Kay Commentary 2011-07-30
The following is an encore presentation of an early Kay commentary, and appears in her new book. Here is Kay Zwerling:
We started trading with China in the late 1970s.
Let’s fast-forward to 2007. U.S. manufacturing is almost nonexistent. Most of it went to China and other countries. China inundates us with enormous amounts of stuff, most of it inferior, and takes only a fraction of our products in return.
Our leaders condoned that practice, and now China owns us.
When one day a year either makes or breaks the bank, how fragile indeed has our economy become?
Decades ago when we manufactured almost everything here in America, the Christmas holiday was just that – a holiday. Retail businesses made money, but the money spent on gifts stayed in American pockets.
Now, almost everything is made in China, India, Mexico, and many other countries. Once the money is sent out of the Country, it will never return.
If you do not believe this, check the trade imbalances between the U.S. and China. We buy everything from them, while they buy very little from us.
It is a lucrative one-sided deal for China and the international corporations who engineered this scheme with the American worker coming out the loser.
And, if you think that this stuff on a grand scale is not hurting America – well, listen to this – America’s finances are in such bad shape that China, our so-called most favored trading partner, is taking the billions of American dollars which it has accumulated in this one-sided trade deal, and is now wisely trading them in for Euros and precious metals.
As we speak, the dollar is losing value. What is worse, however, is the mindset of the average American who seems to be more concerned about his neighbor’s dog pooing on his lawn, than about the impending collapse of the dollar. I say our government is really worse – nobody is home, and nobody cares.
Finally, once the bottom begins to drop out, Americans will eventually get their heads out of the sand, and demand an end to the so-called free-trade schemes and a return to fiscal responsibility, and I say that means we trade 50-50, not 90 from China and 10 from us.
However, by that time it may be too late, and a Depression equal or worse than that of the 1930s will be upon us.
For KSCO, this is Kay Zwerling.
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© copyright 2011