The Strange Lack of Macro-Economic Knowledge
In the whole West, both in academia, in politics, and anywhere actually, good macro-economic understanding is absent and this absence is in itself being ignored as well, while the consequences are major. Almost direct as a result, already 25 years ago, we allowed China, with its low prices, to start breaking down the core of our manufacturing industry, they have prices against which we cannot compete. This, in turn, if continued, inevitably spells the slow, inexorable end of the solidity of our Western society. The most shocking example of this absence of macro insight can be found in the speech given by President Bill Clinton on March 8, 2000, at the Paul Nitze School of Advanced International Studies in New York, in which, with totally misconceived arguments, he initiated this free trade relation with China that we all know about. In these last 25 years, this faulty decision, followed naïvely as it was by all countries of the Western world and beyond, has helped China bec...