U.S. government regulators love to regulate even though they may not fully comprehend what they are regulating and social media will be regulated at some point in time. However, in 2018 when several social media CEOs testified before the U.S. Congress, it was “spooky” just how little our political leaders actually understood how social media works both fundamentally and technically.
Concerning world domination of technology, China made a mistake saying that they want to dominate the world in quantum computing and artificial intelligence by the year 2025. First, if this is what you want to do, coming out and saying this is not a smart move. Second, declaring a plan for world domination just makes countries and companies worldwide look for other friendlier countries to produce goods, as well as at the same time finally level the competitive playing field in the manufacturing of goods.
When tariffs are placed on goods made in certain countries, the misleading news media and big business profiteers rarely look past the nose on their faces anymore, rarely report all sides of the argument and too often predict gloom and doom. What they do not understand, in America, for example, consumers are in control. When consumers see products of certain goods start costing more than usual, they will not buy higher priced goods, either until the prices of the desired goods come down or they will buy other comparable goods that cost less.
To stay in business the big business profiteers will quickly accommodate and assimilate to cut out any country where the cost to manufacture goods are too high, unlike what the handwringing, misleading news media, and gloom and doom big business profiteers want consumers to believe which is consumers will simply have to pay more if tariffs are used against countries outside the USA. The news media, with all their disguising rather illuminating, misleading news stories and the big business profiteers do not understand that American consumers are in the driver’s seat and always in control.
For example, if a pair of sneakers suddenly costs way more than they have in the past, most cash strapped, middle class consumers that the big business profiteers rely on just may not buy the now overpriced sneakers, or any other overpriced goods, and will opt instead for cheaper brands that fit their budget. What the misleading news media and many big business profiteers do not understand, American consumers are not so much brand loyal as they are cost conscious. Price beats out brand name loyalty most every time when it comes to typical middle class consumer purchasing decisions, and these middle class consumers make up the vast majority of the overall sales of goods.
SUPPLEMENTAL SOURCE: FORMER U.S. SECRETARY OF STATE AND STANFORD UNIVERSITY PROFESSOR IN GRADUATE BUSINESS SCHOOL, CONDOLEEZZA RICE ON CNBC-TV BUSINESS NEWS 6/19/19