Far Greater Threat To America Than Terrorism: Economic Destruction

Discussion in 'Current Events' started by Itsthetruth, Mar 22, 2005.

  1. Itsthetruth
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    CounterPunch
    March 21, 2005
    A Threat Greater Than Terrorism
    By PAUL CRAIG ROBERTS

    Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review.


    Outsourcing converts domestic supplied goods and services into imports. It divorces Americans from the incomes and careers associated with the production of the goods and services that Americans consume. That divorce is highly detrimental for Americans. As foreign labor is substituted for US labor in the production of tradable goods and services, the displaced US work force seeks employment in domestic services that cannot be outsourced. This increases the supply of labor, thus depressing wages, in those labor markets already impacted by the entry of high rates of legal and illegal immigration.

    By turning domestic production into imports, outsourcing increases the trade deficit. America pays the import bill by turning over the ownership of her wealth, and the income streams that wealth produces, to foreigners. Thus, Americans not only lose jobs and careers but also the ownership of their companies, real estate, corporate and government bonds. The incomes from these lost assets pass from Americans to foreigners.

    Today America's consumption and the government's budget deficits are financed by foreigners, principally Asians. There are now so many dollars in foreign hands that the willingness of foreigners to hold more is declining. For the past three years foreign central banks have been diversifying their reserve holdings away from dollars into other currencies.

    What outsourcing is doing for America is destroying entire sectors of US manufacturing, entire high tech occupations, the value of a college education, the design and innovative capabilities of the US economy, and the dollar as reserve currency. This is a lot of destruction. It goes far beyond what terrorists can inflict.


    http://www.counterpunch.org/roberts03212005.html
     
  2. dmp
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    dmp Senior Member

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    Uh...if our economy ever tanks, we simply have to kick some rich country's ass. :)

    Take THEIR stuff...ebay it...and we're set. :)
     
  3. Itsthetruth
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    No ifs at all. The only question is how soon. Germany tried your suggestion back in the 1930's. They didn't do very well.

    So who can the United States government attack? England and or Western Europe as a whole? Na. That wouldn't work. You need about 10 million troops for that and the public would never buy it.

    How about Canada? What would Washington steal .... deer and hocky pucks? Again, the public would never go along with invading Canada, even if Bush claimed they had weapons of mass destruction and plotted the 9/11 WTC attack.

    Well, how about Mexico? Not a good idea. Where ya gonna get the troops? Only a few hundred thousand nut cases out of 280 million Americans would support an invasion of Mexico.
     
  4. CSM
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    CSM Senior Member

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    Are you implying that the few hundred thousand troops in our military are nut cases? It is not hard to draw parallells from the real world situation and the hypothetical invasion of Mexico as you have described it. The American military is not full of "nut cases" and I personally resent the implication that it is.
     
  5. Annie
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    Annie Diamond Member

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    ITT is just trying to expand on his premise of Bush=Hitler. :trolls:
     
  6. CSM
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    CSM Senior Member

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    Seriously, I thought ITT wasn't a troll, though grossly misguided. I guess I dont read enough of his psots.
     

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