Very impressed with the Singapore PM Mr.Wong’s address.
Such a calm demeanor and articulate delivery.
Wish our leaders use the parliament for productive talks, and as a means to address the nation on important developments, rather than for bickering.
He brilliantly put it that, “Tariffs are a negotiating tools/tactic for the US to extract concessions”
Despite being a smaller country, it has done amazingly well, and is one among the major financial hubs.
Loved how Howard Marks explained the idea behind foreign trade.
Every country, does some things better and some things worse.
The Welfare of the world gets maximized, when every country does the things they are good at, at a cheaper price and sells (export) to others.
You export what you are good at, and import the ones that you aren’t.
And i assume, being good or not so good here, can be in terms of both the quality and price.
And the primary reason behind such foreign trade is to curb inflation, by buying cheap, rather than producing it at a higher price domestically.
Something Trump doesn’t seem to get.
Also, he explained the US debt crisis beautifully
The US has got like a golden credit card
, with no upper limit, which it never has to pay back.
And it can spend more than it makes because of this.
I believe, it’s enjoying these privilege, primarily because the dollar is being used as a global reserve currency, which kinda always keeps it in demand.
De-dollarization is the key, and probably the next big shift that needs to take place, to prevent the world order from being ruined by some Man-child.