"Mr. President, since Mexico won't pay for your wall, we have another idea instead, we think you'll like it..."
Trump's entire economic plan is imploding in real-time, and yet his "base" remains as steadfast as ever. Meanwhile apologists for Globalization and multinational industrial arbitrage have ever new plans to reorganize the deck chairs on the Titanic.
Aside from the dollar reserve currency which has sponsored limitless U.S. profligacy, at the expense of the rest of the world and future generations, there is another unique factor driving America's wanton self-destruction. A factor no one wants to talk about - the overwhelming number of major corporations headquartered in the United States.
If all major corporations were domiciled for example in the Cayman Islands, then every trading nation would be free to set their own trade policies according the best interests of their citizens. However, when large numbers of global corporations are domiciled in an active economy, then that sets up a conflict of interest between the citizens of the home country and the shareholders of the corporations. And it's always presumed that those interests are one and the same.
Except they're not. Shareholder ownership is overwhelmingly concentrated in the hands of global Oligarchs and billionaires who are not so much interested in whether or not small businesses can compete in the local economy.
This is the major conflict of interest that lies at the heart of the U.S. economy and to various degrees every major country.
These multinationals SHOULD BE domiciled offshore or at the very least they should be precluded from financing politicians. Then every country should decide which ones are allowed access to the local economy based upon the balance of two-way trade. Under the current system, these companies are marauding raiders looking to scalp profit from local markets while giving nothing back in return.
But until it all collapses with extreme dislocation, everyone should continue to pretend that the "system" is working fine.
Because this lesson has to stick this time.
