Sean Martin
November 24th, 2004, 06:26 AM
Who's Hi-Tech & Who's Third World?
by Paul Craig Roberts
In the early 1980s, when I was assistant secretary of the
treasury, the U.S. trade deficit was due to oil imports.
Currently, the U.S. deficit in manufactured goods alone is 3.5
times our oil imports. Our trade deficit in vehicles is nearly
equal to our deficit in oil, and our deficit in clothing ,
computer equipment, office machines, TV and VCRs is 1.5 times
our oil import bill.
America has a trade deficit in almost every manufactured product.
Comparing the first eight months of this year to the first eight
months of last year, our trade deficit is manufacturing products
increased by 16 percent. In iron and steel mill production, it
increased 146 percent.
The United States is ceasing to be a manufacturing country.
The only manufacturing products in which the United States has
a (small) trade surplus is airplanes and scientific instruments.
The United States also has a trade surplus in corn, cotton,
wheat, scrap metal and animal feeds.
Since 1985, the U.S, trade balance with China has deteriorated
from balance to a deficit of $160 billion.
Who has the high-tech economy, and who has the Third World
economy?
Normally, Third World countries run trade deficits with high-tech
countries.
Charles McMillion, president of MBG Information Services, notes
that the U.S.-China trade relationship is the most unequal in the
world. The United States has a trade deficit with China in almost
every industry code. The U.S. deficit in advanced technology
products with China is astounding.
How was it possible for China, alone in world history, to outpace
the most advanced country on earth? Was China elevated to the
forefront by U.S. firms who moved their production for the
American market to China in order to take advantage of
essentially free labor?
Americans no longer produce the "American goods" that they
consume. American incomes are falling, as economist Joseph
Stiglitz recently pointed out.
When the dollar gives way, as Dallas Federal Reserve Bank
President Robet McTeer says it must, Americans will not be able
to purchase the goods and services that American firms produce
abroad with foreign labor.
U.S. firms will have to sell their offshore-produced wares to the
labor that produces them.
"Cheap foreign goods" will be beyond the reach of Americans,
whose country is in rapid transformation from a superpower to a
Third World economy.
-- from American Free Press, Nov 8, 2004
[Only the import-export corporations benefit from "free trade"
and Jew-Know-Who owns most of them.]
by Paul Craig Roberts
In the early 1980s, when I was assistant secretary of the
treasury, the U.S. trade deficit was due to oil imports.
Currently, the U.S. deficit in manufactured goods alone is 3.5
times our oil imports. Our trade deficit in vehicles is nearly
equal to our deficit in oil, and our deficit in clothing ,
computer equipment, office machines, TV and VCRs is 1.5 times
our oil import bill.
America has a trade deficit in almost every manufactured product.
Comparing the first eight months of this year to the first eight
months of last year, our trade deficit is manufacturing products
increased by 16 percent. In iron and steel mill production, it
increased 146 percent.
The United States is ceasing to be a manufacturing country.
The only manufacturing products in which the United States has
a (small) trade surplus is airplanes and scientific instruments.
The United States also has a trade surplus in corn, cotton,
wheat, scrap metal and animal feeds.
Since 1985, the U.S, trade balance with China has deteriorated
from balance to a deficit of $160 billion.
Who has the high-tech economy, and who has the Third World
economy?
Normally, Third World countries run trade deficits with high-tech
countries.
Charles McMillion, president of MBG Information Services, notes
that the U.S.-China trade relationship is the most unequal in the
world. The United States has a trade deficit with China in almost
every industry code. The U.S. deficit in advanced technology
products with China is astounding.
How was it possible for China, alone in world history, to outpace
the most advanced country on earth? Was China elevated to the
forefront by U.S. firms who moved their production for the
American market to China in order to take advantage of
essentially free labor?
Americans no longer produce the "American goods" that they
consume. American incomes are falling, as economist Joseph
Stiglitz recently pointed out.
When the dollar gives way, as Dallas Federal Reserve Bank
President Robet McTeer says it must, Americans will not be able
to purchase the goods and services that American firms produce
abroad with foreign labor.
U.S. firms will have to sell their offshore-produced wares to the
labor that produces them.
"Cheap foreign goods" will be beyond the reach of Americans,
whose country is in rapid transformation from a superpower to a
Third World economy.
-- from American Free Press, Nov 8, 2004
[Only the import-export corporations benefit from "free trade"
and Jew-Know-Who owns most of them.]