Pay no attention to doomsayers.
Just double all our deficits every year
And things will get better, and better, and better.
Things always improve after wars.
Posted on 12/21/2004 8:43:18 AM PST by ninenot
Ping!!
I still say they need to look at tariffs to level the playing field some.
Fact 2: This raises the standard of living for those who live in the U.S. because we have more goodies than we could otherwise afford.
Fact 3: But it causes a large negative balance of trade for the U.S.
Fact 4: This imbalance is settled by the purchase of U.S. corporate and government bonds, stocks, real estate and by the making of other capital investments in the U.S. by the holders of the surplus dollars.
Bottom Line: We are buying goods and selling investments. There is no trade imbalance.
Questions:
This is the way it works isn't it?
What is so bad about it?
False. You confuse currency accounts with trade. Trade is clearly and badly imbalanced if currency accounts need to be papered over with these "investments". Investments in what, a sinking ship? There is frankly, no "investment" in a T-Bill. It is DEBT...backed up by...and paid for...by the American Taxpayer. Unless the Govt. merely runs the printing presses, and inflates the currency, depreciating its value to repay the unwisely sold treasury notes. In any event, it is particularly unwise to be selling your country's "mortgage" to these particular customers:
Reprinted from NewsMax.com
War With China
Charles R. Smith
Friday, Nov. 21, 2003
Battleground America
China has declared a global war. China has openly named its foes, warning them to come into line or face terrible retribution.
China's recent threat against Taiwan is only one of many opponents that China is prepared to destroy. China openly warned Taiwan that the red state will re-unite with its long-lost brothers and sisters even if the People's Liberation Army has to kill everyone on the island.
"If the Taiwan authorities collude with all splittist forces to openly engage in pro-independence activities and challenge the mainland and the one-China principle, the use of force may become unavoidable," said Wang Zaixi, Chinese vice minister of the Taiwan Affairs Office.
According to Wang, Taiwan will "pay a high cost if they think we will not use force."
The openly belligerent warning is not expected to help global peace. Chinese efforts to shut down Taiwan include threatening to veto the U.N. peacekeeping force for Liberia unless the Liberian government ejects Taiwanese diplomats. Liberia and the U.N. caved in to Beijing's threats.
The actual threat of force is aimed not just at Taiwan but also at its two largest supporters, Japan and the United States. Yet Beijing's growing war machine will not encourage a policy change in Tokyo or Washington except toward more defense spending.
The last similar threat was made by the second in command of the PLA itself. Gen. Xiong Guangkai told Western reporters that China was prepared to vaporize Los Angeles if the U.S. backed Taiwan.
The most recent threat by Beijing will serve one purpose: It is certain to drive Taiwan's nationhood campaign and its nuclear weapons program into high gear.
China at War With Itself
The fact remains that China is at war with itself. The democracy in Taiwan represents but one of many threats against the brutal communist regime in Beijing. The Chinese Communist party, unable to tolerate any freedom, is at war against its own people, jailing millions of political dissenters in the Lao Gai prison camps.
For example, Chinese cyber-dissident Luo Yongzhong was recently given a harsh jail sentence for subversion. Luo's crime was to post articles on the Internet "attacking the socialist system." Luo published more than 150 articles on current events, including some direct criticism of the Communist government. Lou was given three years in jail for his efforts.
The war against the Chinese people waged by the Communist Party is most evident in its campaign against the Falun Gong. Since 1999, when the party outlawed the spiritual practice, over 100,000 Falun Gong members have been sent to Lao Gai camps.
More than 500 Falun Gong members have been sentenced to prison terms of up to 18 years. Over 1,000 have been forced into mental hospitals, an act condemned by the World Psychiatric Association.
At least 800 Falun Gong members have died while in police custody. Torture and brutal treatment are the norm. Chinese government sources inside China calculate that the actual number of Falun Gong members killed by the police exceeds 1,600.
The Wall Street Journal's Ian Johnson won a Pulitzer Prize with his stories documenting Chinese government abuses, including the case of Chen Zixiu, a 58-year-old woman who was beaten and tortured to death for refusing to renounce Falun Gong.
China at War in America
The war against the Falun Gong does not end at the Chinese border. For those of you who feel safe in America, be warned: The Chinese Communist Party is at work here inside our nation.
