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Kay's Commentary 2008-07-11

{MP3remote}http://dev.ksco.got.net/podcasts/2008-07-11.MP3{/MP3remote} Download File The following is a KSCO commentary. Here is Kay Zwerling: In 1979, my husband and I were in China, just when our two governments agreed to trade with each other. The Chinese people were dancing in the streets. I wondered how all this would play out. The agrarian country was now becoming a world trader. Fast forward to 2008. In our eagerness to trade with China, it became and still is, a lopsided way. It’s called free trade, where one side only benefits. Along the way, somehow we seduced ourselves into giving up our own industries which had kept us independent. We thought being a service-oriented society would be okay. The U.S. has really been living in a fools? paradise on a phony economy. Now we are world dependent. We have helped China to become so wealthy that she owns us because most of all her profits are in billions and are invested in our nation. A recent interview in Barron’s, the financial periodical, is very compelling. Listen, ?We haven?t been through anything like what we?re going through now, probably for more than 20 years. We have been able to convince the world to lend us, and to provide us with goods that we don?t produce anymore, and that we can?t afford to pay for. And, now the problem is big, especially since the real estate bubble. We borrowed so much money from abroad that our trade deficits are now enormous and our industrial base has been allowed to decay for so long that we can only survive in this economy thanks to the charity of the rest of the world. The U.S. is now an empire that is sustained by borrowing from friends and anyone else who will give us credit. Our creditors hold hundreds of billions of dollars, but the dollar continues to weaken, and our foreign creditors could take a huge loss in their dollar holdings. To compensate, some of our foreign friends have formed sovereign wealth funds made up largely of dollars. These sovereign wealth funds seek to unload some of their dollars by buying up tangible assets. A recent example was Abu Dahbi’s sovereign wealth fund, by buying New York’s Empire State Building for $900 billion. Neither McCain nor Obama will ever mention the problem of the U.S. empire living on borrowed money. This is the biggest problem facing the U.S. today. Are we now a global mess? Can it be the slow drifting to globalization whereby countries try to work together and delegate so there is no duplication ? a sort of global dependence? Did our national leaders err by encouraging us to give up our own industries? If all this is true, our leaders are withholding this information at least until after the election. Perhaps we must resurrect what worked for us before ? that is, our own industries, and reject our dependency on other nations. That is the path our Forefathers vigorously admonished us to take when our nation was created. We must, however, factor in that the world is now different than ever before. Once the world had workers in the millions. Now, with China and India in the world market, the global workforce is in the billions. So, the inflation of workers creates resentment and competition.The stage is set for the inevitable confrontation of China and India vs. the U.S. and Europe. And, how that situation plays out remains to be seen. For KSCO and KOMY, this is Kay Zwerling. Copyright 2008

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