I love that he is asking the most hyper-capitalistic country in the entire world to "lower their demand" and to "stop consuming as much". Good luck with that.
I don't understand how the hell he plays something like high level Starcraft while having a conversation about economics. When I play SC, I can hardly ask my friend how is day went.
I dont think so. I wouldnt even calling it "debating". Whenever Destiny makes a debate while playing, his "arguments" are always insults and rants and lame appeals to authority or whatever. This wont convince anyone and is just a waste of time to every listener who isnt jerking off to his voice.
About the EU bargaining power... the EU wouldn’t be in the strong position it is right now in terms of trade power and innovation if they didn’t have a united front like they do. One of the reasons why American companies are sticking their production in Europe is because their trade power and inner trade fluidity. Unfortunately destiny didn’t use these points but they are true
This guy discounts the much more likely possibility that by imposing tariffs on Chinese goods we accelerate their internal labor cost problem and force them to become much more direct economic rivals, to our detriment. China right now is going through a transition due to climbing labor costs, which came with the booming economy. Their GDP growth is slowing down and increasingly they're relying on countries like Bangladesh, Vietnam, and East African nations to become their China. That is to say that they're increasingly relying on these cheaper markets to produce both raw goods and manufactured component parts to be finished in China. Their current solution are large international projects, e.g. the One Belt One Road, to push Chinese jobs outside their own borders. But if suddenly both America isn't consuming its products anymore and American products become comparably more expensive on the world market because American demand for those goods effectively goes up, suddenly China has a big incentive to shift production to more industries that directly compete with our own. And without America to buy those products, their products will have a short term lower demand making them cheaper on the world stage, such that the rest of the world will suddenly become more reliant on Chinese goods, not less. So in the short term America will be paying more for goods and in the long term America will have made itself less competitive on the world stage, not more. This is why tariffs and trade wars are stupid.
Long term plans are the only argument republicans have. They put up a lie like "fiscal responsibility" than cut taxes for that reason, then come up with a long term plan to make it seem like as little damage was done as possible. Long term plans are also subject to change, so whenever you hear the Senate say that "the changes will come into effect after 10 years" or something, they know that whatever that thing is, it's going to change before that time runs out. So they always say they have a long term plan, but in government, that means nothing.
Are you saying that if americans buy american products, it's bad for america? You're not even failing at nuances, that's just simply a weird statement. It's like saying, if everyone buys AMD, suddenly AMD prices skyrockets and intel won in the long run.
@@xgalarion8659 They are saying that americans having less money to spend in general is bad. And that making our products more expensive to the rest of the world (particularly) compared to China is also bad.
@Guiuu Shurt uh, no. I admitted that trade was a primary consideration in the formation of the EU. All of my criticisms remained valid and were never addressed.
no your criticisms never proved that trump isn't a complete and utter idiot who's gambling with other peoples jobs for a trade war. are you honestly this much of an asshole? EDIT : just saw your Martin Skreli profile pic, wtf dude xD
I never said companies will just take the hit. I said the cost of the tariff will not dollar for dollar hit the consumer. In other words, if apple pays $1 extra per unit, and the consumer pays $.75 extra because of it, that dilution, when applied strategically on specific industries or products, is worth the cost if the result is that China opens their markets to our companies.
@@wallstreethero5514 No. Lol Trump could also cut taxes for everybody, and that would work exactly how you're saying, but the fact is that people won't buy because raising prices on anything is bad by the people, consumers can horde wealth as well. However if you cut everybody's taxes across the board, and started the trade wars, (much like the trade wars of the 20th century) the tariffs wouldn't hurt the American consumer as much, and would hurt China just as hard. The way things are currently will not work out the way you want to. Even one of your own, Peter Schiff has proven this.
@@wallstreethero5514 Oh yeah, and nobody "wins" a trade war... LOL parties can come out better than they started or go to a physical war, but there is no winning the trade war specifically.
@@wallstreethero5514 Oh wow, look at that profile pic. I'm just starting to watch this video now, but it's nice to have an idea of what I'm getting into.
Does this guy think a new iPhone and an old iPhone both have the same utility and demand? People don't go out and buy 'consumer electronics', they buy a specific product they want. It doesn't matter how many old iPhones are in the warehouse if we want the new one. A quick Google search of 'new iPhone shortage' shows how often this happens...which is everytime a new phone is released. Raw materials and electronics/software work differently.
A point he completely misses. People aren't going to buy the older model when they have the newest one. Think im gonna buy an S7 when im currently on my S9? FOH
His argument is "I've never had trouble getting electronics so there will always be a supply of it" -which is incredibly naive in itself, but he also argues that increasing the tariffs on electronics that we massively import (it's the only reason electronics are at affordable prices) would somehow not increase the cost or lower the supply when demand is steady. I don't understand the argument that the company would take the hit in terms of profit, for some reason people on the right are keen to argue that individuals working for their own interests will help the american people more than a government that is held accountable by its citizens.
His argument makrs sense in 1950s american with laundry machines and lawnmowers. American companies do not believe in heavy inventory any more. Its like how people always think there's stock in the back of grocery stores when in fact the back is mostly for unloading and stocking. In todays market, production and distribution is so well developed that no company are out there buying stores of stocks in surplus lmao
"[The Nintendo Switch being sold out] sounds like nonsense to me" I'm sorry I can't watch this... this guy can't pick an opinion nor can he agree with Destiny...
This guy would argue that a shortage of Switches doesn't matter, you could just buy another consumer electronic since we have a surplus. Enjoy playing Breath of the Wild on a toaster.
He'd argue we don't need Switches anyway. No technology just fun games like kick the can in this 1st world country. But at least the Chinese can't afford cans so we win the war of spite!
Guess this guy never tried to buy a smartphone in South east Asia where tarrifs are high..... There's a reason j1 visa kids buy several and sell them when they go back home.....
lol, "housing shortage." There are enough houses built right now for every single citizen in the US to have their own home unit. They are currently owned mostly by the "banks" to artificially keep rent/costs up.
This is the first time I've felt that I was more prepared for a debate than Destiny was; I would have absolutely anihilated this guy's point about how he "knows for a fact" that TV companies supposedly make enough extra product to last them for years, as I know for a fact that this is absolutely not true. Storage costs money, there's no point in them wasting money manufacturing goods that wont be purchased in the short term just to have them sit in warehouses forever; I feel like he read some factoid somewhere about some company having a surplus of product because they overestimated their demand and now they're never going to sell it all, and he took this to mean that companies just produce excessive amounts of product all the time and never run out. I still don't understand how his surplus idea accounts for new product releases though. Does he think they already have warehouses full of the next iPhone that won't be coming out until next year? This guy was a joke and a half... Also why tf didn't Destiny give this guy babby's first introduction to economics when he kept saying bs about "THIS ISNT STUFF WE NEED" when he was basically saying it would be totally OK if companies like apple completely collapsed and "we would be fine" when the reality is that these companies represent the vast majority of the US economy?
