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Free Trade and the Steel Industry
YouTube ^ | 1978 | Milton Friedman

Posted on 10/09/2011 1:37:52 PM PDT by Toddsterpatriot

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1 posted on 10/09/2011 1:37:54 PM PDT by Toddsterpatriot
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To: Toddsterpatriot

BUY AMERICAN

Commence the Trade War

2 posted on 10/09/2011 1:38:57 PM PDT by Cringing Negativism Network (Santorum: Plan B to a certain Grizzly.)
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To: 1rudeboy; Mase; expat_panama; Rusty0604; Jim 0216; xjcsa; VegasCowboy; 10Ring; Bishop_Malachi; ...
Come on dennis, give it your best shot.
3 posted on 10/09/2011 1:39:08 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Cringing Negativism Network

Buy American, without government interference.


4 posted on 10/09/2011 1:40:02 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Toddsterpatriot

well we know what free trade has done for the American steel industry.


5 posted on 10/09/2011 1:40:07 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Toddsterpatriot
Milton would have made your call for high tariffs look idiotic too.

This video is from 1979 when we dominated world trade. Zero Japanese automobiles being imported. We rarely ran trade deficits and they were tiny if we did. It was easy to be for free trade back then but times change
6 posted on 10/09/2011 1:42:49 PM PDT by dennisw (nzt - works better if you're already smart)
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To: driftdiver
well we know what free trade has done for the American steel industry.

What has it done for American steel users?

7 posted on 10/09/2011 1:43:44 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: dennisw

My first new car purchase was a 1977 Toyota Corolla.


8 posted on 10/09/2011 1:44:52 PM PDT by Arm_Bears (Once they've called you a racist, you've got nothing to lose.)
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To: dennisw
This video is from 1979 when we dominated world trade. Zero Japanese automobiles being imported.

Zero? Really? Link?

9 posted on 10/09/2011 1:45:17 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: Cringing Negativism Network

Why buy American? I want to buy Tennessean. Nothing from outside my state.

None of that neo-liberal Milton Friedman clap trap.

We are the 99%!! (we are the 99%).


10 posted on 10/09/2011 1:45:43 PM PDT by barstoolblues (Neither teabagger nor tyrant)
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To: Toddsterpatriot

“What has it done for American steel users?”

It allows them to import bridges from China. Made exporting all those dollars a lot easier too. Not to mention the jobs, the technology, and the steel mills.


11 posted on 10/09/2011 1:46:59 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Arm_Bears

Don’t confuse dennis with the facts.
He thinks the trade deficit causes the budget deficit.


12 posted on 10/09/2011 1:48:44 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: driftdiver

Importing cheaper goods? That’s awful!
The government must step in, right now.
Tell Obama how he can make it better.


13 posted on 10/09/2011 1:50:21 PM PDT by Toddsterpatriot (Math is hard. Harder if you're stupid.)
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To: barstoolblues

Buy American is the only good idea the flea-baggers have.

Unfortunately, it’s among the most powerful ideas going.

Our side ignores it (and they are ignoring it) at our peril.

Just remember how quick Trump rocketed to lead the GOP field on the issue.

2 days it took. 2 days.


14 posted on 10/09/2011 1:53:01 PM PDT by Cringing Negativism Network (Santorum: Plan B to a certain Grizzly.)
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To: Toddsterpatriot

exporting jobs, thats great!
trade imbalance, wonderful
loss of technology, super!


15 posted on 10/09/2011 1:53:44 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Toddsterpatriot
If everything was perfect, and infinite, Milton would be right.

But the world has limits that Friedman ignores. He seems to assume reasonably good intentions on the part of both parties.

Suppose the other party undercuts our prices, ends up owning the entire industry, and finances our spending not by buying the stuff we make but by loaning us back what we spent. Then, when we are used to buying stuff without making anything to sell in return, they pull the rug out. We would be hosed.

Left alone, we'd eventually get back on our feet. But if the other party has nefarious purposes behind this, we certainly would not be allowed to do so easily.

Would China be hurt if this happened? Certainly, but it might be ok with their leaders as long as they ended up on top.

At the end, Milton asks why we should refuse foreign aid. Foreign aid doesn't have that good a history. It's worked a couple of times, such as Europe and Japan, but has a lousy record in other places and times. Checkout the book title (something like) "Confessions of an Economic Hitman". You want to be real careful about the terms of foreign 'aid'.

Milton is right about tariffs in a non-hostile world. But that's not always reality.

16 posted on 10/09/2011 1:54:26 PM PDT by slowhandluke (It's hard to be cynical enough in this age.)
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To: Cringing Negativism Network

It’s a terrible idea to mandate that you can only buy American.

Mussolini tried that and it crippled Italy. That’s why I’m positive that Obama will do the same thing.


17 posted on 10/09/2011 1:56:32 PM PDT by BenKenobi (Honkeys for Herman! 10 percent is enough for God; 9 percent is enough for government)
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To: slowhandluke

“Milton is right about tariffs in a non-hostile world. But that’s not always reality.”

You’re assuming that economic ties are independent from foriegn relations.

If two nations trade together and are dependent upon on another, then what sense does it make to go to war?


18 posted on 10/09/2011 2:00:18 PM PDT by BenKenobi (Honkeys for Herman! 10 percent is enough for God; 9 percent is enough for government)
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To: BenKenobi

Who said anything about mandates.

I favor across-the-board import tariffs.

It’s how American originally raised government revenues to pay for things like our Navy. And building the interstate highway system.

And winning World War II.

Before we stopped making things here...


19 posted on 10/09/2011 2:01:20 PM PDT by Cringing Negativism Network (Santorum: Plan B to a certain Grizzly.)
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To: Toddsterpatriot

Zero or virtually zero Japanese automobiles being imported in 1979.... go look it up


20 posted on 10/09/2011 2:01:42 PM PDT by dennisw (nzt - works better if you're already smart)
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