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"The United States has been engaged in a trade war since the end of World War II. Having the only industry after the World War II, we spread the doctrine of free trade to open markets in Europe and the Pacific. But the most important country in the East, Japan, closed its market, subsidized its manufacture, and sold its exports at cost, making up the profit in the closed market. By 1960 the country was losing a substantial portion of its textile industry and jobs due to the predatory practices of Japan.
Corporate America changed sides, joining Wall Street, the big banks, and the financial world in calling for free trade. This is the crowd with Larry Summers and Secretary of the Treasury Geithner counseling President Obama against protectionism and "starting a trade war." And the poor president intentionally or stupidly goes along. No one thinks President Obama is stupid, so it must be intentional. If the president enforces the trade laws, immediately coming down on his head will be Wall Street, the big banks, the financial world, the Business Roundtable, the United States Chamber of Commerce, the National Federation of Independent Business and Corporate America -- all interested in cheap Chinese imports and big Chinese profits to keep the market up. The Congress, like the president, refuses to engage in the trade war for fear that the contributions will be cut off or used against them. And all the media go along with this nonsense of free trade, "don't start a trade war," when we've been in one for over fifty years.
Washington and the Wall Street crowd that got us into this mess are not a bit interested in U.S. jobs or the U. S. economy. Corporate America and the financial crowd are interested in opportunities in China, India, Vietnam, or wherever. But Article I, Section 8, of the Constitution emburdens Congress to regulate commerce, and the president is supposed to enforce the regulations. Our only hope is for President Obama and Congress to sober up from their political campaigning and take care of the country's needs. As Paul Craig Roberts, former Assistant Secretary of the Treasury for Ronald Reagan, states: "The only way the United States will again have an economy is by bringing back the off-shored jobs."
Its just like Old Man Fritz has been saying, an out of control, gambling addicted Wall Street has convinced many in corporate America to abandon the American middle and working citizens.
And these are the guys that the sellout corporate activist judges have allowed to prostitute our government?
"As President Obama considers lowering the corporate tax rate, an impediment to reform is the corporations who, in theory, stand to benefit. In short, corporate America, can't decide which highly lucrative tax loophole it should fight to keep. "
Man. no matter how you shake it, the gambling addicted fat cats have sold America down the river for the likes of communist China, the Saudis along with others while the minions of those eunuchs, Murdoch, Hannity and Beck continue with their chalkboard inspired crusade to destroy the American middle class, democracy and civilization itself.
"With the United States having the reserve currency, all that means is that the dollar is widely accepted around the world. And it also means that countries like China use the dollar in their foreign exchange reserves. They use the dollar to intervene in their foreign exchange markets. And what does this do? It creates a demand for dollars, not only by China but elsewhere in the world. And what that really means is that the United States is able to borrow very cheaply and a very large amount. So the fact of the matter is the United States is running a huge budget deficit and a huge trade and current account deficit, and it's not really a problem that much for the United States as long as we can continue to borrow cheaply from the rest of the world, including China. And that's why the deficit hawks have it all wrong. That's one of the reasons. There are many reasons why they [inaudible]
JAY: And borrow, first and foremost, from China.
Just to be clear on what's happening here, if I understand it correctly, the big banks are getting money from the Fed at practically zero percent interest, and then they go and they loan it to foreign governments or foreign companies at a spread of—I don't know whether it's two or three points, but they're making money off essentially American taxpayer money being given to them, loaned to them, and then they go abroad instead of investing it in the United States. It's—am I getting what's going on here?
EPSTEIN: Yeah, that's more or less what's happening. More hedge funds and private equity funds are borrowing from the banks or selling bonds directly to the Treasury."
Ralphie on why we need manufacturing and how free trade is at best a crackpot theory.
"Can the United States prosper and participate successfully in international trade with an economy based mainly on services and without manufacturing?
Ralph Gomory, one of America's leading economic thinkers, challenges the conventional wisdom about the post-industrial economy. Boldly clarifying classic economic analysis, Gomory explains why manufacturing continues to be essential to our prosperity."
Free trade is not a crackpot theory. It's reality and it works. It is the fuel that boosts living standards around the globe.
This sounds as ludicrous and ridiculous as that CATO dude from below.
Quote:
Originally Posted by kovert
Good debate and discussion, take note how even the Republican callers are calling BS on the guy from the Cato Institute, the Republican lady from Texas makes quite the humorous ironic remark. A good illustration of the disconnect between certain sections of corporate America and the rest of the American working population.
"Daniel Griswold and Todd Tucker talked about the 1993 North American Free Trade Agreement (NAFTA) and what it means for future trade agreements. "
If you believe free trade is so great, how bout you prove it by videotaping yourself in a small town that has been devastated by the loss of manufacturing.
The reaction of the locales to you, I'm sure would be quite entertaining, if not kinetic.
How the hell can these people cheerlead and do cartwheels over this free trade nonsense (http://www.alternet.org/module/printversion/148666 - broken link).
Then again, what else should I expect from those that believe in magical chalkboards.
"This election season, hundreds of candidates across the country are campaigning on their opposition to jobs and tax dollars going overseas. This makes sense, given poll returns that show opposition to unfair trade practices is one of the few things that unite Americans of different incomes and political parties. But many of the politicians’ 30-second television ads do not explain why this offshoring is happening.
A key part of the explanation is so-called “trade” agreements like the World Trade Organization (WTO) and North American Free Trade Agreement (NAFTA). Since these pacts went into effect, 43,000 manufacturing establishments have closed, 5 million manufacturing jobs have been lost, and inequality has skyrocketed. Brand name goods once made here are now being made offshore and imported back to the U.S. for sale, leading to rising trade deficits. And our exports to the 17 countries with which we have NAFTA-style deals have grown at half the pace of that to countries with which we do not have these agreements.
So, while NAFTA and the WTO have been called “trade agreements,” they would be more accurately understood as “offshoring agreements” that guarantee special treatment and lower risks for firms that relocate to low-wage countries.
These pacts did not come down from God or the invisible hand from college economics textbooks. They were part of an intentional strategy on the part of large U.S. corporations seeking to offshore production, their lobbyists, and politicians to fundamentally change the way the American economy works."
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