Innovation may be down in the USA, but it's definitely better than in other places. The potential is there - the same cannot be said for anywhere else in the world.
Europeans take their ideas to the U.S. because in Europe there's no money for innovations. There's no infrastructure for it. China is trying the wrong approach and producing nothing. Japan has incremental improvements ingrained in its culture.
However I think he's right about the stimulus and money. The big government approach doesn't produce anything innovative either. We're building roads in the USA - that's good, but... not gonna change the world now is it? Printing money is currently undermining the USA - it's surprising inflation isn't much worse than it is but at some point something will have to give.
It reminds me a bit of the housing bubble - for years house prices were going up, way into silly territory, and beyond. But eventually, the market corrected itself. Now, we're printing US$ Tns every year and there seem to be no negative effects - but that, also, is going to eventually hit home. It's going to make America a country of cheap labor. Inflation will catch up.
Europeans take their ideas to the U.S. because in Europe there's no money for innovations. There's no infrastructure for it. China is trying the wrong approach and producing nothing. Japan has incremental improvements ingrained in its culture.
However I think he's right about the stimulus and money. The big government approach doesn't produce anything innovative either. We're building roads in the USA - that's good, but... not gonna change the world now is it? Printing money is currently undermining the USA - it's surprising inflation isn't much worse than it is but at some point something will have to give. It reminds me a bit of the housing bubble - for years house prices were going up, way into silly territory, and beyond. But eventually, the market corrected itself. Now, we're printing US$ Tns every year and there seem to be no negative effects - but that, also, is going to eventually hit home. It's going to make America a country of cheap labor. Inflation will catch up.