Tariffs don't solve anything. It's predicted that by next year, the cost of PC hardware will increase by 25%. You guys want the latest RTX 2080 Ti? That will cost you around $1500 now. That's not good for the company nor the consumer.
@@anidude98 Yeah, but that's not his thing. He's not seeking fame or adulation, he's genuinely interested in having substantive debates, an art that not many from any ideological position are skilled at these days. 150 years ago marathon debates were the UA-cam of the time.
Dont get me wrong, I think Destiny argue to much from emotion to my taste, ill be more than happy to debate with in things. But there are issues arising from the Tariffs...the main issue is neoliberalism is what the failure is, both sides are still looking for neoliberal solutions.
intel has a shortage because of them switching architecture, prices are still the same in the US as in EU and Canada, tariffs didn't do shit to the pricing
Yeah he fails to understand the tech industry as a whole. “Tech” is not just iPhones and tvs. It’s medical equipment, lighting, tools... We cannot win this trade war. No one wins.
One of the reasons NAFTA was even conceived of was to stop Japanese encroachment into Mexican markets. The idea that trade deals don't affect 3rd party countries is ludicrous.
46:10 - this is point where he outed himself as a complete moron. Hilarious. I love when people think they can speak on matters with an authority when they don't even have the slightest understanding of what they're talking about.
@oGsluXon individual EU countrius cant make individual economic deals with non EU members, they bargain as a colective I mean there was some news that Trump was explained this a few times by Merkel before he got it
The reason the stock market looks bullish is because when big corporations get tax cuts they spend them on stock buybacks to artificially inflate their share price.
Bless Nathan for coming in and making me laugh. This dude is way naive. He assumes in these trade wars we will always come out ahead, totally ignoring the very real possibility that we could end up losing this gamble. And then what? Is it not our fault for starting this in the first place?
To be fair he did mention China export more than US. Hence, assuming China will suffer a greater financial damage. Then again China can sell off US debt and cause a great deal of damage to US.
Did he just argue that consumers won’t mind prices going up and supply lines being disrupted for ten or twenty years because they’ll have the satisfaction of knowing that eventually our IP won’t be stolen? What planet is this guy on
Why is everyone complaining this dude was surprisingly chill and fine, at least he knew some things and did not call Destiny out on "big words", I approve
As an accountant we carefully calculate the estimated amount of a product that will be sold. It is very expensive to store extra products in a warehouse, because it significantly increases the cost of goods sold. We would rather sell out and loose some sales than increase the cost of goods sold.
47:00 Hoooo dude the first draft of the European union was made as a Coal and Steel trade agreement. It is primarily an economic then administrative then political union.
The primary raison d'etre for the Eu is geopolitical stability though interdependability between memeber states the economic benefits are ancillary to that or at least built on top of that structure.
WTF, man. Why these people just don't say "look I don't know how this works". He previously said that people from EU don't agree with the single market, when I would say that the single market is the less conflictive point of the EU. There are some frustrations with other problems, like the national budget control, social issues, immigration, bureaucracy, and so on, but I am sure that if you poll just about the single market of goods and labour, the big majority agrees that it is positive. Even the argument of brexiters were based in that they would have total access to the single market, they didn't want all the other things attached with the EU, not the single market part.
Most of what he said up until 45 minutes sounded off the mark, but I did not have the knowledge to be sure. When he started making statements about the EU with the exact same assured attitude, something which I actually do know a thing or two about, it became abundantly clear that this guy is way too sure about things he knows very little about.
when he said he personally doesn't find issues finding electronics and bases his entire argument that we have a surplus of electronic goods as a country on that fact i literally had to pause the video and take a breather
I can fully understand this guy, ever since Hillary took over the presidency by soft coup my bitcoin stocks have been going down. Explain that smarty pants destiny
Holy shit. He keeps saying the supplies of electronics never runs out because theres a surplus. They haven't started making the next next generation of electronics yet. There is not a surplus of the model 2 years from now. So consumers in short order will necessarily be paying the cost of the tariffs directly.
@@marktwister432 because the cost of the tariff is imposed on the receiving corporation. Manpower in the exporting country has zero to do with the cost or ramifications of a tariff. If anything, there will be less labor costs from a crunch in demand...
One thing this guy doesn't understand, is that China, despite not being the top exporter of food worldwide, still is the number one food producer. And that also expands to a lot more industries, not only food. So, if US has "a lot of surplus" that can maintain the economy for a while somewhat autonomously, then you better bet China has even more surplus. US has leverages over China you say? China is already in process of economic transition, becoming a more direct competitor to US (producing more high-end (but cheaper) products, delegating the labor in other Asian countries, rising labor costs etc.). Trump administration will be out of office long before this trade war even kicks off.
This video has aged pretty interestingly in the last couple months, really it has aged interestingly in the last year. Especially the shortage of electronics thing, with things like Ryzen hardly being able to stay on shelves because they couldn't produce the chips fast enough.
I work in computer hardware (small business). We build servers and workstations and right now the % increase across the board is 6% to 10%. By January, it is supposed to possibly go up to 25%. This is all being passed down to the consumers/customers. Our vendors and suppliers updated all of our pricelists to reflect the increased tariffs. We add our margins on top of the new costs and we negotiate our costs as best we can based on volume. Almost all server motherboards are made in China...doesn't matter if it's from Dell, HP, or Supermicro. Most gaming motherboards and GPUs as well (and chassis, power supplies, heatsink, cables, controllers, storage products). I've looked for components made in the U.S. and have always ended up empty handed. I can only speak on our tech sector but where are we currently going to get non-Chinese made hardware if the idea is that we are to put pressure on the Chinese here? Not a lot of server hardware is made in the US. The servers in datacenters that run the internet are pretty fucking important. I can assure you that the margins for computer hardware are razor thin. We've had a very competitive hardware market for a long time. You cannot use Apple as the measuring stick for the entire market.
"Obama raised the deficit more than all previous presidents COMBINED." @@scottymikul5024 Obama lowered the deficit. With the stimulus package added at the end of Bush's second term, it was 1.16T in 2009. By 2016 it was $585B. As a percentage of change, it was the same as Dubya's - 57%.
@@icin4d False. There is no doubt that there is an increase of debt during obamas administration. anywhere from 963 billion to 9 trillion. www.thebalance.com/national-debt-under-obama-3306293
@@scottymikul5024 True. Thanks in no small part to the near collapse of the economy and two wars that were handed to him. And yet the deficit was on an undeniable decline throughout his admin.
Uggggh! That Sam Harris voice and cadence! I can just hear this guy's pretentious, pseudo intellectual brain pulsating as he tries to sound detached and rational.
Sam Harris is way more precise with his word choice and most would agree that he has one of the best vocabularies of all the public intellectuals. This is also annoying because the difference in ideology between the two is far too massive, this guy probably watches a lot of Sam Harris because I certainly see the similarity in vernacular.
Interesting, that this guy says we have enough electronics inventory and have a surplus in all products. We've learned during this COVID pandemic that's not true, and in a matter of weeks of a shut down the availability of electronic products went down to zero. So the comment, "Inventory never dries up" 23:49 is hugely incorrect. And any business owner would tell you that having a surplus of inventory is NOT a good thing. Holding inventory is bad business.
