The last nine months should have demonstrated that there's a lot of ruin left in our nation. If China cut off our supply, electronics would be scarce and expensive for a while, and then we'd build chip fabs here. We would not turn into Argentina.
https://twitter.com/matthewstoller/status/1331252335675322369
There are plenty of ways America could enter permanent decline. "Can't figure out how to domestically manufacture semiconductors" seems very unlikely to be among them.
To expand on this thought: this is kind of a variant on what that Japanese managed in WWII, getting their hands on pretty much the entire global rubber supply. (Fun fact: we rationed gasoline less because it was scarce than because TIRES were scarce & rationing gas reduced wear)
The problem was that while they got the rubber, we got the oil. Smashing global trade networks has effects in both directions.
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