Between MAGA and the billionaires who fund and control DJT - HCR's take.
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Civil war has broken out within the MAGA Republicans. On the one side are the traditional MAGAs, who tend to be white, anti-immigrant, and less educated than the rest of the U.S. They believe that the modern government’s protection of equal rights for women and minorities has ruined America, and they tend to want to isolate the U.S. from the rest of the world. They make up Trump’s voting base.
On the other side are the new MAGAs who appear to have taken control of the incoming Trump administration. Led by Elon Musk, who bankrolled Trump’s campaign, the new MAGA wing is made up of billionaires, especially tech entrepreneurs, many of whom are themselves immigrants.
During the campaign, these two wings made common cause because they both want to destroy the current U.S. government, especially as President Joe Biden had been using it to strengthen American democracy. Traditional MAGA wants to get rid of the government that protects equality and replace it with one that enforces white male supremacy and Christianity. New MAGA—which some have started to call DOGE, after the Department of Government Efficiency run by Musk and pharmaceutical entrepreneur Vivek Ramaswamy—wants to get rid of the government that regulates business, especially technology, and protects American interests against competition from countries like China.
Their shared commitment to the destruction of the current government is about the only overlap between these two factions.
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Trump, the great compromise bringing and peace maker, will undoubtedly clear things up and bring unity:)
Ask your R congressperson which side they support.
reflecting on japan and looking at what might become of china
Paul Krugman suggests storm clouds for China
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Obviously China isn’t really retrogressing technologically; in fact, it has shown an impressive ability to compete on fairly advanced technologies. What these numbers probably reflect is a combination of massive amounts of wasted investment, especially in real estate, slowing progress in the economy outside sectors the government favors, and a general crackdown on the private sector.
In a way it’s surprising to see such a slowdown in what is, after all, still only a middle-income country; Japan didn’t downshift until it was more or less at the same overall technological level as the West. But China appears to be falling into the middle-income trap — a controversial concept, but one I believe corresponds to something real.
What’s remarkable is that China’s leadership seems completely unwilling to adjust to this changing reality.
As you can see from the chart above on investment shares, China hasn’t moved at all toward the kind of lower investment, higher consumption economy it needs to become. Instead, investment as a share of GDP has gone even higher, thanks to government policies that both fueled a monstrous real estate bubble and pushed investment in government-favored industries even when they already had excess capacity.
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05:00 in Current Affairs, General Commentary | Permalink | Comments (0)