The Awesome Science of Chinonomics

One of the most ironic things about the political revolution that manifested itself with battle cry " Make America Great Again " is its inherent ideological contradiction. Although  Trump supporters   never explicitly explain what " America " they want to bring back, implicit is the notion that they want to see again the dominant, stable U.S. of the post war II period. A country characterized by economic stability, a rising  middle class;  a country where people could pay for their own college education with a waiter's wage, and where corporate employees could rely on the certainty that their corporation looked at them as life partners who deserved to retire with juicy defined benefit pensions.  Where's the contradiction, you ask? Well, the political leaning of the era --the one that allowed stability and prosperity for its middle class--was markedly left-leaning: the New Deal  of FDR, the Great Society of LBJ. Even Republican Eisenhower knew better than go...

Paradigms are a funny thing. They are collective conventions people believe in --even rely upon for functioning. They're ideas everyone has agreed as truth, which few (or not a substantial number of people) question, until a revolutionary thinker, or a massively influential event (or a combination of both) occurs, and they are busted. The earth was flat and no one questioned it until a "brave revolutionary" called Copernicus dared to think outside convention and declared earth revolved around the sun. And boom: Ptolemaic cosmology was gone. Money and government, both social constructions that rely on people according them legitimacy , also rely on paradigms to function. A major one is that money is finite -- we  can  run out of it . Another one is that we can get it only if we do (work on) something of value for somebody else . Also, that we can't make our own money --unless we want to land in jail. Or be tragically killed . Therefore, the reputation of a currency, at...