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The Trump adviser who wants to rewrite the global financial system

One of the architects of US President Donald Trump's tariff blitz has advocated a shake-up of the global trade and financial systems, centred on a radical strategy to weaken the dollar.

Stephen Miran, chairman of the White House Council of Economic Advisers, outlined his idea in a 41-page essay titled "A User's Guide to Restructuring the Global Trading System".

Little known until now, the Harvard-trained economist's paper -- published in November after Trump's election win -- has garnered attention in recent weeks due to its emphasis on tariffs and a weak dollar.
Some analysts say the essay provides the intellectual rationale for Trump's trade war.

For Miran, tariffs and moving away from a strong dollar could have "the broadest ramifications of any policies in decades, fundamentally reshaping the global trade and financial systems".

Complete Article

 
well he's not wrong about a weaker dollar.

Canada does better with our exports and we sell more when our dollar is weaker. It's a price advantage. We used to prop our dollar up, and then someone grew a brain cell and just let the thing slide to whatever level it felt like and suddenly we were making money with exports again.

The only problem with the weaker Canadian dollar was when I had to buy American textbooks that I wanted for homeschooling. They were considerably more expensive. I used to figure it was about 75 cents to the US dollar, and then I had to pay import taxes because we hadn't included books in the Free Trade Agreement so I was paying thru the nose for that. There was shipping and then a customs fee- about $5 Then being charged sales tax and GST on top of that lot because it was value added, so those fees were all taxable.

By the time I was done paying for those Saxon math and Bob Jones University Press Chemistry and Physics texts the cost had pretty much doubled. So when I bought any new curriculum out of the States I'd double the cost to arrive at a reasonable estimate. My sister used to buy her clothes from Talbots out of the States till she almost went broke. Same kind of cost. Figure double the price in the catalogue and you are close. I envied her for that. Talbots made some lovely things. Still do. But I was spending my available money on books so clothes weren't a priority. If I was covered, I was good.

So if your dollar is weaker, you are in the boat with me - everything costs more that you have to import. And then there is the tariffs or as we used to call them import taxes.

But a weaker dollar is good for exports. (just no fun for imports) And tariffs are just an import tax by any other name. Think of it as an extra sales tax and it won't feel so painful.

Tariffs on the other hand are an import tax pure and simple and if enough businesses have to pay a tax on the raw materials they need to make something on home soil, that cost is passed onto the buyer- and in this case the American consumer pays more. That reduces the amount they can stretch to cover in their own budget whether a private person or a business that buys stuff. That slows down the economy further and reduces govt revenue in terms of income and business taxes.

So that fancy economist got one thing right- a weaker dollar helps export sales

But he got tariffs very wrong, and that looks more like crashing the global financial system was the end goal after all.
 
I think revamping the global financial system IS the end goal. By killing the old system that had Free Trade which the USA felt was harming them. So yes this will crash, and then reform into another system much like Nixon ditched the gold standard of Bretton Woods and gave us the Petro Dollar. I lived thru those years and it wasn't pleasant.

But it did end up with Reagan's reforms which gave us the prosperity we've all enjoyed to this day.

But all good things come to an end.

Fair enough.

Time to embrace the future. Whether we like it or not, God will be allowing many of these changes in order to lay the groundwork for the future money systems in the Tribulation.

We can't stop this train and get off. For us the next stop is the Rapture. For the rest of the world, it's going to get ugly.

If we have time before the Rapture we might yet see another "golden" age- and if we do we might be able to look closely at the underpinnings, and see the future economic system, the Mark of the Beast will use.
 
I think revamping the global financial system IS the end goal. By killing the old system that had Free Trade which the USA felt was harming them. So yes this will crash, and then reform into another system much like Nixon ditched the gold standard of Bretton Woods and gave us the Petro Dollar. I lived thru those years and it wasn't pleasant.

But it did end up with Reagan's reforms which gave us the prosperity we've all enjoyed to this day.

But all good things come to an end.

Fair enough.

Time to embrace the future. Whether we like it or not, God will be allowing many of these changes in order to lay the groundwork for the future money systems in the Tribulation.

We can't stop this train and get off. For us the next stop is the Rapture. For the rest of the world, it's going to get ugly.

If we have time before the Rapture we might yet see another "golden" age- and if we do we might be able to look closely at the underpinnings, and see the future economic system, the Mark of the Beast will use.
I’m praying the Lord provide for our daily needs and am so thankful for our food that so many around the world do not have.
 
