On Tuesday, November 27, I listened to Pat Buchanan speak on The Laura Ingraham Show. Some of the topics discussed, of course, were the "sinking" dollar, trade with China, and the "disappearing" manufacturing jobs. Buchanan implied that Adam Smith and David Ricardo were antiquated since capital was mobile globally. He stated also that free-traders were "idealogues to the core" and that Adam Smith and David Ricardo were "European scribblers". Buchanan said that Hamiltonian economics was "superior".
Comments?
And here I thought that it was protectionism that was antiquated and only held by 'ideologues at the core'...
I would tell LI and PB that our trade with other countries, especially China, has kept the USA economy going despite the 1/6 hyperinflation (Doubling currency in 7 years = 10% growth per year, 10% growth is about 1/6 of 50% growth required for hyper inflation) generated by the Fed and its buddies. The Middle East, China and Japan have purchased trillions in US currency to keep their Hamiltonian economies functioning and exporting. The issue is that a small hickup in the mortgage market has caused a shock wave across the banking system in the US leading these countries to recognize that they have lost billions in dollars and dollar valued assets.
Where do we go: The Austrians would say to stop printing money and stop the fall of the dollar in an effort to keep these countries from going into a massive sell of of US assets. Then there will be a PAINFUL adjustement as bad investments are liquidated.
This is nowhere near as painful as PB who wants the US to stop buying stuff from these people thus forcing them to sell their dollar valued assets. This will do nothing but reduce the value of the dollar and force US consumers to buy more expensive US stuff when they are used to buying foreign stuff. Manufacturing will see rapid rises in commodity prices that will dwarf any edge in exports from the low valued US currency. Lastly, consumers will have more debt problems as they lose manufacturing jobs. The worst off will be service exporters as these countries refuse to buy US goods in a trade war.
I read yesterday that he has a new book out that declares that we are in the process of breaking up the country and losing our nationality. What do you think (all of you) about this? Is he right?
Donald Lingerfelt:I read yesterday that he has a new book out that declares that we are in the process of breaking up the country and losing our nationality. What do you think (all of you) about this? Is he right?
So we would be the United States of America instead of the United States of America?
I kind of suspect he is off in la-la land where the undeclared second Mexican-American War is under way with the first phase being a 'dilution' of the voting base through illegal immigrant's children and making citizens of those already here. Wait, I think that's the second phase, the first phase is the 'invasion' setting up the conditions for the 'dilution'.
Add in the Chinese and 'terrorist' sympathetic countries like Saudi controlling a big chunk of US capital and we're setting ourselves up to be held hostage to foreign demands and wholesale intervention in our domestic policies.
Totally speculating here though since I'm not about to waste my time and money on his book...
richie2044: On Tuesday, November 27, I listened to Pat Buchanan speak on The Laura Ingraham Show. Some of the topics discussed, of course, were the "sinking" dollar, trade with China, and the "disappearing" manufacturing jobs. Buchanan implied that Adam Smith and David Ricardo were antiquated since capital was mobile globally. He stated also that free-traders were "idealogues to the core" and that Adam Smith and David Ricardo were "European scribblers". Buchanan said that Hamiltonian economics was "superior". Comments?
I love it when people glorify Hamilton. He orchestrated the Coup d'état of 1787.
richie2044:Buchanan implied that Adam Smith and David Ricardo were antiquated since capital was mobile globally.
That's because he has been hanging out with Paul Craig Roberts (they both write for Chronicles) who has some controversial ideas about comparative advantage. There are two mp3 files on the site from PCR. If I understand correctly, PCR claims that comparative advantage only works for nations, not individuals; and that comparative advantage doesn't work unless the nation can restrict the export of raw materials.
What about it would make it work for nations, but not individuals? Have these dolts ever opened an economics textbook?
Inquisitor:What about it would make it work for nations, but not individuals? Have these dolts ever opened an economics textbook?
Stop trying to confuse the issue with your tainted, borgeois logic! Only the popular opinion of the proletariat determines what is right and true, not the "reason" of capitalist lap-dogs masquerading as intellectuals.
:P