What this means in practice is that while the U.S. runs a revenue deficit on trade, we run an enormous surplus in profits on trade when properly accounted for. This is clearly obvious in global statistics on profits and wealth accumulation. From 1998 to 2024 U.S. corporate profits grew from around $500 billion to $3.7 trillion, a more than sixfold increase. The rest of the world saw profits grow from $102 billion to $457 billion, only a 3.5-fold increase. Said another way, the U.S., with 5% of the global population and 25% of global GDP, made 83% of world profits in 1998, which increased further to 89% in 2024. Not surprisingly, over the same period U.S. household net worth has increased from $37 trillion to $174 trillion today, the greatest accumulation of wealth in the history of the planet, and the U.S. stock market has outperformed all other world markets (occasionally excepting Sweden) massively since World War II.
In partial response to some of yesterday’s comments about Luther and the church he founded:
Lutherans and Lutheranism and the Lutheran church have evolved considerably since their beginnings in the High Middle Ages. While it is appropriate and necessary to be clear-eyed concerning Martin Luther and his antisemitic views, it is also necessary and appropriate to take caution lest one’s feelings in that regard shade over into animus and become a reverse blood-libel directed at contemporary Lutherans. E.g.: His [Luther’s] blood/antisemitism be upon us.”
My father and his very German family, Missouri Synod Lutherans all, were the among the most tolerant people I ever knew, much more so than the Irish side of my family. Nary a trace of anti-Jewish animus in their makeup. As was the case, more or less, with the vast number of Germans who immigrated to America between the 1600s and late 1800s. Not incidentally to this point, Germans in the early-mid 1800s were among the most anti-slavery people in America and they served (and suffered, and died) in large numbers in the Union army during the Civil War. Generally speaking they were committed abolitionists and believed that the Civil War was essentially a crusade to end slavery and that taking part in it was a moral imperative.
Yemen’s Houthis hit tankers in Red Sea as US strikes Iran for 12th consecutive night
Crew safe after Iran-backed rebels say they hit two Saudi ships that violated their blockade; Iran says it targeted US military assets in Kuwait and Jordan in response to strikes
It’s been a while since we’ve had a good Donnybrook over trade deficits. Maybe this will stir the pot.
https://www.wsj.com/opinion/trade-deficit-derangement-syndrome-fe3f37d6?st=AKkyUf
In partial response to some of yesterday’s comments about Luther and the church he founded:
Lutherans and Lutheranism and the Lutheran church have evolved considerably since their beginnings in the High Middle Ages. While it is appropriate and necessary to be clear-eyed concerning Martin Luther and his antisemitic views, it is also necessary and appropriate to take caution lest one’s feelings in that regard shade over into animus and become a reverse blood-libel directed at contemporary Lutherans. E.g.: His [Luther’s] blood/antisemitism be upon us.”
My father and his very German family, Missouri Synod Lutherans all, were the among the most tolerant people I ever knew, much more so than the Irish side of my family. Nary a trace of anti-Jewish animus in their makeup. As was the case, more or less, with the vast number of Germans who immigrated to America between the 1600s and late 1800s. Not incidentally to this point, Germans in the early-mid 1800s were among the most anti-slavery people in America and they served (and suffered, and died) in large numbers in the Union army during the Civil War. Generally speaking they were committed abolitionists and believed that the Civil War was essentially a crusade to end slavery and that taking part in it was a moral imperative.
https://www.timesofisrael.com/yemens-houthis-hit-tankers-in-red-sea-as-us-strikes-iran-for-12th-consecutive-night/
Irishotter49…
Yes. The LCMS position can be found here (scroll down or search on page for “semit”):
https://www.lcms.org/about/beliefs/faqs/lcms-views