Does this guy not realize businesses have supply and demand mismatches all the freaking time because the numbers are just estimates and not exact representations of the net demand of a country that exists at any given moment?
Maxime Feliciano That's very disingenous. The ECSC was set up after WW2 to keep an eye on European countries incase they were prepping for another large war. Politics had been a part of that since the start.
It will all crumble down in the second debate - that guy doesnt know anything and is wrong about most of the things he confidently asserts. It also devolves completely from the original point of "something good Trump did".
This is also hardly anything of substance, this is just drawn out because Destiny doesn't immediately counter by saying how standard of living is reduced through lost utility. Countries, like companies, specialize (for example Cobb-Douglas), and it's the counter argument to all of this. This is hardly black and white, so when this dude paints such an absolute image, it's really easy to spot the flaws.
Trust him guys, he submits purchase orders for all the Best Buy stores in all of Cincinnati - he fills the warehouses with so many TVs it's a massive surplus of everything and he places those POs every week! There is so much surplus POs for TVs and stuff, we could go a long time. Trust him.
Fun fact, total export of China last year is at 2.7 trillions of dollars, while us is a the largest importer of Chinese goods, the actual percent is only at 19% of the total export from China last year, lol so even if trump puts a 50% tax on those goods, the total impart to china’s export is at 9.5% wow, China is really suffering......
I had to shift my entire business because I rely entirely on steel. My cost went from $0.52/lb to $0.81/lb. I could absolutely not compete because I have competetors importing finished product from Honduras, who get base material from China, for cheaper than I could get base material from China. It's been rough the last couple years to adjust what I make and find steel at a reasonable price.
Not really, he was not prepared for this debate and instead attacked his logic. He first started by defending Trump's economic output on the economy being positive, but then he said it is negative in the short to middle term and positive in the long term. He's logically wrong, and he's also wrong by claiming protectionism will bring two countries to the table, the opposite is true. This isn't a comparison of actual war in which one or both countries have no other option but to compromise to prevent their destruction.
@@servel2 That's why I said "possibly" in bold. LOL I don't think they work at all now, but it has in the past (in the middle of the worst wars in history and stopped working around the start of the cold war, so who knows how much military strongarming went on behind it) sooooo, yeah.
Around the 30 minute mark, I think destiny is the one missing the mark or the other guy isn't explaining well but what he's trying to say is that even if both countries lose money at a 1:1 ratio, the US is losing from the luxury consumer electronic market while China would be losing from it's manufacturing base. Extending the logic I'm pretty sure China's poor and middle class losing jobs hurts them more than rich people in the US having to pay 20% more for their iPhone or even having to choose to not upgrade to the newest one at all for awhile because it's too much to budget in. Destiny and a lot of the comments I'm ready really seem to ignore ANY perceived loss from intellectual property theft. When the US spends trillions on RnD and then the end product just gets ripped off for nothing, produced, then undersold out of China our economy is taking a massive loss
@@jaykay2218 rump worsened it. As a result of Rumps tarrifs on $34 Billion worth of Chinese products, China boosted its own production of chips, and hoarded them. His actions cost U.S. firms millions in sales. It was clumsy approach to a complex supply chain
Stunning how he was sure about what he was saying about EU trading, even though he clearly knew nothing about it.... But facts are not relevant for a Trumper right?
Talking confidently does not make you right. This guy really needs to understand that. I've never seen someone so economically illiterate yet act as if they know what they are talking about.
Good talk, a lot more healthy debate than usual. seems like ultimately it's a matter of if you can buy in to trading short-term stability for theoretical long-term gains, Brexit-style
theoretical long term gains with no evidence supporting their existence Also to my knowledge, Trump or his admin have never actually indicated that changes to ip law in China would result in rescinding the tariffs, add in that they have tariffed a bunch of countries that are doing nothing like that and even the relevance of these ip laws as opposed to just Trump acting on some fever dream of his is pure conjecture.
this guy's "knowledge" did not age well after the insane shortage in chips and electronics, not surprising though given that most of his arguments were backed up by "I just happen to know this because I work with this." That coupled with his constant condescension was irritating to watch. No idea how most businesses operate if you think everyone just imports way more than estimated demand while simultaneously trying to maximize profits. Cheap imports still cost millions of dollars en masse. And the idea that these corporations would just "eat the costs" of more expensive imports is laughable. Companies like Nvidia and Apple have consistently shown that they will raise prices without significant increases to costs and yet they just won't do it when costs do rise "because shareholders" LMAO edit: christ the idea that stock buybacks benefit middle class workers because the stocks in their 401ks go up when companies buy it back at higher prices.... when only half of the middle class even owns any stocks at all. And the idea that the stock market go boom because trump = consumer confidence when in the next breath he mentions the fact that most trading volume is institutional. The trump copium and disconnect from reality is insane and I wish destiny was better prepared for this guy's nonsense
For anyone crying about U.S. tariffs , why aren’t you complaining about the tariffs that China has put on our products that come into their country . Why wouldn’t we treat them the same way they treat us ? If they tax a vehicle 2000$ that we send there then shouldn’t we tax them the same ? They have been over taxing our goods forever . Its only right that they are taxed the same when they send their products to us .
am i the only one who hates when people wonna argue about US problems and they cant find a good argument to get their point across they use the EU (with little to no knowledge about the inner workings of the EU) like not all countries in the eu use the euro. (just a small example)
There is also the fact price elasticity of the traiffs products are impacted. Therefore lower sales which incentivize consumers to buy more local products.
It's not just his voice, it's the way he speaks as well. "Well hold on a second, you've just made a remark and I wan't to comment on it" That's totally a Sam Harris line.
Really confused here...What goods do the US export? I'm from Ireland and our Cars are mostly German and Japanese and food is mostly home grown or from the 3rd world. Very confused here
So hmmm, almost every type of computer component is unavailable at any sort of reasonable price. Then the tariff exceptions were lifted and prices went up even more. This is what it means to argue with any republican. When they are wrong about what future events will happen, they are no where to be found
Inventory and storage cost so much that it can make a product unprofitable. Half my field as an accountant would be shut down if we didnt estimate how many units will be sold, so that we can store just the least amount in warehouses to meet demand.
"Is that increased 1 dollar cost be fully passed to the consumer?" @ 30:00. Well the answer to that depends on the elasticity of the demand, or how much of the increased cost are the consumers willing to take before buying a Samsung instead of the Iphone. In situations like these(as is the case with any other tax) the end result is always negative both in the short term and the long term for the economy. Also trade war somehow magically convincing China to stop stealing intellectual property is absurd. And trade war hurting China more than it hurts US is complete bogus. He's looked it up? What does that even mean. He just throws random statements and moves on.
As for the EU: the biggest point of the EU is free flow of people and very little to no trade barriers between the countries in Eu. But if Lithuania wants to trade with Russia EU can't stop them.