Our Constitution is the founding principle and the core of our freedom, including the freedom of speech and freedom of religion. However, Chinese intelligence, military and political officials have already engaged in documented efforts to deny U.S. citizens their rights here inside America.
One case involves Randy Voepel, the mayor of Santee, Calif.
"I received a very strong, very intimidating letter from the Consulate of the Communist Chinese," stated Mayor Voepel during a 2002 interview.
"Dear Mayor, the purpose that I am writing to you today is to discuss with you a matter which is of great importance and grave concern to the Chinese Government and its relations with the United States," stated the letter to Mayor Voepel.
"It is our hope that your City, by proceeding from the overall friendly relations between China and United States and by taking your citizen's interests into consideration, will earnestly consider the request from the Chinese side that no recognition and support in any form should be given to the Falun Gong cult organization, including designating a 'day' or a 'week' to Falun Gong, Falun Dafa or its leader," continued the letter from the Chinese government.
"They came up with a list of things that they either didn't want us to do for the Falun Gong, or things that they wanted us to do to the Falun Gong," stated Mayor Voepel flatly.
'Chilled Me to My Bones'
"I must tell you I have no connection at all to the Falun Gong. From a mayor's viewpoint, these people are a little exercise group, and I was very surprised a national government of the stature of the Chinese People's Republic would go to the length of contacting all the mayors in California. It was just very unsettling to me. It chilled me to my bones."
Mayor Voepel is not the only U.S. official to get a harsh letter, filled with threats, from the Chinese government. New Jersey Congressman Donald Payne was asked by Chinese Embassy officials to withdraw the Falun Gong notice in the Congressional Record.
The mayors of Saratoga and Alhambra, Calif., Seattle, Baltimore and St. Louis all have been asked directly by Chinese Consulate officials to rescind proclamations given in support of Falun Gong.
In February 2001, the Chinese Consulate General of Los Angeles asked Pasadena city officials to make the Pasadena Civic Auditorium off-limits to Falun Gong practitioners.
According to the general manager, Rick Barr: "A day after they called the Pasadena Civic Auditorium, the Consulate dropped off anti-Falun Gong pamphlets. ... What I told them was [Falun Gong] has signed a contract for the auditorium and we do not discriminate based on beliefs."
While many local officials have rebuffed the communist pressure, some have given in without a fight, including the mayors of San Francisco, Seattle, Baltimore and Los Angeles – all of whom in 1999 rescinded proclamations they had issued for the Falun Gong.
China's war against the Falun Gong on U.S. soil not only runs counter to American principles, it is also illegal. The activities of the Chinese government constitute a crime against our homeland, our cherished Constitution and our sovereignty.
The Chinese war against the tiny democracy Taiwan, the Falun Gong, Tibetan monks and cyber-dissidents has begun. The war is one of tyranny against freedom. It has spilled over the vast Pacific Ocean and landed right here in Main Street, USA.
104-104
The trade deficit, Mr. Bush said, "is easy to resolve. People can just buy more United States products if they're worried about the trade deficit."
Such as what? Televisions? Stereos? VCR's? DVDs? Computers?
Autos, sure--except most of the components are manufactured offshore, just like hand and power tools, power boats, etc.
I KNOW!!!! Buy only US-produced petroleum!!
Ever question why this is true?
How about "labor arbitrage," the practice of finding the cheapest possible labor.
Even better if that labor is in a country which has no enviro controls, no safety regulations, no retirement mandates, AND which subsidizes exports and offers tax rebates for exporting--right??
More: even better if that country manipulates the value of its currency so that it PERMANENTLY remains below the value of the USD.
Tell you what: let's do free trade all the way. Tell your mother that she never actually PAID all the Social Security that she's getting--toss her off the program instead of burdening me and my children with her.
While you're at it, tell her that she's not going to get health insurance (either from the Gummint OR from her ex-employer) anymore. All medical treatments will be paid in cash, including pharmaceuticals. That way, others will SAVE all that money we currently WASTE on her--so we can buy other stuff!!!
You can take that 'free trade' stuff as far as you like, as long as it's YOUR mom that gets the results.
Nope.
The Largest Consumer Market in the Universe wouldn't actually go to WAR with its single largest debtor, would it?
While you're at it, tell her that she's not going to get health insurance (either from the Gummint OR from her ex-employer) anymore. All medical treatments will be paid in cash, including pharmaceuticals. That way, others will SAVE all that money we currently WASTE on her--so we can buy other stuff!!!
