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August 24, 2003

More On The Trade Wars
By Paul Craig Roberts

The collapse of world socialism has made vast pools of cheap and willing labor in Asia and Mexico available to US capital and technology. The Internet has made the physical location of employees unimportant for many knowledge and Information Technology jobs. The Internet, out-sourcing, and offshore production for the home market allow US firms to substitute cheap foreign labor for expensive US labor in their production functions.
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This little excerpt says a lot about why this is a jobless recovery. I wish it were not so.

[RiflemanSharpe]

Who will buy the good s made by these companies when none of us have good paying jobs to afford them. There is only so much refi money out there.