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America, at one time, drew most of it's economic power from a robust and
dynamic manufacturing industry. Then half of America's manufacturing was
exported to countries with cheap labor. American workers were laid off by
the millions but that was great because American consumers could buy cheap
goods and were busy building a service economy. Now American service
businesses are being shipped off to India, Pakistan, and Philippines.
Boil it all down and you have one thing left at which American's are
indisputably tops ... consuming most of what the world produces. This is
indisputably proven by the huge trade deficits the US has been racking up
for years now. The global conglomerates are in hog heaven and could care
less who works and who does not as long as they can hire the world's
cheapest labor. I remember when Mexico was cheap so they all shut US
factories and moved them across the border. Now they are shutting the
Mexican factories and moving them to China.
Eventually, American (and European) workers will have the choice of doing
without jobs or competing with third world wages. In short, rather than
raising everyone's standard of living to that of the best labor markets, we
are busy lowering the standard of living to that of the cheapest labor
markets. This of course, will be just wonderful for the American (and
European) economies! Not!
Globalization works, and works well, when import/export trade is in balance
between countries because it means that each country is doing what it does
best. It is predatory when it is out of balance. It seems that consumers and
the politicians who represent them are all blind to the longer term
implications of unrestricted globalization with 5% annual trade deficits. I
expect to see a replay of Smoot-Hawley before this decade is out.
Earl
----- Original Message -----
From: "Kent Rollins" <kentr@xxxxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Monday, February 24, 2003 11:57 AM
Subject: Re: [RT] Oil stats
The "Buy American" movement is having a similar effect on China's ability to
sell goods into our markets. This plan makes about as much sense as the
move a few years ago to pick one day on which everyone would refuse to buy
gas.
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