Tuesday, March 17, 2020

The End of Globalism?

The corona panicdemic might have a bright side. For years Trump and I have railed against globalism. When he took office the economy rocketed, but obviously he couldn't alter the fundamentals of our system to reflect his protectionist policies. This panic might have delivered the zeitgeist for him to do it, though. Even Michael Bloomberg's publication is conceding the point that this panic is puncturing the myth of prosperity and unity through global trade.
As author A. Gary Shilling writes, the foundations of globalism that English economist David Ricardo laid out centuries ago are mostly irrelevant now. Realities of the markets and everyday life have changed significantly, and America's reliance on backward regimes and cultures to provide necessities such as medicine to it is more questionable now than ever.
Shilling wraps up the piece with two bizarre paragraphs that undercut his original premises-- presumably to sate Michael Bloomberg and get the piece published.

These statements are equivalent to outlining the law of gravity then insisting that if you release a ball from your hand it will hang suspended in the air for several seconds before it falls to the floor. When Trump imposed tariffs on China and several other countries many Democratic economists and even some Republican economists insisted that such measures were the end of all things and they would tank the economy. They achieved exactly the opposite effect. The same principles apply in this case.
A few days ago, Pat Buchanan laid out a much more balanced piece on his site. He also broached a subject that probably no one who writes for Bloomberg's site is allowed to explore realistically-- immigrants.

During the Democrats' last presidential debate, Joe Biden outright stated that he doesn't want to deport anyone, and he supports wholly open borders. Does this concept not seem like suicide in light of this corona panic? Every ambitious muslim terrorist and America-hating despot is witnessing a mildly virulent flu bug bring the world's lone superpower to its knees. Does anyone doubt that they are conspiring to import something much more toxic into the states?
Let this virus serve as a fire to burn away the underbrush of globalists' outmoded and failed philosophies.

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