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The New Protectionists
opinionjournal ^ | March 10, 2006 | WSJ

Posted on 03/10/2006 12:33:17 PM PST by groanup

REVIEW & OUTLOOK

The New Protectionists - How to create a real security crisis.

Friday, March 10, 2006 12:01 a.m. EST

Dubai Ports World finally threw in the kaffiyah on its American operations yesterday, agreeing to sell them "to a U.S. entity." We hope that entity turns out to be Halliburton, if only for the torment that would cause certain eminences on Capitol Hill.

Dubai Ports was susceptible to this political stampede because it was an Arab-owned company buying port operations, which Democrats have played up as uniquely vulnerable. But this is also the second such mugging of a foreign investor in recent months, following last year's demagoguery against a Chinese company's bid to buy Unocal, a middling American oil company. If Members of Congress want a real security crisis--a financial security crisis--they'll keep this up.

What's especially dangerous here is that we're seeing the re-emergence of the "national security" protectionists. They were last seen in the late 1980s, when Japan in particular was the target of a political foreign-investment panic. The Japanese were buying Pebble Beach and Rockefeller Center, and so America was soon going to be a colony of Tokyo. A Japanese bid for Fairchild Semiconductor of Silicon Valley was seen as a threat to American defense. Those fears seem laughable now. But here we go again, with new targets of anxiety.

snip

(Excerpt) Read more at opinionjournal.com ...


TOPICS: Business/Economy; Editorial
KEYWORDS: dpworld; dubai; newprotectionists; oldsellouts; ports; protectionism; wsj
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To: oceanview
what we should be asking ourselves is, why do they want these specific things? why do they want to buy a company that produces turbines for military engines?

A better queston I have as a conservative is why do I care? Perhaps these industries are more profitable than a casino or department store chain? I don't know and I don't care.

But it is good to see the Republican party embracing more of its big government roots. Within a generation the rest of conservatives will have left the Republican party and will have either begun returning the Democrats to their small government origins or have started their own party.

81 posted on 03/10/2006 9:09:43 PM PST by billbears (Deo Vindice)
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To: unseen
It was a colony with the full protection of the British crown..

Sigh..., I'm so sorry but what in the hell does that have to do with anything? Are you going to tell me that the military protection of the crown made Hong Kong an economic powerhouse? If that were the case then North Korea should be gilded, the Soviet Union should be my next investment. We are trying to talk about economics..., what the hell. Government education.

82 posted on 03/10/2006 9:20:21 PM PST by groanup (Shred for Ian)
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To: unseen
Now let's see what happens when I buy a Swiss chocolate bar (say, made by Nestle in Switzerland).

Some of my money goes to the U.S. retailer. Check.
Some of my money goes to the U.S. government. Check.
Some of my money goes to the U.S. transporter/U.S. distributor. Check. Some of Nestle's profits go to the U.S. government. Check. Some of Nestle's profits go to capital investment in the U.S. Check.
Some of Nestle's profits return to the U.S. as dividends. Check.
--where they are taxed again by the U.S. government [don't get me started]
AND I GET THE CHOCOLATE I WANTED.

83 posted on 03/10/2006 9:28:23 PM PST by 1rudeboy
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To: unseen
The most economic free countries are usually the most politically free also but not always.

Name a country that is economically, but not politically free.

84 posted on 03/10/2006 9:30:25 PM PST by 1rudeboy
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To: 1rudeboy

I think you've blinded him with logic.


85 posted on 03/10/2006 9:35:05 PM PST by Toddsterpatriot ( Mr. Madison, what you've just said is one of the most insanely idiotic things I have ever heard.)
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To: unseen
My format error did not show up in Preview:

Now let's see what happens when I buy a Swiss chocolate bar (say, made by Nestle in Switzerland).

Some of my money goes to the U.S. retailer. Check.
Some of my money goes to the U.S. government. Check.
Some of my money goes to the U.S. transporter/U.S. distributor. Check.
Some of Nestle's profits go to the U.S. government. Check.
Some of Nestle's profits go to capital investment in the U.S. Check.
Some of Nestle's profits return to the U.S. as dividends. Check.
--where they are taxed again by the U.S. government [don't get me started]
AND I GET THE CHOCOLATE I WANTED.

86 posted on 03/10/2006 9:35:25 PM PST by 1rudeboy
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To: Toddsterpatriot

I don't even like chocolate, but I couldn't bring myself to use Heineken as the example.


87 posted on 03/10/2006 9:38:00 PM PST by 1rudeboy
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To: 1rudeboy

I could never get into Heineken. Now I only drink American beer, traitor. LOL!


