Headlines

EU countries agree to suspend arms shipments to Turkey

Bloomberg is talking about running for president as Bernie struggles with Warren

Warren flaunts fitness as candidates’ health becomes an issue ...

Tabbi: Impeaching Trump would establish ‘intelligence community veto over elections’

Syrian army moves to confront Turkish forces as U.S. withdraws

Larry Summers: US economy is just one bad recession away from zero rates or worse

Chelsea emphatically states that person with beard and penis can identify as woman ...

ABC News airs gun range video, calling it a Syrian war zone — twice

Lindsey Graham: Trump’s vow to sanction Turkey ‘a game changer’

‘Hold the champagne’ : What the Chinese state media is saying about the trade talks

Republican kicked out of impeachment inquiry hearing ...

Ohio swing voters: Impeachment a distraction from what they care about

Savant Idiot

Larry Summers, onetime Treasury Secretary, President of Harvard (who left under a gaff cloud) and now a cable-news chattering head, last week poo-pooed President Trump's attempt to re-balance our international trade. He said on CNBC that he buys lots at his supermarket but it buys nothing from him ... and this is not a disaster. Thus, h,  a renowned economist, is implying that our huge trade deficits with China are not a worry.

To hear such liberal tripe from such a powerful voice in American policy making shocked me to the core ... and suggest why our country has been asleep at the switch for the last 25 years. Now, I am not a PhD. in economics, but I do know that Summer's has his bubble-head in the clouds on at least this issue ... for these reasons:

- Summer's supermarket analogy is misusing microeconomics. Asserting that this micro conclusion applies to macroeconomics is another gaff by one who clearly should know better.

- If Summers were employed by the supermarket he shops at ... and it bought his services as the other half of his analogy, then let's finish this lesson. If Summers spent much more there than he earned (like the current China trade analogy) them this supermarket would be the classic "company store" ... to which Larry would soon "owe his soul."

- The U.S. has been running growing trade defies with China for decades ... last year totaling about $375 billion. China then uses this sovereign wealth to but American assets. It would not take many more years of such an imbalance before China would effectively own the United States -- not a circumstance any of us (including Summer's I assume) would want to impose on our issue.

QED: Larry Summers is a savant idiot.