As for tariffs and trade barriers in general: Trump isn't inventing the wheel here, those have been around for centuries and the reason they aren't being used that much any more is that history has proved them to be a bad idea. I'll give you an example here and you can get a lot more if you search for them. The Soviet Union was a giant closed market. Having no access to foreign automarket they developed their own auto producers like Lada, Jigula, Moskvich etc. This would look like an argument FOR closing your market right? It's not. Despite years of experience in those market those market manufacturers NEVER came close to being competitive with the western manufacturers, they were crap and expensive and as soon as the markets opened they disappeared to vastly superior cars. That's what tariffs do to a lesser extent. They help the manufacturers in your country and hurt you - the consumer, and it doesn't even help your economy in the long run as those manufacturers never become competitive with foreigners.
Stock market doesn't have any fundamentals? God this guy doesn't stop with the bullshit. What is earnings per share??? What is Book value per share??? What is dividend?? There is plenty in a common stock share that isn't based on speculation. The reason the stock market appreciates is that companies reinvest their money to make more money and pay you bigger dividend, have more equity, etc. People don't buy stocks JUST because they expect someone else to pay them more for them.(they buy bitcoin for that) Yet more empty statements on things this guy has no clue about.
The idea that military exercises, which increase troop readiness and effectiveness in specific theaters, are simply a fiscal drain and aren't material is ridiculous.
Everything suddenly fell apart the moment he just kept saying "they buy them at a surplus." Surplus compared to what? The dude just thinks that US retailers stockpile goods because whenever he goes into a shop it looks fully stocked. When the tariffs came in, retailers might have actually stockpiled at that point but supplies always run out. There is going to be a burden.
Both ended up agreeing at some point regarding the tariffs. Destiny was focused in on the hear and now of what Trump is doing and how it impacts the economy presently. The other guy was saying it could pay off in the future if it brought China to the table. They had a moment where they both agreed and froze. Then it seemed like they found a new avenue to argue the same thing because they didnt want to agree. IDK THOUGH IM NOT GOOD AT POLITICS
I'm not an economist, but doesn't the price of consumer electronics go down over time because those items become obsolete. Not because there is simply surplus. Electronics are nothing like raw resources in that regard. 22:50
Me at 5th minute: this guy seems pretty reasonable 20 minutes later: "yeah we have just bunch of electronic products lying around, enough for everyone looool, I've seen it myself in local shops"
The tariffs were working. It did bring them to the table, and we had a really good deal before the pandemic ruined everything. The tariffs were working. Also, the economy was still booming even while these tarrif were in effect. It hurt some parts of our economy but Our unemployment numbers were still dropping more and more mainly because of Trumps lower tax and deregulation policies. The long-term goal has to be done. To gain a better even playing field. I agree with the conservative.
@Kaleb Jones so I guess every leader in the world is at fought and there the reason then for there economies tanking? Smh that logic makes no sense. It's covids fought not Trumps. Most all countries around world did the same thing Trump did. Shut down there economies to help flatten the curve and figure out the next step into handling a new pandemic. And every country lost Hella lives cause of covid. Blaming the President is just dumb. And dumb people like you believe it 😆
Did we get any concessions from China that didn't just reverse their retaliations? We do need to raise taxes. Unemployment is too high, especially when inflation is high.
I love that he is asking the most hyper-capitalistic country in the entire world to "lower their demand" and to "stop consuming as much". Good luck with that.
And here we are 3 years later. Dude looks smart.
@@DailyNuggethow so
I don't understand how the hell he plays something like high level Starcraft while having a conversation about economics. When I play SC, I can hardly ask my friend how is day went.
He can't, which is why he quickly stopped playing LUL
Yeah, I typed this out while in the first couple minutes of the video cause I'm a dummy, haha.
Easy answer. *AUTISM*
Still it's impressive he can play games at all while debating politics.
I dont think so. I wouldnt even calling it "debating". Whenever Destiny makes a debate while playing, his "arguments" are always insults and rants and lame appeals to authority or whatever. This wont convince anyone and is just a waste of time to every listener who isnt jerking off to his voice.
About the EU bargaining power... the EU wouldn’t be in the strong position it is right now in terms of trade power and innovation if they didn’t have a united front like they do. One of the reasons why American companies are sticking their production in Europe is because their trade power and inner trade fluidity. Unfortunately destiny didn’t use these points but they are true
This guy discounts the much more likely possibility that by imposing tariffs on Chinese goods we accelerate their internal labor cost problem and force them to become much more direct economic rivals, to our detriment.
China right now is going through a transition due to climbing labor costs, which came with the booming economy. Their GDP growth is slowing down and increasingly they're relying on countries like Bangladesh, Vietnam, and East African nations to become their China. That is to say that they're increasingly relying on these cheaper markets to produce both raw goods and manufactured component parts to be finished in China.
Their current solution are large international projects, e.g. the One Belt One Road, to push Chinese jobs outside their own borders. But if suddenly both America isn't consuming its products anymore and American products become comparably more expensive on the world market because American demand for those goods effectively goes up, suddenly China has a big incentive to shift production to more industries that directly compete with our own. And without America to buy those products, their products will have a short term lower demand making them cheaper on the world stage, such that the rest of the world will suddenly become more reliant on Chinese goods, not less.
So in the short term America will be paying more for goods and in the long term America will have made itself less competitive on the world stage, not more. This is why tariffs and trade wars are stupid.
Long term plans are the only argument republicans have. They put up a lie like "fiscal responsibility" than cut taxes for that reason, then come up with a long term plan to make it seem like as little damage was done as possible. Long term plans are also subject to change, so whenever you hear the Senate say that "the changes will come into effect after 10 years" or something, they know that whatever that thing is, it's going to change before that time runs out. So they always say they have a long term plan, but in government, that means nothing.
Hahahahahaha what up now? Derp🤣🤣🤣
Are you saying that if americans buy american products, it's bad for america? You're not even failing at nuances, that's just simply a weird statement. It's like saying, if everyone buys AMD, suddenly AMD prices skyrockets and intel won in the long run.
@@xgalarion8659 They are saying that americans having less money to spend in general is bad. And that making our products more expensive to the rest of the world (particularly) compared to China is also bad.
This guy tried to smuggle in so many false points...
Like what? "This guy" was me...
@Guiuu Shurt uh, no. I admitted that trade was a primary consideration in the formation of the EU. All of my criticisms remained valid and were never addressed.
no your criticisms never proved that trump isn't a complete and utter idiot who's gambling with other peoples jobs for a trade war. are you honestly this much of an asshole? EDIT : just saw your Martin Skreli profile pic, wtf dude xD
Last channel I expected to see comment on a Destiny debate video. Love K&G videos though.
Yeah well at least I dont make shitty p2w games.
This guy knows nothing of economics. What company just takes the hit? Trade wars are pointless without leverage to our creditors.
I never said companies will just take the hit. I said the cost of the tariff will not dollar for dollar hit the consumer. In other words, if apple pays $1 extra per unit, and the consumer pays $.75 extra because of it, that dilution, when applied strategically on specific industries or products, is worth the cost if the result is that China opens their markets to our companies.
