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Wednesday, March 21, 2018

Voxiversity 003

The third Voxiversity video is now live! This is another short video, and one that conclusively disproves the oft-heard assertion that trade wars are always bad for the economy.


Episode Three: Trade War: What is it good for?
We will be following this up shortly with a bonus fourth episode thanks to CGTN graciously granting permission for me to upload an edited version of the appearance on Dialogue that is referenced here. If you are interested in supporting us making more of these videos, consider becoming a Voxiversity backer. Some initial comments:
  • Vox Day hits it out of the park again.
  • Awesome Video - they just keep getting better!! I will be sharing this with everyone. 
  • These just keep getting better, especially in terms of production quality. Happy to be a monthly Voxiversity support. Keep em coming!
  • The learning curve here is working far, far beyond any reasonable expectations. I know you are uncomfortable in front of the camera, but this video is absolutely fantastic. Your collaborator has figured out how to work around whatever deficiencies you may feel you have and is making your point for you marvelously. 
  • I am impressed how much these improved since the first one, primarily on the audio side. Good stuff.
You should find that a link to this will serve as an effective rebuttal to anyone who is running around shrieking about Smoot-Hawley, David Ricardo, and how Trump's tariffs are inevitably going to lead to a trade war that will lead to a second Great Depression.

I think this is my favorite comment so far: I almost feel sorry for the free traders...

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31 Comments:

Blogger Justin Bailey March 21, 2018 5:42 PM  

The quality of these videos gets better each release. I wish it had gone more into the 7 flaws, but it would lead to long videos that nobody will watch. The short and sweet format definitely makes it easier to share with friends. I enjoy the 45 minute Molyneaux monologues, but nobody who isn’t already invested is going to bother.

Blogger VD March 21, 2018 5:48 PM  

I wish it had gone more into the 7 flaws, but it would lead to long videos that nobody will watch.

I will do that, but in a future video that will go 15-20 minutes. The goal of these short videos is to hit a few points hard, and ideally, leave people curious to learn more. I already write books. This is not focused on the book-reading crowd.

Blogger Ahärôwn March 21, 2018 5:52 PM  

Thanks for breaking down the formula for people without any economics background, Vox. You've made the video's point on the blog recently, but showing the formula with example numbers brings it home in a more forceful way.

And yes, the production quality is much better. I'm happy to be a backer!

Blogger Matt Robison March 21, 2018 5:55 PM  

Great video. Clear and concise. I understand you use GDP because that's the measurement *they* use, but is there anything to show that it has any correlation to reality? Where the rubber meets the road? I'm genuinely curious, because in my anarcho-crapitalist days, it was always just a government number to be ignored with scorn.

Blogger Dave March 21, 2018 5:58 PM  

Youtube remains the big dog for now...

Episode 3: Trade War
Youtube 232 views
Bitchute 102 views

Episode 2: Sink the Ships
Youtube 9589 views
Bitchute 2912 views

Episode 1: Immigration and War
Youtube shows 5.4k views on Voxiversity channel (no count given on the video page itself)
Bitchute 6002 views

Blogger Dave March 21, 2018 6:00 PM  

As I commented at Bitchute, excellent use of the Dialogue segment.

Blogger VD March 21, 2018 6:05 PM  

I understand you use GDP because that's the measurement *they* use, but is there anything to show that it has any correlation to reality?

The two chapters in RGD entitled "The N-Body Problem" and "No One Knows Anything" should suffice to demonstrate that there is little more than a very vague correlation to reality.

But that is totally irrelevant with regards to the discourse on free trade. You cannot win an argument about a football game by pointing out that the "points" awarded by a touchdown have no material basis in reality.

Blogger LES March 21, 2018 6:13 PM  

American workers create American exports. If exports went to zero what happens to all those jobs?

It used to be that people would brag that their purchase was imported because it implied that they could afford the extra expense. Today imported means cheap.

Blogger VD March 21, 2018 6:18 PM  

American workers create American exports. If exports went to zero what happens to all those jobs?

They would be replaced by the larger number of jobs required to supply the domestic replacements for the now-banned imports.

Blogger Mr.MantraMan March 21, 2018 8:04 PM  

China tariffs big headlines at Drudge

Blogger Avalanche March 21, 2018 8:20 PM  

Excellent and very helpful for someone with no background in macro economics. I thought the bits from your China TV interview were great; helped see what "the orthodoxy" thinks. I look forward to the longer one(s).

(Brief whine for your graphics guy... the 'rolling scratches" to make it look like old-timey film? Very distracting and I don't think it added anything and you're not that old!)

Blogger VD March 21, 2018 8:24 PM  

Very distracting and I don't think it added anything

The distraction was the point. The poor quality of my videocamera drives him to despair. It will be fixed in May, when the camera for which I am waiting is released. No point in buying a better one to use for just two months.

Blogger Aeoli March 21, 2018 8:49 PM  

Excellent. Plz wear traditional headdress thx.

Blogger Azure Amaranthine March 21, 2018 8:59 PM  

GDP is an odd number to be concerned with.

It doesn't really measure value, but rather movement of money.

C is personal/family consumption for necessities, obligations, and pleasure.

I is business investment in structures, supplies, tools, etc.

G is both of the above, but for government.

NX or (X-M) has been pretty well covered for all of us at this point.

From a value perspective, some things count more than once here. Pretty much all consumption has recently (as in, during the year, the period GDP is normally computer over) also been counted as investment by someone else. This goes more than triply for consumption based on debt, as the debtor, the consumer, and the seller all count it towards GDP, and the debtor counts the interest on it as well.

