TrueValueMetrics ... Impact Accounting for the 21st Century

Date: 2025-08-21 Page is: DBtxt003.php txt00028070

THE SOCIO-ENVIRO-ECONOMIC SYSTEM (SEES)
and
TrueValueMetrics (TVM)
Thoughts on how accountancy and economics
need to adjust to have future relevance and utility.

TVM SITE NAVIGATION

HOME

SiteNav

Alpha

SEES

actors

place

products

metrics

TPB

TRANSCRIPT

TRANSCRIPT NAVIGATION

S-01 S-02 S-03 S-04 S-05 S-06 S-07 S-08 S-09 S-10 S-11 S-12 S-13 S-14 S-15

S-16 S-17 S-18 S-19 S-20 S-21 S-22 S-23 S-24 S-25 S-26 S-27 S-28 S-29 S-30

Contents Last S-09 Next S-11

SECTION 10
DONALD TRUMP'S HUGE MISUNDERSTANDING
ABOUT TARIFFS
Version 1 ... February 2025

1:13:07
other American workers but I can tell you as a mathematical Economist we
cannot know whether the jobs we protect in the automobile industry won't be
overwhelmed by the jobs we lose as a result of this tariff

1:13:25

Donald Trump’s Huge Misunderstanding About Tariffs

okay we live in a society which I may Jump Ahead in the in our conversation in which we allow a
president to do two remarkable Mr Trump two remarkable thing one to constantly
Miss speak about tffs by now it's intentional because I'm
going to hit the Chinese Chinese people don't pay our tariffs we do the Tariff
is a tax on Imports all right that means the
Republican party for a hundred years the party advocating tax cuts has become

1:14:07
overnight a party championing taxes namely tariffs that really ought to make
people what's going on here but he slides out from that by
having large numbers of Americans all the polls show it think that the Tariff
is paid by the people over there non-american it isn't no is real simple
it isn't but number two he never tells you what are
the you know how do I put this what are the negatives what are the side effects
of a tariff now tariffs have been around for centuries there is an immense
literature in economics about tariffs there's nothing new about it there's is
nothing unheard of if you spend if you take a course in in international trade

1:15:01
in any economics program that I'm familiar with and I'm familiar with a lot of them I've taught this materal you
teach it there's an segment of the course about tariffs and what you do is you teach when are tariffs used what do
they achieve what are the problems what are the negative and positive and
they're both side effects but we have have a president who talks about this is
a winwin winwin situation this is moronic it doesn't understand the
literature which never says that it doesn't understand even what it is doing
and it's a continual fooling of the people into thinking that you know we're
going to resore you know bring industry back because when they make it too expensive for them to yes there'll be
some of that but there'll be all these other things which the literature is full of because it's these are lessons

1:16:00
that have been learned by people who did this all of this is magied away it's
it's a stunning and you know that Mr Trump he doesn't understand it it's
clear to me because if he did the level of lying I maybe he's capable of it but
I'll give him the benefit that I find that hard to understand but that the me New York Times and the
others you know Paul Krugman writes for the New York Times he's a Nobel PR and
his specialty is international he knows come on and many many like him
know what but there's this America and that's the again the legacy of the Cold
War you don't get even this weird Trump
character because these are often liberals that I'm like they they can't bring

1:17:00
themselves to be reasonably critical that may change but for the moment I'm
I'm here explaining the economics of tariffs to
people I do it all the time because they ask all the time and they're all you should see them in the audiences you
know they're all that that's because I'm telling them something that they don't
know and that's not their fault that should be what what are you doing is why
are you doing a tariff when you know that yes you will protect the jobs of
the immediately affected but there are all these other con
what it's like announcing I'm taking over the Panama Canal you can't do that
because of the ramifications what do what are you you been denouncing Mr Putin for 3 years that he invaded
another country and took something that isn't his you just announced you're going to do that what what do you think

1:18:06
that do has you don't have to worry you just m the tough gu stop this isn't
serious but with him this
exaggerated Bluster got in the election because it's a naughty boy and he's
being a naughty again and the whole world is more naughty and it
works but man those negative side effects they
don't go away because you pretend they're not there that's like the little child and I did this with you I'm sure
the little three-year-old confronts the scary doggy in the park and he or she
puts their little hands in front of their eyes because they think if they can't see the dog it won't be there
but by the time they're four or five years old they have learned the lesson you can do that the doggy is still there

1:19:02
Mr Trump and this country are engaged in levels of denial that I look at and I go
wow what is going on in a society that would do this what why self-d delude what what
what possible and if we as I believe or I hope we do talk about the internal
contradictions of the economic program of Mr Trump then you'll see that this
this is what I've just told you it's all over the place not just with tariffs but with
deporting immigrants in Sonia you know the secondary consequences here ought to
make any rational government
stop and the fact that this government isn't stopping well draw the

1:20:03
conclusion let me try to illustrate the the contradictions

Richard on Donald Trump’s Contradictions About Immigration

1:20:10
internal craziness of what is being proposed and I'm going to do that in two
ways I'm going to use what we in economics call supply and demand
analysis I'm very simple-minded uh approach we teach students as a
beginning to understanding economics and then I'm going to also use the marxian economics idea of