I would be glad to do that.
I (and my mother by the way) would kill the SS program in heartbeat and ditto the health insurance industry. Both are just socialist schemes for getting one person to pay someone else's bills. That is just plain wrong. Charity is voluntary and a good thing. When the government threatens you with jail-time to accomplish the same end that is not freedom and is not a good thing.
I'm still a free trader.
You might have a point vis a vis T-Bills but I don't think your argument holds with, for example, Microsoft stock or 5 acres in Victorville. We create capital in this country from scratch. Microsoft stock had a total value of $0.00 in 1970. We are now trading that formerly worthless entity for Chinese Christmas lights and Honda Preludes. This is NOT a bad thing.
All of the arguments of the anti-free- trade bunch are founded on the assumption of finite resources and a fixed pie. I don't buy it.
Now you're catching on.
When you are able to create conditions in the US which parallel those in PRChina, then you will have "Fair" trade.
Since repealing SocSec, the FLSA, OSHA, and EPA (not to mention the entire IRS code) isn't going to happen too soon--the solution is tariffs to level the playing field.
Why is this a problem? The Chinese collect taxes from their people so they can sell you things cheaper. Sounds good to me.
For people who will gladly work for $0.20 an hour the alternative to that job is probably starvatation. When that is the situation then I think safety regulations and retirement benefits are always going to take a back seat. What you have in China is what you had in this country a couple of hundred years ago. Like us, the Chinese will grow out of it. It takes time.
Pay no attention to doomsayers.
Just double all our deficits every year
And things will get better, and better, and better.
Things always improve after wars.
Exactly! Larry Kudlow has an excellent article posted on FR today that says the president nails the economic conditions in the country today. The naysayers won't listen to him, but he's correct. The country is in good shape economically and we lead every single other nation on the planet in terms of our economy.
Odd that you ignore the last 6000 years of Chinese history and declare that "...[the alternative] is starvation." Since when?
The Chinese have lived very nicely without industry, and without starvation, for far longer than has the USA.
Please cite evidence that supports your claim.
Please cite evidence that supports your claim.
So long as you ignore the hugely imbalanced governmental interferences, protective by the Chinese, and suicidal on the part of the U.S. (piloted by nutsos of the Von Mises and Cato camps)...then you are not for free trade. You are an apologist for China's empire. Period.
Herbert Hoover said something similar....
Nope. I'm just happen to believe that The Cato Institute and Von Mises are right and the anti-free-trade bunch are wrong. I'm still waiting for some real evidence to prove I'm on the wrong track. The standard of living in this country is extremely high, perhaps the highest in the world. We must be doing something right.
And BTW, I just got back from WalMart. If you want to know where those Chinese goods are being sold you don't have to drive further than your local WalMart. Virtually everything they sell that is manufactured is Made in China.
The people of the United States are the ones who are voting with their pocketbooks for trade with China. They are not stupid. They can read the labels. They can add up the cost of goods they purchase at Walmart. They think they are doing the right thing because they keep coming back.
Are these people stupid?
Actually, the question is not if the shoppers are stupid. But is their electoral voting behavior intelligent? Since the actual situations are clearly not one of free trade, but of a mercantilist attack (on steroids) against our nation, the question is how long the support for the policy of China-favoring trade rules...will be allowed to persist. If there wasn't a war against terrorism currently preoccupying our attention, the general consensus is that trade issues would likely have percolated to the top of voter consciousness.
It also helped that the democRAT John Kerry, who briefly tried to demogogue on the issue, was a purely unconvincing champion of industrial american labor...having consistently backed every global U.S.-attacking give-away-scheme he could. From the blindered backing of the U.N., to NAFTA, to the WTO, to permitting China's MFN status...and on and on...meanwhile his wife is outsourcing Heinz's 57 plants as fast as she can. The voters saw through it, thank God. But, if only by accident, the bum was on to a real issue.
I have been warning that if Hillary would move rightward on immigration her approval would skyrocket for her run in '08. She has. And the approval ratings are where I would expect. Now if she moves far, far rightward on trade, attacking (without saying so, Bill's legacy) what the UN, WTO and China MFN have become... one-way give-aways of trade advantages to China...I am afraid that even Ronald Reagan would have difficulty beating her. She will be able to implode the support of the GOP. And the false-color free traders will be responsible.
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