@@wallstreethero5514
No. Lol Trump could also cut taxes for everybody, and that would work exactly how you're saying, but the fact is that people won't buy because raising prices on anything is bad by the people, consumers can horde wealth as well. However if you cut everybody's taxes across the board, and started the trade wars, (much like the trade wars of the 20th century) the tariffs wouldn't hurt the American consumer as much, and would hurt China just as hard.
The way things are currently will not work out the way you want to. Even one of your own, Peter Schiff has proven this.
@@wallstreethero5514
Sorry I just woke up and smoked a bowl then started watching this. LOL just thought I'd tell you why my reply has been edited.
@@wallstreethero5514
Oh yeah, and nobody "wins" a trade war... LOL parties can come out better than they started or go to a physical war, but there is no winning the trade war specifically.
@@wallstreethero5514 Oh wow, look at that profile pic.
I'm just starting to watch this video now, but it's nice to have an idea of what I'm getting into.
Does this guy think a new iPhone and an old iPhone both have the same utility and demand? People don't go out and buy 'consumer electronics', they buy a specific product they want. It doesn't matter how many old iPhones are in the warehouse if we want the new one.
A quick Google search of 'new iPhone shortage' shows how often this happens...which is everytime a new phone is released.
Raw materials and electronics/software work differently.
A point he completely misses. People aren't going to buy the older model when they have the newest one. Think im gonna buy an S7 when im currently on my S9? FOH
U T I L I T Y
His argument is "I've never had trouble getting electronics so there will always be a supply of it" -which is incredibly naive in itself, but he also argues that increasing the tariffs on electronics that we massively import (it's the only reason electronics are at affordable prices) would somehow not increase the cost or lower the supply when demand is steady. I don't understand the argument that the company would take the hit in terms of profit, for some reason people on the right are keen to argue that individuals working for their own interests will help the american people more than a government that is held accountable by its citizens.
His argument makrs sense in 1950s american with laundry machines and lawnmowers. American companies do not believe in heavy inventory any more. Its like how people always think there's stock in the back of grocery stores when in fact the back is mostly for unloading and stocking. In todays market, production and distribution is so well developed that no company are out there buying stores of stocks in surplus lmao
We have greater access as a planet to cell phones then to fresh water for us to drink.
3 years later he's been demonstrated to be wrong
"[The Nintendo Switch being sold out] sounds like nonsense to me" I'm sorry I can't watch this... this guy can't pick an opinion nor can he agree with Destiny...
This guy would argue that a shortage of Switches doesn't matter, you could just buy another consumer electronic since we have a surplus.
Enjoy playing Breath of the Wild on a toaster.
He'd argue we don't need Switches anyway. No technology just fun games like kick the can in this 1st world country. But at least the Chinese can't afford cans so we win the war of spite!
Guess this guy never tried to buy a smartphone in South east Asia where tarrifs are high..... There's a reason j1 visa kids buy several and sell them when they go back home.....
lol, "housing shortage." There are enough houses built right now for every single citizen in the US to have their own home unit. They are currently owned mostly by the "banks" to artificially keep rent/costs up.
That sounds to good to be true.
When people refer to a housing shortage they are talking about affordable housing. It's a pretty complex issue.
This is the first time I've felt that I was more prepared for a debate than Destiny was; I would have absolutely anihilated this guy's point about how he "knows for a fact" that TV companies supposedly make enough extra product to last them for years, as I know for a fact that this is absolutely not true. Storage costs money, there's no point in them wasting money manufacturing goods that wont be purchased in the short term just to have them sit in warehouses forever; I feel like he read some factoid somewhere about some company having a surplus of product because they overestimated their demand and now they're never going to sell it all, and he took this to mean that companies just produce excessive amounts of product all the time and never run out. I still don't understand how his surplus idea accounts for new product releases though. Does he think they already have warehouses full of the next iPhone that won't be coming out until next year? This guy was a joke and a half...
Also why tf didn't Destiny give this guy babby's first introduction to economics when he kept saying bs about "THIS ISNT STUFF WE NEED" when he was basically saying it would be totally OK if companies like apple completely collapsed and "we would be fine" when the reality is that these companies represent the vast majority of the US economy?
TFW you watch a debate about economics&trade and one side thinks all EU countries are free to make any trade deal
At that point i realised he is full of shit. I even got a bit mad.
Yeah his entire premise is undermined when he said that.
Not as bad as thinking there's warehouses full of never used electronics
Tariffs don't solve anything. It's predicted that by next year, the cost of PC hardware will increase by 25%. You guys want the latest RTX 2080 Ti? That will cost you around $1500 now. That's not good for the company nor the consumer.
Isn't the price so high because of crypto mining?
dewil6661 OMEGALUL. That bottomed out a few months ago.
Smash-ter Soooo, you will be in line with the rest of the world. Good. Suffer with us.
@@MadJackChurchill1312 anyway . I would never pay more than 200€ for a computer part
gamers are the biggest victims of a capitalist society confirmed
Socialist destiny 70% complete
Destiny is so good at rhetoric he could get a cult of personality incredibly quickly
@@anidude98 He's already a high ranking member of the cult of Autism.
@@anidude98 Yeah, but that's not his thing. He's not seeking fame or adulation, he's genuinely interested in having substantive debates, an art that not many from any ideological position are skilled at these days. 150 years ago marathon debates were the UA-cam of the time.
@@roshi98 You know sarcasm doesn't translate through text, right?
@@LinkMcStink No. Tell me more....
Intel already has a shortage.....and they are behind. This guy needs to give citations....
Who needs reality when you can just parrot unproven theory?
Dont get me wrong, I think Destiny argue to much from emotion to my taste, ill be more than happy to debate with in things. But there are issues arising from the Tariffs...the main issue is neoliberalism is what the failure is, both sides are still looking for neoliberal solutions.
intel has a shortage because of them switching architecture, prices are still the same in the US as in EU and Canada, tariffs didn't do shit to the pricing
@@MrRjizz not the point, the point was pertaining to warehouses if electronics.
Yeah he fails to understand the tech industry as a whole.
“Tech” is not just iPhones and tvs. It’s medical equipment, lighting, tools...
We cannot win this trade war. No one wins.
32:47 "UTILIZE"
Where's Reckful when you need him??
*TRIGGERED*
U T I L I Z E
Why didn't he just say "U S E"? 😡Very pretentious. 😡
Just when you need him, he gets banned
Imagine watching this in 2021 during a MASSIVE electronics shortage
Not really just a chip shortage
i just pewped me pant
😢Person 41:17 person 😅
One of the reasons NAFTA was even conceived of was to stop Japanese encroachment into Mexican markets. The idea that trade deals don't affect 3rd party countries is ludicrous.
NK and SK having a better relationship is ENTIRELY to the credit of the new SK prime minister. Donald has ZERO impact on that relationship.
Great debate man its sick how respectful you guys are to each other.