I’m praying the Lord provide for our daily needs and am so thankful for our food that so many around the world do not have.
God WILL provide our daily needs. You don't have to fear that. I walked that walk several times in my life. George's union went out on strike for a long time when our daughter was a baby. I remember her first birthday we didn't celebrate, but we had enough groceries to last and the money he got seemed to stretch for what we needed. Then the awful years when we moved here and couldn't sell that rental triplex in Prince George, and we were underwater so long on that debt. We nearly went bankrupt but God got us thru. That was when the furnace belched a ball of flame and burnt my eyelashes and eyebrows off but God provided enough to fix the furnace, and then the roof leak, and so forth and so on.

He ALWAYS provides

I was married in 1978 and I'd grown up in the shadow of the very bad Nixon - Carter years when there were lineups to get gas, when houses went from less than 30K in 1969 to 120K and over by 1978. In 9 years. Groceries skyrocketed, and a lot of mothers stopped being stay at home mothers, and went out to work. The Crockpot was invented to help these newly minted working mothers.

People got thru just fine. Carter had a lot to answer for but it was back even before Nixon taking the US off the gold standard was in response to the Presidents before him printing money, especially for the USAID programs. I think that was LBJ - he was big on enhancing the welfare state too.

It went like this
Truman or Eisenhower signed the Bretton Woods agreement (the gold standard after the WW2 years)

JFK didn't like the look of wars, and didn't see the need. He was dealing with the Mafia the CIA and FBI. Not to mention what Truman or Eisenhower called "the military industrial complex" which was their way of saying the Deep State. A spendy mess that he was trying to fix. He made enemies. LBJ was his VP because JFK kept his friends close and enemies closer and LBJ was a political rival and in bed with the Military Industrial complex. We all know how that ended. IF RFK had won the election he was running in, he was going to expose the deep state links and who caused JFK's assassination. So RFK was murdered too.

LBJ spent money like it grew on trees- and printed it too. He spent big on Viet Nam, and expanded the Welfare State.

Nixon came next and he could see the mess, and he had to do something fast so he did 2 things that were fast fixes that are biting us today. He took the USDollar off gold because after LBJ did his bit, there were too many dollars in circulation and had a fight with the Saudi's for OPEC I think it was. They made gas expensive during the oil embargo in response to the Israeli 1973 Yom Kippur War. That was when gas prices took off. Sometime after that he pegged the USDollar to oil and the petrodollar was born, plus the Saudis became allies of sorts. AND he went to China and opened up trade. Somewhere in there he tried wage and price controls to try and stop runaway inflation but it didn't work.

At that point women were starting to leave their homes to work because the single incomes that had been fine, were not enough.

Ford came after Nixon fell from grace due to Watergate but by then the inflation that always happens when people print too much money was really rolling still. Jimmy Carter made everything worse. He was talented like that. About that time I married George and times were tight until......

REAGAN entered the room. (I've given short forms of what Reagan did up thread so I won't repeat, but what he did was still going strong until Bush Jr handed the keys to the WH to Obama. We had a few corrections, nothing as bad as the Nixon-Carter years.

At that point we lurched from crisis to crisis.

My point, we survived that transition from the Bretton Woods Gold Standard (that would still be fine to this day if LBJ hadn't come in like a wrecking ball) to the vastly weaker Petrodollar and the start of trade agreements with China.

If we survived that, no matter what you hear- prior to the Rapture whatever correction happens, we will survive that too because

Sing it with me

God takes care of His own.

He really really does.

My grandparents all survived the dirty 30's without too many problems. I heard them tell of how they managed, and it was tough times but God got them thru. Well God got my Christian grandparents thru. The other set divorced during that time and my naughty granny (dad's mother) carried on multiple affairs while suing the hide of my grandfather who lost the ranch paying her out. Naughty granny was the head nurse for many years in William's Lake and she could just as well have managed on her own with her many boyfriends but .... she was a mean one. That's how I ended up with a rather wonderful step gran on my dad's side, she married grandfather after all the drama, and was a terrific addition to the family.

The Christian side of things scraped by without having any drama to speak of, produced 4 kids all of whom served the Lord -

and the rest is history.

GOD WILL TAKE CARE OF HIS OWN

Big hugs dear heart, it will be ok. Just don't go all giddy and buy a Louis Vuitton purse, as I think the value has about lost it right now. And no matter what the team at the White House is selling, keep a close fist on your wallet. Concentrate on the necessities.

Love
M
 
God WILL provide our daily needs. You don't have to fear that. I walked that walk several times in my life. George's union went out on strike for a long time when our daughter was a baby. I remember her first birthday we didn't celebrate, but we had enough groceries to last and the money he got seemed to stretch for what we needed. Then the awful years when we moved here and couldn't sell that rental triplex in Prince George, and we were underwater so long on that debt. We nearly went bankrupt but God got us thru. That was when the furnace belched a ball of flame and burnt my eyelashes and eyebrows off but God provided enough to fix the furnace, and then the roof leak, and so forth and so on.