88 posted on 03/10/2006 9:44:41 PM PST by Toddsterpatriot ( Mr. Madison, what you've just said is one of the most insanely idiotic things I have ever heard.)
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To: Toddsterpatriot
Volume-wise, I still consume more Becks than Heineken. But here's the strange thing . . . I think that Beck's quality has slipped (maybe it's just not moving the way it used to at my regular vendors). The net result is that I'm now drinking Heineken in bottles and Becks in 16 oz. cans that I buy from Dominick's, of all places. My friends think I've lost it, but they don't understand. I'm a pro.
89 posted on 03/10/2006 9:54:52 PM PST by 1rudeboy
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To: 1rudeboy

My old boss used to drink Becks from 9 AM until 9 PM, with a small break to get some work done. Of course that was before the Crash. I used to drink for 6 hours a day before the Crash. Ahhhh, good times.


90 posted on 03/10/2006 9:58:56 PM PST by Toddsterpatriot ( Mr. Madison, what you've just said is one of the most insanely idiotic things I have ever heard.)
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To: Toddsterpatriot

Which crash? The real one in '87? Or the "tech" one in, when was it, '99?


91 posted on 03/10/2006 10:08:42 PM PST by 1rudeboy
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To: Toddsterpatriot
Say, have you seen the following? They're new.


Source: The Heritage Foundation

92 posted on 03/10/2006 10:12:32 PM PST by 1rudeboy
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To: 1rudeboy

'87. Can you believe we had to stop drinking at lunch after that one? And no more 4 hour lunches either :^(


93 posted on 03/10/2006 10:17:12 PM PST by Toddsterpatriot ( Mr. Madison, what you've just said is one of the most insanely idiotic things I have ever heard.)
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To: unseen

You should take a look at the second chart I posted. Be careful, it's gonna hurt.


94 posted on 03/10/2006 10:22:58 PM PST by 1rudeboy
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To: 1rudeboy

Now the protectionists will claim that more tariffs/restrictions will make us freer and richer. Of course they're bad at math.


95 posted on 03/10/2006 10:24:26 PM PST by Toddsterpatriot ( Mr. Madison, what you've just said is one of the most insanely idiotic things I have ever heard.)
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To: oceanview
why do they want to buy a company that makes engine parts for the military? answer the question - WHY!

The UAE want's to be a high tech haven. They want to get into the aerospace industry. They don't want to support their country with a McDonalds franchise. They've looked at their options and they've decided where they want to be in 20 years. They don't want to be running Applebees in the USA. If you'd taken the time to learn a little about the UAE, you'd already know this. It's not some nefarious plot against America.

96 posted on 03/10/2006 10:35:50 PM PST by jess35
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To: 1rudeboy
"You are missing the point. There is a direct correlation between economic freedom and per capita income, standard of living, etc. The more of the first, the more of the others."

Incomes follow freedom... Not the other way around. Flooding an oppressive regime with money only makes it more effective at repressing its citizenry. WWI & WWII would have both been impossible (or at least, less severe) had it not been for a booming pre-war German economy (lets not forget Hitler was put into power democratically).

Couldn't agree more that there is a direct correlation, but you've put the cart before the horse. A great deal of China's economic growth has nothing to do with freedom. Their monetary policy, obstacles to foreign competition, and prohibitions on foreign land-ownership are as much responsible for the boom as anything else.

In other words; China's economy is growing faster relative to ours because their government engages in very effective protectionist policies.

In an absolutely free market, wealth will flow directly towards the unwealthy, no matter what the level of perceived 'freedom'. Some measure of protectionism is necessary to maintain our position in the world. Otherwise, the country with the highest population wins. Period. The End.

Placing money in the hand of your enemy is just providing him the means to purchase the knife that will, sooner-or-later, and as sure as sunset follows sunrise, be buried in your back.

97 posted on 03/10/2006 10:37:09 PM PST by CowboyJay (Rough Riders! Tancredo '08)
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To: oceanview
Excellent reply.

It's time to pull in our horns a bit and reassess where we are.

More immigrant workers and foreign takeover's is not my cup of tea.

I see all this sudden surge for foreign take overs as nothing more than a weakening of America.
98 posted on 03/10/2006 10:45:15 PM PST by OKIEDOC (There's nothing like hearing someone say thank you for your help.)
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To: unseen
I would rather the outside sellers pay.

You do realize, don't you that the tax would still be passed on to you? Companies do NOT pay taxes. Every tax imposed by our government is passed directly on to the consumer. Say we get rid of Chinese merchandise and I have to pay $40 for a tshirt instead of $25. Does that raise my standard of living? Did protectionism help the average "citizen" of the Soviet Union?

99 posted on 03/10/2006 10:48:06 PM PST by jess35
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To: OKIEDOC
I see all this sudden surge for foreign take overs as nothing more than a weakening of America.

Do you have any numbers showing a sudden surge? Or is it a surge of news coverage?

100 posted on 03/10/2006 10:48:18 PM PST by Toddsterpatriot ( Mr. Madison, what you've just said is one of the most insanely idiotic things I have ever heard.)
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