The Almighty Dollar: Follow the Incredible Journey of a Single Dollar to See How the Global Economy Really Works - Dharshini David
Shared by:cryotag
Have you ever wondered why we can afford to buy far more clothes than our grandparents ever could . . . but may be less likely to own a home in which to keep them all? Why your petrol bill can double in a matter of months, but it never falls as fast?
Behind all of this lies economics.
It’s not always easy to grasp the complex forces that are shaping our lives. But by following a dollar on its journey around the globe, we can start to piece it all together.
The dollar is the lifeblood of globalisation. Greenbacks, singles, bucks or dead presidents: call them what you will, they are keeping the global economy going. Half of the notes in circulation are actually outside of the USA – and many of the world’s dollars are owned by China.
But what is really happening as our cash moves around the world every day, and how does it affect our lives? By following $1 from a shopping trip in suburban Texas, via China’s central bank, Nigerian railroads, the oilfields of Iraq and beyond, The Almighty Dollar reveals the economic truths behind what we see on the news every day. Why is China the world’s biggest manufacturer – and the USA its biggest customer? Is free trade really a good thing? Why would a nation build a bridge on the other side of the planet?
In this illuminating read, economist Dharshini David lays bare these complex relationships to get to the heart of how our new globalised world works, showing who really holds the power, and what that means for us all.
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| Creation Date: | Wed, 10 Aug 2022 15:45:24 +0200 |
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This post has 6 comments with rating of 5/5
August 10th, 2022
Economists are cute with the way they never seem to comprehend that markets are presently controlled not by supply and demand, but by price fixing. “But competition!” The confused ninnies cry. “But monopolies.” I respond. Because there is no longer meaningful competition. Cartels haven’t stopped price fixing, instead they do it over dinner and in person. Because, unless you can prove collusion, monopolistic behavior is entirely and completely legal in the US. How do you avoid any proof of collusion? Easy. Don’t write it down.
While we did have a supply chain breakdown due to the failure of JITA the primary reason we can’t afford things anymore is because corporate profits are up massively since the pandemic, yet sales have fallen off of late and input costs have stayed relatively constant with slight increases in labor costs (though they remain at record lows on a per-unit basis) and only minimal increases in raw materials cost in most industries. And yet, prices are up between 20 - 100%. How utterly strange. Must be some super complex economic voodoo going on there, because otherwise we might have to admit that free markets aren’t anymore.
https://www.epi.org/blog/corporate-profits-have-contributed-disproportionately-to-inflation-how-should-policymakers-respond/
I’m glad the author is doing well, but I can’t afford to buy more clothing than my grandparents could. I haven’t bought new clothing in five years. I can afford food because I buy dry goods, which are somewhat price limited by the price of commodity contracts, and I can afford (often used) materials to maintain my home because that’s the only other thing I spend money on. I have no savings because I can’t afford to.
Economists are cute. Like a goldfish trying to understand counting. If the goldfish really works at it, it can get there, but most goldfish don’t work at it, and neither do most economists.
August 10th, 2022
Great. I might even learn something.
August 11th, 2022
Thank you kindly
August 13th, 2022
@erouting, I am guessing you haven’t got a moment to spare to publish your thoughts, but I would definitely read you.
(or are you Josh Bivens, author of the article you linked?)
Anyhow, appreciate your observations!
August 13th, 2022
Merci beaucoup
August 19th, 2022
@erouting - Well spoken, and I agree, you cant listen to one persons view on something this big. When I was growing up in the late 1960’s-1970’s, My father had only a high school edu, and worked delivering groceries in Queens, NY. From that, he was able to buy a 4 bedroom house in a nice suburb on Long island, raise 5 kids, and my Mom stayed home and raised us. It got hard starting in the mid to late 1980’s though. So what has changed so much? I think its population, because as the pop grows so does everything else…
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