He ALWAYS provides

I was married in 1978 and I'd grown up in the shadow of the very bad Nixon - Carter years when there were lineups to get gas, when houses went from less than 30K in 1969 to 120K and over by 1978. In 9 years. Groceries skyrocketed, and a lot of mothers stopped being stay at home mothers, and went out to work. The Crockpot was invented to help these newly minted working mothers.

People got thru just fine. Carter had a lot to answer for but it was back even before Nixon taking the US off the gold standard was in response to the Presidents before him printing money, especially for the USAID programs. I think that was LBJ - he was big on enhancing the welfare state too.

It went like this
Truman or Eisenhower signed the Bretton Woods agreement (the gold standard after the WW2 years)

JFK didn't like the look of wars, and didn't see the need. He was dealing with the Mafia the CIA and FBI. Not to mention what Truman or Eisenhower called "the military industrial complex" which was their way of saying the Deep State. A spendy mess that he was trying to fix. He made enemies. LBJ was his VP because JFK kept his friends close and enemies closer and LBJ was a political rival and in bed with the Military Industrial complex. We all know how that ended. IF RFK had won the election he was running in, he was going to expose the deep state links and who caused JFK's assassination. So RFK was murdered too.

LBJ spent money like it grew on trees- and printed it too. He spent big on Viet Nam, and expanded the Welfare State.

Nixon came next and he could see the mess, and he had to do something fast so he did 2 things that were fast fixes that are biting us today. He took the USDollar off gold because after LBJ did his bit, there were too many dollars in circulation and had a fight with the Saudi's for OPEC I think it was. They made gas expensive during the oil embargo in response to the Israeli 1973 Yom Kippur War. That was when gas prices took off. Sometime after that he pegged the USDollar to oil and the petrodollar was born, plus the Saudis became allies of sorts. AND he went to China and opened up trade. Somewhere in there he tried wage and price controls to try and stop runaway inflation but it didn't work.

At that point women were starting to leave their homes to work because the single incomes that had been fine, were not enough.

Ford came after Nixon fell from grace due to Watergate but by then the inflation that always happens when people print too much money was really rolling still. Jimmy Carter made everything worse. He was talented like that. About that time I married George and times were tight until......

REAGAN entered the room. (I've given short forms of what Reagan did up thread so I won't repeat, but what he did was still going strong until Bush Jr handed the keys to the WH to Obama. We had a few corrections, nothing as bad as the Nixon-Carter years.

At that point we lurched from crisis to crisis.

My point, we survived that transition from the Bretton Woods Gold Standard (that would still be fine to this day if LBJ hadn't come in like a wrecking ball) to the vastly weaker Petrodollar and the start of trade agreements with China.

If we survived that, no matter what you hear- prior to the Rapture whatever correction happens, we will survive that too because

Sing it with me

God takes care of His own.

He really really does.

My grandparents all survived the dirty 30's without too many problems. I heard them tell of how they managed, and it was tough times but God got them thru. Well God got my Christian grandparents thru. The other set divorced during that time and my naughty granny (dad's mother) carried on multiple affairs while suing the hide of my grandfather who lost the ranch paying her out. Naughty granny was the head nurse for many years in William's Lake and she could just as well have managed on her own with her many boyfriends but .... she was a mean one. That's how I ended up with a rather wonderful step gran on my dad's side, she married grandfather after all the drama, and was a terrific addition to the family.

The Christian side of things scraped by without having any drama to speak of, produced 4 kids all of whom served the Lord -

and the rest is history.

GOD WILL TAKE CARE OF HIS OWN

Big hugs dear heart, it will be ok. Just don't go all giddy and buy a Louis Vuitton purse, as I think the value has about lost it right now. And no matter what the team at the White House is selling, keep a close fist on your wallet. Concentrate on the necessities.

Love
M
This is extremely encouraging. Funny you mentioned the 30’s because my mind always goes to the time of the Great Depression. I didn’t have any family here since my family started coming to the USA in the 80’s. I’ve read stories of children starving and leaving home to find work. God only knows what happened to those kids and then I think about my kids and have to remind myself that God knows what is coming and loves us. He will help us no matter how bad things get.
 
I think revamping the global financial system IS the end goal. By killing the old system that had Free Trade which the USA felt was harming them

There wasn't/isn't much in the area of free trade with the USA. USA was paying tariffs to other countries, in some cases massive tariffs, without anything substantial to even that out.
 
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