46:10 - this is point where he outed himself as a complete moron. Hilarious. I love when people think they can speak on matters with an authority when they don't even have the slightest understanding of what they're talking about.
@oGsluXon individual EU countrius cant make individual economic deals with non EU members, they bargain as a colective
I mean there was some news that Trump was explained this a few times by Merkel before he got it
The reason the stock market looks bullish is because when big corporations get tax cuts they spend them on stock buybacks to artificially inflate their share price.
Bless Nathan for coming in and making me laugh. This dude is way naive. He assumes in these trade wars we will always come out ahead, totally ignoring the very real possibility that we could end up losing this gamble. And then what? Is it not our fault for starting this in the first place?
Nathan is such a sweet meme baby
To be fair he did mention China export more than US. Hence, assuming China will suffer a greater financial damage. Then again China can sell off US debt and cause a great deal of damage to US.
Did he just argue that consumers won’t mind prices going up and supply lines being disrupted for ten or twenty years because they’ll have the satisfaction of knowing that eventually our IP won’t be stolen? What planet is this guy on
Why is everyone complaining this dude was surprisingly chill and fine, at least he knew some things and did not call Destiny out on "big words", I approve
I don't know about how everyone else feels about just surviving, but id like to actually live
As an accountant we carefully calculate the estimated amount of a product that will be sold. It is very expensive to store extra products in a warehouse, because it significantly increases the cost of goods sold. We would rather sell out and loose some sales than increase the cost of goods sold.
47:00 Hoooo dude the first draft of the European union was made as a Coal and Steel trade agreement. It is primarily an economic then administrative then political union.
The primary raison d'etre for the Eu is geopolitical stability though interdependability between memeber states the economic benefits are ancillary to that or at least built on top of that structure.
This moron literally thinks an ECONOMIC UNION isn't about trade??
WTF, man. Why these people just don't say "look I don't know how this works".
He previously said that people from EU don't agree with the single market, when I would say that the single market is the less conflictive point of the EU. There are some frustrations with other problems, like the national budget control, social issues, immigration, bureaucracy, and so on, but I am sure that if you poll just about the single market of goods and labour, the big majority agrees that it is positive. Even the argument of brexiters were based in that they would have total access to the single market, they didn't want all the other things attached with the EU, not the single market part.
Really nice that Destiny got to talk with a real expert in world economics :-)
Most of what he said up until 45 minutes sounded off the mark, but I did not have the knowledge to be sure. When he started making statements about the EU with the exact same assured attitude, something which I actually do know a thing or two about, it became abundantly clear that this guy is way too sure about things he knows very little about.
when he said he personally doesn't find issues finding electronics and bases his entire argument that we have a surplus of electronic goods as a country on that fact i literally had to pause the video and take a breather
_bad it made me pull a captain Picard
*double face palm*
I can fully understand this guy, ever since Hillary took over the presidency by soft coup my bitcoin stocks have been going down. Explain that smarty pants destiny
Holy shit. He keeps saying the supplies of electronics never runs out because theres a surplus. They haven't started making the next next generation of electronics yet. There is not a surplus of the model 2 years from now. So consumers in short order will necessarily be paying the cost of the tariffs directly.
There's no shortage of raw material for the new phone. Neither here in the US nor in China.
@@wallstreethero5514 But there is in manpower.
@@marktwister432 who pays the tariff?
@@wallstreethero5514 How is this relevant?
@@marktwister432 because the cost of the tariff is imposed on the receiving corporation. Manpower in the exporting country has zero to do with the cost or ramifications of a tariff. If anything, there will be less labor costs from a crunch in demand...
One thing this guy doesn't understand, is that China, despite not being the top exporter of food worldwide, still is the number one food producer. And that also expands to a lot more industries, not only food. So, if US has "a lot of surplus" that can maintain the economy for a while somewhat autonomously, then you better bet China has even more surplus. US has leverages over China you say? China is already in process of economic transition, becoming a more direct competitor to US (producing more high-end (but cheaper) products, delegating the labor in other Asian countries, rising labor costs etc.). Trump administration will be out of office long before this trade war even kicks off.
@OreO no not really
@OreO Literally everything he said was true, hello from the future.
This video has aged pretty interestingly in the last couple months, really it has aged interestingly in the last year. Especially the shortage of electronics thing, with things like Ryzen hardly being able to stay on shelves because they couldn't produce the chips fast enough.
I work in computer hardware (small business). We build servers and workstations and right now the % increase across the board is 6% to 10%. By January, it is supposed to possibly go up to 25%. This is all being passed down to the consumers/customers. Our vendors and suppliers updated all of our pricelists to reflect the increased tariffs. We add our margins on top of the new costs and we negotiate our costs as best we can based on volume. Almost all server motherboards are made in China...doesn't matter if it's from Dell, HP, or Supermicro. Most gaming motherboards and GPUs as well (and chassis, power supplies, heatsink, cables, controllers, storage products). I've looked for components made in the U.S. and have always ended up empty handed. I can only speak on our tech sector but where are we currently going to get non-Chinese made hardware if the idea is that we are to put pressure on the Chinese here? Not a lot of server hardware is made in the US. The servers in datacenters that run the internet are pretty fucking important. I can assure you that the margins for computer hardware are razor thin. We've had a very competitive hardware market for a long time. You cannot use Apple as the measuring stick for the entire market.
If it wasn’t for trump, we’d be in some kinda national debt, oh wait..
obama raised the deficit more than all previous presidents COMBINED. At least trump is going in the correct directiion.
"Obama raised the deficit more than all previous presidents COMBINED."
@@scottymikul5024 Obama lowered the deficit. With the stimulus package added at the end of Bush's second term, it was 1.16T in 2009. By 2016 it was $585B. As a percentage of change, it was the same as Dubya's - 57%.
@@icin4d False. There is no doubt that there is an increase of debt during obamas administration. anywhere from 963 billion to 9 trillion.
www.thebalance.com/national-debt-under-obama-3306293
@@icin4d like by the time that obamas term was over.... the debt was close to 20 trillion dollars.
@@scottymikul5024 True. Thanks in no small part to the near collapse of the economy and two wars that were handed to him. And yet the deficit was on an undeniable decline throughout his admin.
Nope
Didn't Rem make you a new Crucify Hole in his debate?
Good username
The fact that there’s no cooperating evidence of Jesus or the crucification story, as well as inconsistencies within the Bible
Is the christian god falsifiable?
Uggggh! That Sam Harris voice and cadence! I can just hear this guy's pretentious, pseudo intellectual brain pulsating as he tries to sound detached and rational.
This guy Destiny is talking to sounds like a younger Sam Harris.
It's hard to listen to lll
Yeah he really does, I was just waiting for the "stove-punchline"... but it did not happen :(
Sam Harris is way more precise with his word choice and most would agree that he has one of the best vocabularies of all the public intellectuals. This is also annoying because the difference in ideology between the two is far too massive, this guy probably watches a lot of Sam Harris because I certainly see the similarity in vernacular.
