"This is because the American economy is overwhelmingly based on the provision of services and not on the provision of goods." That is a profound observation.
Could we suggest that most large western economies too have followed the US economic trends by International off-shoring and as we in South Africa call it local out-sourcing?
Yes indeed SJ, they have hung themselves by outsourcing for short-term profit, as usual and the Global South are going to benefit as the tables of western hegemony turn.
One additional comment I'd like to share that may seem a bit "obscure" - but are you aware of the QB for the Buffalo Bills? His name is Josh Allen. Now for a long time there was a sort of rule written in "stone" that a QB coming out of college will have his reception percentage decrease, cause the players in the NFL are "top-notch" - but Josh Allen worked his ass off - practiced with good friends and teachers - and who through that "rule" off and proved it was wrong - his percentage completion has only increased - and that shows me what hard work can accomplish.
~
So I say that in response to this part of the article:
~
"Since a high ranking on PISA corresponds to economic success, researchers have concluded that PISA is one of the indicators of whether school systems are preparing students for the 21st-century global knowledge economy. US maths scores on PISA have fallen from 483 in 2003 to 465 in 2022, while China’s scores rose from 550 to 591. Even more alarming: only 7% of US students reach advanced maths proficiency, compared to 44% in Singapore and 45% in China. No OECD nation has ever reversed a PISA decline once entrenched, this is a grim omen for America."
~
Don't give up the faith - and don't fall for the "banker bias" - cause flux is in the air big time - and tis time for better ideas - and the time is NOW.
Uh....best not to be "stuck" in methodology in flux. Tis my view tariffs if they foster "home-grown" industry make good sense. And nowadays, so much industry can literally be "small-scale" in nature consistent with the ideas of EF Schumacher - as he discusses with vitriol in his seminal work "Small is Beautiful".
~
So, a serious bias some old farts tend to have - is they think they "know it all" - and often the do indeed, but sometimes when "flux is in the air" they are beyond their ken.
Now - there is some industry - such as production of polyethylene terephthalate ("PET") for which large scale production facilities can be most efficient, but reality is assuming the equipment has just been "moth-balled" - facilities of this nature could be started back up - and let me ask a simple question:
Is it not better to make it locally?
~
Moreover, some industry and some technologies lend themselves well to small-scale production - this even includes some modern technology such as production of electronic boards used in so many products.
~
I think this article reads sort of like a "Banker's Lamentation" unable to process all the flux happening - but off course caution is advised - and benefit of the doubt has limits.
~
Warm Regards to you P&S,
BK
~
ps - I'm hoping to send the seeds in the next week or two...
"This is because the American economy is overwhelmingly based on the provision of services and not on the provision of goods." That is a profound observation.
Could we suggest that most large western economies too have followed the US economic trends by International off-shoring and as we in South Africa call it local out-sourcing?
Yes indeed SJ, they have hung themselves by outsourcing for short-term profit, as usual and the Global South are going to benefit as the tables of western hegemony turn.
One additional comment I'd like to share that may seem a bit "obscure" - but are you aware of the QB for the Buffalo Bills? His name is Josh Allen. Now for a long time there was a sort of rule written in "stone" that a QB coming out of college will have his reception percentage decrease, cause the players in the NFL are "top-notch" - but Josh Allen worked his ass off - practiced with good friends and teachers - and who through that "rule" off and proved it was wrong - his percentage completion has only increased - and that shows me what hard work can accomplish.
~
So I say that in response to this part of the article:
~
"Since a high ranking on PISA corresponds to economic success, researchers have concluded that PISA is one of the indicators of whether school systems are preparing students for the 21st-century global knowledge economy. US maths scores on PISA have fallen from 483 in 2003 to 465 in 2022, while China’s scores rose from 550 to 591. Even more alarming: only 7% of US students reach advanced maths proficiency, compared to 44% in Singapore and 45% in China. No OECD nation has ever reversed a PISA decline once entrenched, this is a grim omen for America."
~
Don't give up the faith - and don't fall for the "banker bias" - cause flux is in the air big time - and tis time for better ideas - and the time is NOW.
BK
Thanks Ken - I often quote Vince Lombardi -
"The achievements of an organization are the results of the combined effort of each individual.”
“People who work together will win, whether it be against complex football defenses, or the problems of modern society.”
“Individual commitment to a group effort – that is what makes a team work, a company work, a society work, a civilization work.”
I think Trump understands this?
Best wishes and peace my good friend
AP
Uh....best not to be "stuck" in methodology in flux. Tis my view tariffs if they foster "home-grown" industry make good sense. And nowadays, so much industry can literally be "small-scale" in nature consistent with the ideas of EF Schumacher - as he discusses with vitriol in his seminal work "Small is Beautiful".
~
So, a serious bias some old farts tend to have - is they think they "know it all" - and often the do indeed, but sometimes when "flux is in the air" they are beyond their ken.
~
Regards,
BK
Now - there is some industry - such as production of polyethylene terephthalate ("PET") for which large scale production facilities can be most efficient, but reality is assuming the equipment has just been "moth-balled" - facilities of this nature could be started back up - and let me ask a simple question:
Is it not better to make it locally?
~
Moreover, some industry and some technologies lend themselves well to small-scale production - this even includes some modern technology such as production of electronic boards used in so many products.
~
I think this article reads sort of like a "Banker's Lamentation" unable to process all the flux happening - but off course caution is advised - and benefit of the doubt has limits.
~
Warm Regards to you P&S,
BK
~
ps - I'm hoping to send the seeds in the next week or two...
Yes Ken, agreed - the way forward must be local which I wrote about in 2022 - you may have missed it: https://austrianpeter.substack.com/p/the-financial-jigsaw-part-2-localisation?s=w
Blessings to you my good buddy
AP
I didn't miss it....I remember....I just am always sort of "on guard" when it comes to global bankers!
-Ken