Part of C is based on population (assuming they aren't dying of deprivation and exposure). Raising the population without adjusting other factors necessarily raises consumption.

Other than (X-M) and the necessities, all of this can actually be pressed higher by spending on entertainment and conveniences/luxuries and so on. Contrary to what is made obvious, this doesn't really account for "pleasure spending" that is paid for by going into debt. The equation just conveniently assumes that that doesn't happen. The only limits are how much debt one is allowed to be in, and how much of a slope it is (interest rates).

This is exactly why so many people act like debt = wealth, because more debt = bigger GDP like magic. Economic fluidity in this sort of system (and hence GDP) can be magically produced purely by raising debt ceilings and keeping interest low.

Honestly, the only reason they even care about keeping interest low is because raising it is the equivalent of backing and enemy force into a corner, and cornered people tend to destroy both other peoples' investments and their own debtors.

From a governmental perspective it makes a bit more sense. Pretty much every time money moves they find a way to tax it.

Higher GDP
= Higher G
...
= more governmental power.

So, yes. The government isn't debt averse, rather, it actually likes debt. It likes debt a lot, because unlike to everyone else, fiat debt is pure power in the hands of whoever has the force monopoly.

Blogger Azure Amaranthine March 21, 2018 9:04 PM  

"Plz wear traditional headdress thx."

Careful what you wish for. One time when he did that it resulted in about half his readership going "WTF? VoxJW?!?"

Blogger Brick Hardslab March 21, 2018 9:29 PM  

The only proper way is for Vox to mix and match. A sombrero, a scalping knife and tomahawk and if legal in Italy a couple of Colt Walkers. And warpaint.

Blogger Aeoli March 21, 2018 9:42 PM  

And warpaint.

plz paint traditional bluebutt thx

Blogger Avalanche March 21, 2018 9:56 PM  

@16 "The only proper way is for Vox to mix and match. A sombrero, a scalping knife and tomahawk and if legal in Italy a couple of Colt Walkers. And warpaint."

And the dog(s), please... always the dogs!

Blogger Crew March 21, 2018 9:58 PM  

I think globalists are going to remove (X - M) from the GDP calculation very soon!

Blogger D. March 21, 2018 10:46 PM  

x-m should be zero 0 1st instance

Blogger Snidely Whiplash March 21, 2018 11:00 PM  

GDP is important because it only measures the flow of money. When your personal income, tribal prosperity, your entire industry, consists of cutting yourself a slice of every financial transaction, GDP is the only national metric that matters.

Blogger Azure Amaranthine March 21, 2018 11:09 PM  

@Snidely, yeah, that's the long and short of it.

Blogger Azure Amaranthine March 21, 2018 11:18 PM  

And what GDP wants is more people, less savings (a penny saved isn't a penny shaved), more luxury purchases of complex items, higher debt, higher govt expenditure...

...and as high of an interest rate as the backs of its slaves can possibly bear. If they start complaining, lower the interest rate, raise the debt ceiling (so you can seesaw more interest anyway) and open the inflationary floodgates a crack wider so no one can tell the water level in the reservoir is going down.

Blogger Sean March 22, 2018 1:11 AM  

The Conservatives on talk radio keep screaming about Smoot-hawley. Those tarriffs if I remember right, the prevailing wisdom made the depression worse. What is the counter argument to that and how does it apply to what is going on now? Just curious. I have a hard time grasping arguments, and I know Vox is right but I would just like to better understand why the Levin's are wrong.

Blogger Duke Norfolk March 22, 2018 6:01 AM  

Nicely done.

The only way they [or is it (((they)))?] can refute this is to admit that GDP is a bogus economic measurement.

That opens up a whole other discussion, of course. One that would be very instructive.

Blogger Wynn Lloyd March 22, 2018 11:18 AM  

This wasn't searchable on Roku's YouTube app, probably due to censorship. Nuts to them because we watched it anyway.

This is really amazing in that it's both rock-solid and easy to grasp. It's going to be an absolute weapon. No more easily derailing an argument supporting the GE, now. Their free trade mythology is a sitting duck.

Blogger Jonathan March 22, 2018 1:03 PM  

I used the formula example this morning and it won the debate (and gave the guy something to think about).

Blogger Daniel H March 22, 2018 3:20 PM  

Good. More.

Blogger Dave March 22, 2018 7:05 PM  

Updated views approximately 24 hours later...somebody on idka noted this Youtube vid from Dec. 2010: Voxiversity 5.1: Inflation and the CPI says 2201 views.

Voxiversity videos now garner more views in 24 hours than they previously did over a span of 7 years.

Episode 3: Trade War
Youtube 232 views to 2,486 views
Bitchute 102 views to 544 views

Episode 2: Sink the Ships
Youtube 9589 views to 9,749 views
Bitchute 2912 views to 2990 views

Episode 1: Immigration and War
Youtube shows 5.4k views on Voxiversity channel (no count given on the video page itself)
Bitchute 6002 views to 6154 views

Blogger Dirk Manly March 22, 2018 8:06 PM  

"The Conservatives on talk radio keep screaming about Smoot-hawley. Those tarriffs if I remember right, the prevailing wisdom made the depression worse. What is the counter argument to that and how does it apply to what is going on now? "


The counter-argument is:

In 1930, the U.S. was a net exporter, and today, the U.S. is a net importer. Trade wars hurt exporters, they benefit importers.

Blogger Cool Guy449xx_420 March 23, 2018 11:37 AM  

Good vid. The style is very much that of the "quick fun fact snippets" that libs post on Faceboo. Glad to see we're catching on. Must be why we say fight fire with fire

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