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#EconTwitter101:
Post GFC, the US ran a $3.3T deficit while #China, #Japan, #Vietnam, #bagladesh, #Korea, #Taiwan, #Brazil, #Mexico, u name it, used their relatively weaker currencies relative to dollar to dump steel and other manufacturer goods onto the DM markets 2/2
Post GFC, the US ran a $3.3T deficit while #China, #Japan, #Vietnam, #bagladesh, #Korea, #Taiwan, #Brazil, #Mexico, u name it, used their relatively weaker currencies relative to dollar to dump steel and other manufacturer goods onto the DM markets 2/2
2/n The biggest consumer of these dumped widgets and other goods was/is the U.S.; The #CCP had explicit intent to destroy key industrial sectors from the United States in an attempt to garner our reliance on China and did the same to Europe, Japan, & other neighbors in the region
Naturally, beggar thy neighbor currency wars in those parts of the world offer the opposite of deflation to the us economy, due to its composition: 70%+ Services (we sit around and give each other back massages), 30% the rest. And as far as imports to, we are keeping #China alive
