The desire to reform the global trading system and put American industry on fairer ground vis-Γ -vis the rest of the world has been a consistent theme for President Trump for decades. We may be on the cusp of generational change in the international trade and financial systems.
The root of the economic imbalances lies in persistent dollar overvaluation that prevents the balancing of international trade, and this overvaluation is driven by inelastic demand for reserve assets. As global GDP grows, it becomes increasingly burdensome for the United States to finance the provision of reserve assets and the defense umbrella, as the manufacturing and tradeable sectors bear the brunt of the costs.
In this essay I attempt to catalogue some of the available tools for reshaping these systems, the tradeoffs that accompany the use of those tools, and policy options for minimizing side effects. This is not policy advocacy, but an attempt to understand the financial market consequences of potential significant changes in trade or financial policy.
Tariffs provide revenue, and if offset by currency adjustments, present minimal inflationary or otherwise adverse side effects, consistent with the experience in 2018-2019. While currency offset can inhibit adjustments to trade flows, it suggests that tariffs are ultimately financed by the tariffed nation, whose real purchasing power and wealth decline, and that the revenue raised improves burden sharing for reserve asset provision. Tariffs will likely be implemented in a manner deeply intertwined with national security concerns, and I discuss a variety of possible implementation schemes. I also discuss optimal tariff rates in the context of the rest of the U.S. taxation system.
Currency policy aimed at correcting the undervaluation of other nationsβ currencies brings an entirely different set of tradeoffs and potential implications. Historically, the United States has pursued multilateral approaches to currency adjustments. While many analysts believe there are no tools available to unilaterally address currency misvaluation, that is not true. I describe some potential avenues for both multilateral and unilateral currency adjustment strategies, as well as means of mitigating unwanted side effects.
Finally, I discuss a variety of financial market consequences of these policy tools, and possible sequencing."
https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf?utm_source=chatgpt.com
A Userβs Guide to Restructuring
the Global Trading System
"The desire to reform the global trading system and put American industry on fairer ground vis-Γ -vis the rest of the world has been a consistent theme for President Trump for decades. We may be on the cusp of generational change in the international trade and financial systems.
The root of the economic imbalances lies in persistent dollar overvaluation that prevents the balancing of international trade, and this overvaluation is driven by inelastic demand for reserve assets. As global GDP grows, it becomes increasingly burdensome for the United States to finance the provision of reserve assets and the defense umbrella, as the manufacturing and tradeable sectors bear the brunt of the costs.
In this essay I attempt to catalogue some of the available tools for reshaping these systems, the tradeoffs that accompany the use of those tools, and policy options for minimizing side effects. This is not policy advocacy, but an attempt to understand the financial market consequences of potential significant changes in trade or financial policy.
Tariffs provide revenue, and if offset by currency adjustments, present minimal inflationary or otherwise adverse side effects, consistent with the experience in 2018-2019. While currency offset can inhibit adjustments to trade flows, it suggests that tariffs are ultimately financed by the tariffed nation, whose real purchasing power and wealth decline, and that the revenue raised improves burden sharing for reserve asset provision. Tariffs will likely be implemented in a manner deeply intertwined with national security concerns, and I discuss a variety of possible implementation schemes. I also discuss optimal tariff rates in the context of the rest of the U.S. taxation system.
Currency policy aimed at correcting the undervaluation of other nationsβ currencies brings an entirely different set of tradeoffs and potential implications. Historically, the United States has pursued multilateral approaches to currency adjustments. While many analysts believe there are no tools available to unilaterally address currency misvaluation, that is not true. I describe some potential avenues for both multilateral and unilateral currency adjustment strategies, as well as means of mitigating unwanted side effects.
Finally, I discuss a variety of financial market consequences of these policy tools, and possible sequencing."
https://www.hudsonbaycapital.com/documents/FG/hudsonbay/research/638199_A_Users_Guide_to_Restructuring_the_Global_Trading_System.pdf?utm_source=chatgpt.com
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Israeli Military Intelligence is now in open revolt against Mossad (their CIA).
https://m.jpost.com/israel-news/defense-news/article-849831
https://m.jpost.com/israel-news/defense-news/article-849831
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The truth that will forever change the modern world.
https://x.com/ghostofbph/status/1911376590686011850
https://x.com/ghostofbph/status/1911376590686011850
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Forwarded from We The Media (ππππΎπππΆ)
π€£President Trump dialed a very wrong number and ended up chewing out his former national security advisor, according to the latest bizarre report on mixed White House messages.
It happened when Trump accidentally rang his former national security advisor, H.R. McMaster. In a bit of unfortunate timing, the call occurred a day after Trump ripped him as 'a weak and totally ineffective loser!' CBS News reported.
The tip-off that Trump had phoned the wrong person came when Trump started speaking to 'Henry.' The former Army Lieutenant General goes by 'H.R.'
'Mr. President, this is H.R. McMaster,' he responded, according to the network.
'Why the fuck would I talk' to H.R. McMaster?' Trump shot back, according to two sources, who said the president then went into a 'scathing critque' of McMaster, who dissects his 13 months working for Trump in his book, 'At War with Ourselves: My Tour of Duty in the Trump White House.'
He has spoken openly of the 'hold' he says Russian President Vladimir Putin has on Trump, criticism that has infuriated the president.
It turns out that the person Trump was trying to phone was South Carolina Gov. Henry McMaster, a Trump loyalist who the president has appointed to his 'council of governors.'
READ | XPOST | WTM LINKS
It happened when Trump accidentally rang his former national security advisor, H.R. McMaster. In a bit of unfortunate timing, the call occurred a day after Trump ripped him as 'a weak and totally ineffective loser!' CBS News reported.
The tip-off that Trump had phoned the wrong person came when Trump started speaking to 'Henry.' The former Army Lieutenant General goes by 'H.R.'
'Mr. President, this is H.R. McMaster,' he responded, according to the network.
'Why the fuck would I talk' to H.R. McMaster?' Trump shot back, according to two sources, who said the president then went into a 'scathing critque' of McMaster, who dissects his 13 months working for Trump in his book, 'At War with Ourselves: My Tour of Duty in the Trump White House.'
He has spoken openly of the 'hold' he says Russian President Vladimir Putin has on Trump, criticism that has infuriated the president.
It turns out that the person Trump was trying to phone was South Carolina Gov. Henry McMaster, a Trump loyalist who the president has appointed to his 'council of governors.'
READ | XPOST | WTM LINKS
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Forwarded from Skullshrapnel
meme pilled has been collecting them
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Tonight on The Book of Trump, I will be joined by Burning Bright -- author of the 2022 "Righteous Russia" series-- to discuss the life of Vladimir Putin, his rise to power in Russia, and the role he is playing in the current geopolitical landscape, most notably the parallels between him and President Donald Trump.
Join us at 7:30 PM EST on Badlands Media.
https://rumble.com/v6s2iwl-the-book-of-trump-chapter-12.html?e9s=src_v1_ucp
Join us at 7:30 PM EST on Badlands Media.
https://rumble.com/v6s2iwl-the-book-of-trump-chapter-12.html?e9s=src_v1_ucp
Rumble
The Book of Trump Chapter 12: Righteous Russia
In this powerhouse installment of The Book of Trump, Ghost and Burning Bright kick off a sweeping, cinematic deep-dive into Vladimir Putinβs rise from KGB officer to sovereign statesman, and how that
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