The sky is falling! The sky is falling!
This is one of the most comprehensive analysis’s of why our economy is tanking.
I have said all along that outsourcing production offshore and illegal immigration were destroying our economic base.
And government statistics are very misleading as to where the real wealth and productivity are being created.
If it ain't cash in a bank it don't count. This guy sounds like a clone of a co worker I knew in the 1980's. It was only a matter of MINUTES before ALL the financial mkts on the planet came crashing down. He would show me article after article in some obscure publications, some of which carried pretty heavy advertising for hard assets such as gold, platinum and the like. I did point this out to him once but it sailed right over his head.
Protectionist drivel.
I am 31, and for my entire life, I keep hearing about "the death of the American economy" and how we are on the way to becoming a poor, heavily indebted country, with double digit unemployment. I have yet to see it happen, and am happy to say that neither I, nor my my parents, have had the misfortune of spending our adulthood living in tenements and rowhouses in the "working class neighborhoods" so beloved by the paleocons, as was the case for my "working class/blue collar" grandparents.
I feel like a broken record on these threads, but the "golden age" of the American proletariat was brief, lasting from 1948 until the oil embargo of 1973. During this period, we had little international competition (Europe and Japan took YEARS to recover from the war), and the other Asian nations were still dealing with the aftermath of decolonization. Once cheap oil went bye-bye and the international economies took off, the American proletariat no longer held American business hostage.
Paul Craig Roberts went insane sometime in the mid 1990’s.
Just buy more cheap sh!t at Wal-Mart. It’ll all be fine.
Eh, we don’t consume more than we produce, especially when you look at the value of the technology we develop.
Just keep in mind that these are the same kind of people who flipped out and predicted mass unemployment when tractors replaced large numbers of farmworkers, and when cars went from hand manufacture to mass production.
Criminey what a dolt.
Fiscal deficits are bad. Trade deficits are neither bad nor good.
Dependent on imports? He’s so concerned! Let me ask you a question... let’s just say you wanted someone to make something for you. You would want it inexpensive and well built and there is always a relative trade off there.
We’ve got a heck of a setup. We’ve got these millions of Chinese running around living on slave wages...making us stuff that improves our lives and makes us more productive. What a deal. They are the ones that should be pissed... not us!!!
I have a book on how to get ready for the 1980s depression if ya want it