Interesting, that this guy says we have enough electronics inventory and have a surplus in all products. We've learned during this COVID pandemic that's not true, and in a matter of weeks of a shut down the availability of electronic products went down to zero. So the comment, "Inventory never dries up" 23:49 is hugely incorrect. And any business owner would tell you that having a surplus of inventory is NOT a good thing. Holding inventory is bad business.
Does this guy not realize businesses have supply and demand mismatches all the freaking time because the numbers are just estimates and not exact representations of the net demand of a country that exists at any given moment?
The EU started as the “European coal and steel community”in 1950...
Politics came was secondary and came way later
Maxime Feliciano That's very disingenous. The ECSC was set up after WW2 to keep an eye on European countries incase they were prepping for another large war. Politics had been a part of that since the start.
Wow finally something of substance rather then the usual abortion and gender debates
It will all crumble down in the second debate - that guy doesnt know anything and is wrong about most of the things he confidently asserts. It also devolves completely from the original point of "something good Trump did".
Shwear
Not nearly as substantive as the Christian God.
I dont know about that man. Abortion rights are substantive
This is also hardly anything of substance, this is just drawn out because Destiny doesn't immediately counter by saying how standard of living is reduced through lost utility. Countries, like companies, specialize (for example Cobb-Douglas), and it's the counter argument to all of this. This is hardly black and white, so when this dude paints such an absolute image, it's really easy to spot the flaws.
Trust him guys, he submits purchase orders for all the Best Buy stores in all of Cincinnati - he fills the warehouses with so many TVs it's a massive surplus of everything and he places those POs every week! There is so much surplus POs for TVs and stuff, we could go a long time. Trust him.
"The inventory never dries up"
We shouldn't pay people a living wage because how will we get cheap electronics in this country god damn it.
"The inventory never dries up."
That comment aged like warm milk.
Fun fact, total export of China last year is at 2.7 trillions of dollars, while us is a the largest importer of Chinese goods, the actual percent is only at 19% of the total export from China last year, lol so even if trump puts a 50% tax on those goods, the total impart to china’s export is at 9.5% wow, China is really suffering......
I had to shift my entire business because I rely entirely on steel. My cost went from $0.52/lb to $0.81/lb. I could absolutely not compete because I have competetors importing finished product from Honduras, who get base material from China, for cheaper than I could get base material from China. It's been rough the last couple years to adjust what I make and find steel at a reasonable price.
Its hilarious to watch this in December, as the stock market dropped like a rock in Nov
funny how destiny said "ur not a total idiot" and I was like *not bad face* "wow Destiny really thinks high about this one."
Destinys economy got trumped in this debate
Not really, he was not prepared for this debate and instead attacked his logic.
He first started by defending Trump's economic output on the economy being positive, but then he said it is negative in the short to middle term and positive in the long term.
He's logically wrong, and he's also wrong by claiming protectionism will bring two countries to the table, the opposite is true.
This isn't a comparison of actual war in which one or both countries have no other option but to compromise to prevent their destruction.
Tariffs could *possibly* work if you lowered taxes on EVERYBODY but Trump didn't do that.. Only cut taxes for his buddies.
@@ToxicTerrance They never do, every time protectionism has been used as a policy it's caused a recession.
@@servel2
That's why I said "possibly" in bold. LOL I don't think they work at all now, but it has in the past (in the middle of the worst wars in history and stopped working around the start of the cold war, so who knows how much military strongarming went on behind it) sooooo, yeah.
not even close
Around the 30 minute mark, I think destiny is the one missing the mark or the other guy isn't explaining well but what he's trying to say is that even if both countries lose money at a 1:1 ratio, the US is losing from the luxury consumer electronic market while China would be losing from it's manufacturing base.
Extending the logic I'm pretty sure China's poor and middle class losing jobs hurts them more than rich people in the US having to pay 20% more for their iPhone or even having to choose to not upgrade to the newest one at all for awhile because it's too much to budget in.
Destiny and a lot of the comments I'm ready really seem to ignore ANY perceived loss from intellectual property theft. When the US spends trillions on RnD and then the end product just gets ripped off for nothing, produced, then undersold out of China our economy is taking a massive loss
Meanwhile in March 2021 we are experiencing serious tech chip shortages.
Isn’t that the world as an aggragate thoug?
@@jaykay2218 rump worsened it. As a result of Rumps tarrifs on $34 Billion worth of Chinese products, China boosted its own production of chips, and hoarded them. His actions cost U.S. firms millions in sales. It was clumsy approach to a complex supply chain
how is this idea is so hard to grasp, I don't watch destiny much but this really surprises me.
Stunning how he was sure about what he was saying about EU trading, even though he clearly knew nothing about it.... But facts are not relevant for a Trumper right?
But when is destiny going to debate trumps impact on the ecoGNOmy?
Debating conservatives is like 6 degrees of Kevin Bacon only it's 6 degrees of anecdotes and feels arguments.
Talking confidently does not make you right. This guy really needs to understand that. I've never seen someone so economically illiterate yet act as if they know what they are talking about.
Good talk, a lot more healthy debate than usual. seems like ultimately it's a matter of if you can buy in to trading short-term stability for theoretical long-term gains, Brexit-style
theoretical long term gains with no evidence supporting their existence
Also to my knowledge, Trump or his admin have never actually indicated that changes to ip law in China would result in rescinding the tariffs, add in that they have tariffed a bunch of countries that are doing nothing like that and even the relevance of these ip laws as opposed to just Trump acting on some fever dream of his is pure conjecture.
Hey just checking in, Brexit did not go well and China is still stealing IP
The guy was a fool, but Destiny was really low energy in this one. Getting old?
wtf this dude is completely clueless on eu trade agreements
_"I respect Trump a lot for being such a good liar."_ and later _"lies dont do much"_
This guy literally countered himself.
When did I say lies don't do much?
this guy's "knowledge" did not age well after the insane shortage in chips and electronics, not surprising though given that most of his arguments were backed up by "I just happen to know this because I work with this." That coupled with his constant condescension was irritating to watch. No idea how most businesses operate if you think everyone just imports way more than estimated demand while simultaneously trying to maximize profits. Cheap imports still cost millions of dollars en masse. And the idea that these corporations would just "eat the costs" of more expensive imports is laughable. Companies like Nvidia and Apple have consistently shown that they will raise prices without significant increases to costs and yet they just won't do it when costs do rise "because shareholders" LMAO
edit: christ the idea that stock buybacks benefit middle class workers because the stocks in their 401ks go up when companies buy it back at higher prices.... when only half of the middle class even owns any stocks at all. And the idea that the stock market go boom because trump = consumer confidence when in the next breath he mentions the fact that most trading volume is institutional. The trump copium and disconnect from reality is insane and I wish destiny was better prepared for this guy's nonsense
Here in 2020 waiting several months now for Nintendo Switch to restock
Even destiny failing at an economic debate is better than Thoorin talking about Korea shitting the bed at worlds in league.
