Posted on 02/10/2013 2:28:32 PM PST by lowbridge
China has leapfrogged the US to become the world’s biggest trading nation, bringing an end to the US’s post-war dominance of global commerce.
The total value of US exports and imports in 2012 was $3.82 trillion (£2.4 trillion), the US Commerce Department has revealed. China’s customs administration has already announced that the country’s total trade last year was worth $3.87 trillion.
“It is remarkable that an economy that is only a fraction of the size of the US economy has a larger trading volume,” Nicholas Lardy, a senior fellow at the Peterson Institute for International Economics in Washington, told Bloomberg. “The surpassing of the US is not because of a substantially undervalued currency that has led to an export boom,” Mr Lardy said, pointing out that Chinese imports have grown at a faster rate than exports since 2007.
Not only has China managed to post a larger total trading figure, but the breakdown of imports compared with exports also makes for favourable reading in Beijing. China had a full-year trade surplus of $231.1bn with the US posting a total 2012 trade deficit of $727.9bn.
Indeed, the Asian powerhouse looks set to table an even better performance in 2013, as trade accelerated substantially last month. Exports jumped 25pc on a year-on-year basis and imports were up 29pc in January, beating analysts’ expectations. However, the data is distorted by the timing of the Chinese New Year festivities.
(Excerpt) Read more at telegraph.co.uk ...
There is a refinery near where I live that was recently shutdown. The men that worked there for years were on the local news crying because they didn't know how they were going to feed their families. The refinery is to be disassembled and send to India to be rebuilt and put back into operation.
This is all part of the UN Agenda 21 deindustrialization program for the United States. Americans that go along with this or even profit from it are traitors and deserve to be sent to the gallows.
Pretty funny, how a "little less money" (translated in millions of dollars) in everyone's pocket, can "save" thousands of jobs (apart from the ones that are lost as a result). Just government doing what it does best.
It would be far more efficient for the government to take our money and just cut those folks a check. Oh wait, that would be called welfare . . . the government can't run that, either.
Wrong. Taking raw materials out of the ground and making the things people need creates wealth. It generates money. Protecting that wealth generation from criminals and foreign interests is what a national government is suppose to do. We used to do that in this country until Free Traitors moved our capacity to create wealth to Red China and other third world hell holes. They ruined this country.
If American patriots ever get control of the national government again we are going to hold mass trials of Free Traitors and their supporters, find them guilty, and hand them over to the executioner.
Especially when government makes them more expensive.
Drawing some lines on paper, such as an architect does, also "creates wealth." Just pointing out a common economic myth. (Not equating goods with services).
And will you stow the the totalitarian language? Not all protectionists are Mao-wannabes. Don't make them all look like fools.
An architect doesn't create wealth. His drawings have value, which is different from wealth, because it makes the real economy more efficient.
Demanding the Federal Government fulfill its Constitutional obligation to collect duties and tariffs and to execute traitors after a fair trial is not Maoist or totalitarian.
He gives his drawings away for free? Interesting economic theory, there. Have you been published?
But the guy who takes my horse manure, mixes it and adds a few ingredients, is creating wealth, but not value?
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