...
I've worked in a range of industries including banking...and the oil industry is one in which I've followed as an investor for a long time...
It isn't tax avoidance like something nefarious...these are provisions corrupt congresscritters put in legislation so as to curry donations...the businesses are paying their fair share according to the laws congress passed...those that get greedy (usually fat-cat demoscats, the latest being SBF) end up getting the rest saddled with more bureaucratic gobbledegook that does nothing to stop the next ponzai scheme but adds costly burdens to everybody.
Krugman only looks stupid, he is in fact and for a very long time the DeepState shill for the Big Lies needing his (ha!) expert economic opinion...anything he says is sure to be total sh*t with only enough side sprinklings of truth to make the unwary wonder if the moron is right...
I don't even bother reading his dreck anymore...
As for real life experience vs book learning...I learned very early in college (like first semester!) to spoon feed a moron's BS back at them, take the A and tell everybody what an idiot that Professor is! What took him so long? LOL!
I did not mean that tax avoidance was evil. I just meant that he is no leftist hack with no real world experience. He has worked in the belly of the best many times over.
Michael Hudson was an acquired taste for me. If I hear the word "Marxist" I get triggered and write the person off immediately, even though the word can mean many things.
IMO it would be a mistake to write him off as a flake until you listen to the details of what he says. In short, debt grows exponentially without regard to the ability to pay. The economy does not grow exponentially. Every recovery since WWI has started with an increasing level of debt. Prior to the Greeks and Romans some Eastern civilizations wrote off debts to avoid destruction of the their civilizations. Now finance has taken over the US govt.
Agreed, the Neo-Keynesians (not Keynesians) hijacked things and ran with pump-priming without a care for anything else and since they owned the presses spewing out fiat they could debase monetary value like King's of old would kill to do...but those King's of old tried (debasement...diluting gold and silver with base metals over and over and over again) until the bill came due...(from being deposed/killed to civil war/invasion) the Neo-Keynesians think they can do this forever without consequence...emerging from WWII and being top superpower gave them a boost with the preeminent world reserve currency...Nixon breaking the link to gold flung Pandora's Box wide open and the Big Govt politicians seized the opportunity to blow spending into ever increasing levels of insanity, also foolishly thinking the bill will never come due...
If these lunatics think they can wipe out all debtors they are beyond insane...it will trigger a global war and all the horrors that come with it.
Since they are probably possessed by Satan's demons it is probably what they are precipitating...
I like him calling Krugman stupid and asking him to return his credentials!
Uses that Neo-Con label...DeepState Uniparty scumbag more accurately!
As for de-dollarization...
Not sure the Pound Sterling losing reserve status (to us) would be comparable to US losing reserve status...simply because of our insane spending, insane debt, insane inflationary monetization and gamed banking...
If the global finance/trade systems bifurcated would America survive, sure, if that is all that happened...but do we think debtholders like China would want to keep holding that paper? What would these thugs do if they had to pay it off? Who would they sell out? Even if they seize all private wealth individual and corporate they'd be coming up short. Would China et al accept cents on the dollar and at what level?
This is the ultimate rock/hard place...dollar remaining world reserve currency kicks the can down the road, makes the bill coming due harder...de-dollarization institutes instability that could have bad global consequences depending what foreign powers holding our debt do...
The rest is noise, right/wrong/indifferent...IMO the demonization of the elite lunatics running us into the jaws of Hell loses focus when people we all know declare "America" is Evil...America is not Evil, but it is despotically controlled by Evil people, not the same thing...but we the vicitimized citizen is being thrown out with the trash...
In any East vs West discussion this casual lumping in is a peeve of mine...and I cannot always tell if people mean it or not...some seem obviously OK with it...
Just like us wanting a peaceful divorce from a tyrannical government it would be nice if the world sought a peaceful divorce from America...but I am not seeing such intent...
If true why should anybody be nice to anybody and not scorch the Earth on the way out?