For anyone crying about U.S. tariffs , why aren’t you complaining about the tariffs that China has put on our products that come into their country . Why wouldn’t we treat them the same way they treat us ? If they tax a vehicle 2000$ that we send there then shouldn’t we tax them the same ? They have been over taxing our goods forever . Its only right that they are taxed the same when they send their products to us .
The guy doesnt have any proof that the tariff would have a long term benefit, he's talking out of his ass
am i the only one who hates when people wonna argue about US problems and they cant find a good argument to get their point across they use the EU (with little to no knowledge about the inner workings of the EU) like not all countries in the eu use the euro. (just a small example)
This is the kind of guy that buys a phone a year after it comes out and says stock was fine no problems
Americans talking about the EU is one of the most frustratingly funny things on this planet.
44:54 best part of this debate DestiSenpaii
There is also the fact price elasticity of the traiffs products are impacted. Therefore lower sales which incentivize consumers to buy more local products.
Does this guy kind of sound like Sam Harris?
yes it sounds like an impersonation of him
Voice is similar, but Sam Harris speaks in slowmotion
It's not just his voice, it's the way he speaks as well.
"Well hold on a second, you've just made a remark and I wan't to comment on it"
That's totally a Sam Harris line.
The second I heard it I had to scroll through the comments to see if any1 noticed this :D
No. Sam Harris is articulate and far, far more agile in his evasions.
As a socialist, watching this made me want to cry.
@@wartome3196 Google is free, use it.
Destiny obviously knows nothing about Scar City
Really confused here...What goods do the US export? I'm from Ireland and our Cars are mostly German and Japanese and food is mostly home grown or from the 3rd world. Very confused here
So hmmm, almost every type of computer component is unavailable at any sort of reasonable price. Then the tariff exceptions were lifted and prices went up even more. This is what it means to argue with any republican. When they are wrong about what future events will happen, they are no where to be found
Literally can’t get an Rtx 3080 gpu a month after it released.
Inventory and storage cost so much that it can make a product unprofitable. Half my field as an accountant would be shut down if we didnt estimate how many units will be sold, so that we can store just the least amount in warehouses to meet demand.
"You're not a total idiot." Is pretty much a compliment when Destiny says it, heheh =P
thats something an idiot would say
This guy knows absolutely nothing. The EU has a unified trade policy, hence the Single Market. What a dunce.
This argument in the PS5 scalper era
"Is that increased 1 dollar cost be fully passed to the consumer?" @ 30:00. Well the answer to that depends on the elasticity of the demand, or how much of the increased cost are the consumers willing to take before buying a Samsung instead of the Iphone. In situations like these(as is the case with any other tax) the end result is always negative both in the short term and the long term for the economy.
Also trade war somehow magically convincing China to stop stealing intellectual property is absurd.
And trade war hurting China more than it hurts US is complete bogus. He's looked it up? What does that even mean. He just throws random statements and moves on.
As for the EU: the biggest point of the EU is free flow of people and very little to no trade barriers between the countries in Eu. But if Lithuania wants to trade with Russia EU can't stop them.
As for tariffs and trade barriers in general: Trump isn't inventing the wheel here, those have been around for centuries and the reason they aren't being used that much any more is that history has proved them to be a bad idea. I'll give you an example here and you can get a lot more if you search for them. The Soviet Union was a giant closed market. Having no access to foreign automarket they developed their own auto producers like Lada, Jigula, Moskvich etc. This would look like an argument FOR closing your market right? It's not. Despite years of experience in those market those market manufacturers NEVER came close to being competitive with the western manufacturers, they were crap and expensive and as soon as the markets opened they disappeared to vastly superior cars. That's what tariffs do to a lesser extent. They help the manufacturers in your country and hurt you - the consumer, and it doesn't even help your economy in the long run as those manufacturers never become competitive with foreigners.
Stock market doesn't have any fundamentals? God this guy doesn't stop with the bullshit. What is earnings per share??? What is Book value per share??? What is dividend?? There is plenty in a common stock share that isn't based on speculation. The reason the stock market appreciates is that companies reinvest their money to make more money and pay you bigger dividend, have more equity, etc. People don't buy stocks JUST because they expect someone else to pay them more for them.(they buy bitcoin for that) Yet more empty statements on things this guy has no clue about.
The idea that military exercises, which increase troop readiness and effectiveness in specific theaters, are simply a fiscal drain and aren't material is ridiculous.
" Date streamed: 10th of October, 2018" His computer calendar begs to differ.
Destiny B.T.F.O.
Everything suddenly fell apart the moment he just kept saying "they buy them at a surplus." Surplus compared to what?
The dude just thinks that US retailers stockpile goods because whenever he goes into a shop it looks fully stocked.
When the tariffs came in, retailers might have actually stockpiled at that point but supplies always run out. There is going to be a burden.
Both ended up agreeing at some point regarding the tariffs. Destiny was focused in on the hear and now of what Trump is doing and how it impacts the economy presently. The other guy was saying it could pay off in the future if it brought China to the table. They had a moment where they both agreed and froze. Then it seemed like they found a new avenue to argue the same thing because they didnt want to agree. IDK THOUGH IM NOT GOOD AT POLITICS
I'm not an economist, but doesn't the price of consumer electronics go down over time because those items become obsolete. Not because there is simply surplus. Electronics are nothing like raw resources in that regard. 22:50
He said at the beginning that China has tariffs and we should have reciprocal tariffs, what amount were the Chinese tariffs and on what?
To say that trump is playing the long game is pretty funny.
Is this guy not conceding the point that these artificially high stock prices are fueled by massive stock buybacks by MNCs?
Today is legal weed day in Canada. Felt like forever to get here but today's finally the day. WooooooHoooooo!!!
Chris McTaggart Congrats! Canada’s been doing so well lately, seriously considering moving if things don’t change much here.
Me at 5th minute: this guy seems pretty reasonable
20 minutes later: "yeah we have just bunch of electronic products lying around, enough for everyone looool, I've seen it myself in local shops"
24:00 my dude who does it hurt more? boi china can just produce less if america orders less like what
This is a retarded critique of my argument.
Where's the follow up debate?
StarCraft 2 while debating international Politics. Awe some!
He didn't seem to understand that his idea of long term benefit from tariffs didn't have much to do with the current state of the economy.
The tariffs were working. It did bring them to the table, and we had a really good deal before the pandemic ruined everything. The tariffs were working. Also, the economy was still booming even while these tarrif were in effect. It hurt some parts of our economy but Our unemployment numbers were still dropping more and more mainly because of Trumps lower tax and deregulation policies. The long-term goal has to be done. To gain a better even playing field. I agree with the conservative.
@Kaleb Jones so I guess every leader in the world is at fought and there the reason then for there economies tanking? Smh that logic makes no sense. It's covids fought not Trumps. Most all countries around world did the same thing Trump did. Shut down there economies to help flatten the curve and figure out the next step into handling a new pandemic. And every country lost Hella lives cause of covid. Blaming the President is just dumb. And dumb people like you believe it 😆
Did we get any concessions from China that didn't just reverse their retaliations?
We do need to raise taxes. Unemployment is too high, especially when inflation is high.