'Free Trade' Means Less Employment

Discussion in 'Economy' started by JBeukema, May 4, 2011.

  1. JBeukema
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    JBeukema BANNED

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  2. sparky
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    sparky VIP Member

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    The government's failure to craft any form of trade policy to counter China's predatory trade practices has cost the nation more than 5.5 million manufacturing jobs since allowing China to join the WTO. Last year alone, America's trade deficit with China hit a record $273 billion.

    "We're in the middle of an economic war with China," said Milton Magnus, president of Leeds, Alabama-based M&B Hangers, America's last maker of metal coat hangers, who also destroys his old machines, which are designed and built in-house. "The Chinese want what we have and we're just sitting back and giving it to them."

    American businesses are the chief casualty. Nearly 40 percent of factories with more than 250 workers closed down last decade. Chinese practices such as cheap labor, currency manipulation, technology theft and illegal subsidies are all part of the playbook that China has used for rapid economic growth.



    Consequences and Casualties of Trade War | Economy In Crisis
     
  3. sparky
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    [B]3. The U.S. government will lose the ability to regulate the American banking industry.[/B]This trade deal was negotiated before the financial collapse of 2008. It contains all sorts of Wall Street financial services provisions, including; bans on regulations limiting the size of banks and insurance companies, prohibitions against barring the sale of risky derivatives and limits on capital controls. The greed that caused the failed derivatives market and allowed banks to create the housing bubble cannot be stopped or limited in any way, per the KORUS FTA. Provisions in it will supersede any regulations we put in place to protect ourselves. This alone will be extremely devastating to the American economy.

    4. The KORUS FTA will allow foreign monopolies to take over U.S. industries.
    The agreement will make any laws or regulations that would stop companies from becoming monopolies illegal. This will make preventing foreign takeovers impossible. With our open stock markets, not only will South Korean companies have access to buy us out with the money they stockpile from our balance of trade deficit, but they will be able to buy whole industries – and we will be financially and legally helpless to stop them.

    5. Korea will be able to insource low-wage jobs to the U.S., but American companies will NOT get the same access to South Korea.
    The KORUS FTA has terms that grant extreme rights for foreign investors within the U.S. that would allow them to play by very different rules. The scope of what can be challenged in the U.S. is extremely broad. This means that while South Korean companies will be able to come here and do practically whatever they like, American companies will not be able to do the same in Korea's state run system. It is the height of stupidity to even consider this!


    Could Our Elected Legislators be Our Enemies In Disguise? | Economy In Crisis
     
  4. editec
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    editec Mr. Forgot-it-All

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    FREE TRADE as WE are allowing it to play out has got to be the dumbest policy this nation has ever allowed to happen.

    It's either very dumb (assuming our POLS are serious about this nation's economic health) or economic treason (assuming they aren't dumb).

    Take your pick, folks.

    Its one motive or the other for these stupid policies.

    But since it is OBVIOUS that these policies benefit some very slect segments of our society, I', going for this as ECONOMIC TREASON, myself.

    Why?

    I cannot believe anybody in Congress is so stupid that they really thinkj putting Ameircans out of work was a good thing for thius nation.
     
  5. uscitizen
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    uscitizen Senior Member

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    Ross was right! And so was I.

    that big sucking sound of NAFTA.

    Have we done CAFTA yet?

    SHAFTA?
     
    Last edited: May 4, 2011
  6. sparky
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    sparky VIP Member

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    [​IMG]
    [​IMG]
     
  7. Bern80
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    Bern80 Gold Member

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    Yeah, beacuse inexpensive products are just stupid. God, I hate paying less for things.
     
  8. uscitizen
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    uscitizen Senior Member

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    Ahh now we have a glimmering of why some of the public supports NAFTA.

    Self centered focus groups?
     
  9. sparky
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    sparky VIP Member

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  10. Bern80
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    Bern80 Gold Member

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    And apparently YOUR little focus group doesn't see that it is in fact NOT arguing in favor of a better U.S. standard of living.
     

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