>Adam Smith, and it's been a ruse since then too. Read him.
You should read Keynes as the primary opposing side to US during Bretton Woods, with strong support from most bankers at the time. The WTO has no answer to structural imbalances nor was ever intended to resolve such a matter.
The status quo you support is not grounded in economic literature than it is a incoherent mess that was created through political circumstances. Under a truly multilateral system of the ICU, China would have been severely disciplined years ago for its distortionary surplus actions.
> Under a truly multilateral system of the ICU, China would have been severely disciplined years ago for its distortionary surplus actions.
Don't blame China for this, they provided what they were asked to provide, blame those who "failed to discipline them years ago". Go to the beginning of this thread where I pointed out who tried to stop the trend.
> The status quo you support is not grounded in economic literature than it is a incoherent mess that was created through political circumstances.
The status quo is what reality is today. Punishing China has nothing to do with advancing the US economy, much less when it boils down to erratic tariffs motivated by speculation and crony business relations.
> The status quo you support is not grounded in economic literature than it is a incoherent mess that was created through political circumstances.
This is so rich that I have to correct it again, the hard way:
The economic literature is an incoherent mess that was created through political circumstances.
>Don't blame China for this, they provided what they were asked to provide, blame those who "failed to discipline them years ago"
The fact that you are referencing "they" means you don't actually know how the ICU and the Bancor works do you? Or any of Keynes' larger arguments regarding global macroeconomic stability.
You should read Keynes as the primary opposing side to US during Bretton Woods, with strong support from most bankers at the time. The WTO has no answer to structural imbalances nor was ever intended to resolve such a matter.
The status quo you support is not grounded in economic literature than it is a incoherent mess that was created through political circumstances. Under a truly multilateral system of the ICU, China would have been severely disciplined years ago for its distortionary surplus actions.