It’s become much more noticeable since he got involved with Trumps campaign.
He went from being right wrong and keen to discuss politics, to now he won’t even say anything remotely critical, which is normal since he’s a sitting member of the admin but then he shouldn’t talk politics on the Pod.
Had been planning on watching the All-In episode, so glad to read this thorough summary.
The loyalty Sacks and Chamath towards Trump is unsurprising; Trump doesn't tolerate dissent. Even Elon has only been critical of Navarro, not Trump, who is actually implementing Navarro's ideas.
The saddest part about this overall tariff war is seeing the loss of American soft power and credibility globally--something that took decades and generations to accumulate.
Market and USD weakness can be great as a long-short trader, but can't help but feel those profits are coming at the cost of America's reputation and future.
Second thanks for taking the time to read and comment.
The point Summers was making was just because you run a deficit with one country (or entity), it doesn’t mean you are being exploited.
It’s normal for countries with more purchasing power to import more from lower purchasing power countries, you can try restricting this with trade restrictions but then there will be deadweight losses.
The problem becomes when the trade deficit runs too deep, the value might not be accruing to enough of the right people, sectors or parts of the country. This is where we seem to be.
I take your point but I don’t think Summers was trying to say running a trade deficit is always problematic, he was just making a more nuanced point that the US benefits in some way from these trades.
Not clear to me that Sacks has done anything but carry water for this administration, and be a general clownish ghoul
It’s become much more noticeable since he got involved with Trumps campaign.
He went from being right wrong and keen to discuss politics, to now he won’t even say anything remotely critical, which is normal since he’s a sitting member of the admin but then he shouldn’t talk politics on the Pod.
Had been planning on watching the All-In episode, so glad to read this thorough summary.
The loyalty Sacks and Chamath towards Trump is unsurprising; Trump doesn't tolerate dissent. Even Elon has only been critical of Navarro, not Trump, who is actually implementing Navarro's ideas.
The fact is that nothing is going to stop Trump from implementing policies based on his worldview 40 years ago https://www.youtube.com/watch?v=GZpMJeynBeg
The saddest part about this overall tariff war is seeing the loss of American soft power and credibility globally--something that took decades and generations to accumulate.
Market and USD weakness can be great as a long-short trader, but can't help but feel those profits are coming at the cost of America's reputation and future.
100% super concerning to watch as smart people with eff you money don’t even feel comfortable pointing out when something isn’t working well!
First of all, I love your Substack handle.
Second thanks for taking the time to read and comment.
The point Summers was making was just because you run a deficit with one country (or entity), it doesn’t mean you are being exploited.
It’s normal for countries with more purchasing power to import more from lower purchasing power countries, you can try restricting this with trade restrictions but then there will be deadweight losses.
The problem becomes when the trade deficit runs too deep, the value might not be accruing to enough of the right people, sectors or parts of the country. This is where we seem to be.
I take your point but I don’t think Summers was trying to say running a trade deficit is always problematic, he was just making a more nuanced point that the US benefits in some way from these trades.