Dr. Wallach & Dead Doctors Don't Lie Live Show: 888-379-2552

KSCO Live Show: 831-479-1080      KSCO Office: 831-475-1080

Important! For Dead Doctors Don't Lie Use: 888-379-2552

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

Leave your comments

Post comment as a guest

0 / 3000 Character restriction
Your text should be in between 10-3000 characters
  • No comments found

Latest Podcasts

  • Saturday Special/KSCO 8 Saturday Special 20141220 +

    Read More
  • Dead Doctors Dont Lie 19 Dec 2014 +

    Read More
  • Dead Doctors Dont Lie 18 Dec 2014 +

    Read More
  • Dead Doctors Dont Lie 17 Dec 2014 +

    Read More
  • Dead Doctors Dont Lie 16 Dec 2014 +

    Read More
  • 1

Breaking News

  • WTSNVLL MAN FTLLY SHOT-12/19/14-1630 +

    A WATSONVILLE MAN WAS FATALLY SHOT FRIDAY MORNING. THE INCIDENT TOOK PLACE SHORTLY AFTER 11:15 A-M ON FREEDOM BOULEVARD AND Read More
  • Sweepstakes and Telemarketing Scams in Santa Cruz County- 12/19/14 9:30 S.G. +

    Santa Cruz County officials are warning residents of two scams, involving fake checks and telemarketers. One woman reported receiving a Read More
  • New Safety Measures at Presidio of Monterey- 12/19/14 8:00 S.G. +

    Heightened security will be in place at the Presidio of Monterey beginning today. Both visitors and employees will be subject Read More
  • Fuel Spill Polluting Santa Rita Creek in Salinas- 12/19/14 7:30 S.G. +

    Public works and environmental health crews are cleaning a fuel spill polluting Santa Rita Creek in Salinas. Officials say the Read More
  • Salinas Police Arrest Four, Cite Dozens During Checkpoint- 12/19/14 7:00 S.G. +

    Salinas police conducted a DUI and Driver’s License checkpoint last night. Fifteen officers were present at the checkpoint set up Read More
  • 1