Quote:
Originally Posted by lars
True. In many ways the expansion of the international markets for US goods has made this recession and others much milder. Imagine how tough it would be right now if the US was an isolationist market. Most of the expansion in US business is coming from overseas at the moment.
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The expansion of international markets has resulted and continues to result in one of the great transfers of wealth FROM a country (the US) to other countires the world has ever seen. Our trade deficit / current account deficit has skyrocketed in the last 5 year and is now nearly $800 billion a year. This is wealth tranfer at a grand level and will be our undoing.
Don't get me wrong, I'm for free trade, but until their is a global monetary standard like gold international trade will always be corrupted by currency manipulation and central banks fiddling.
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"There is no means of avoiding the final collapse of a boom brought about by credit (debt) expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit (debt) expansion, or later as a final and total catastrophe of the currency system involved."
- Ludwig von Mises
Last edited by ChicagoMark; 05-12-2008 at 11:37 AM.
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