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nafta billy clinton put america into a trap, i said what that idiot did can't be reversed easily, if at all,
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Nov 23, 2023, 3:53:47 PM11/23/23
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yes yes it was nafta billy clinton, and free trade is actually class warfare, to bad some many were duped, now america is in terminal decline
the free trading democrats are like deer in the headlights, they are completely bewildered, why didn't free trade work?
saying that what the polices of bill clinton did, did not work out to well for the american people and the world, is a understatement.
nafta billy clinton put america into a trap, i said what that idiot did can't be reversed easily, if at all, and china which was nafta billys boys are about to nuke the dollar
russia is disgusted with themselves for falling for nafta billy clintons disastrous policies
https://www.nakedcapitalism.com/2023/11/restructuring-of-the-global-economy-michael-hudson-alexander-mercouris-glenn-diesen.html
Restructuring of the Global Economy – Michael Hudson, Alexander Mercouris & Glenn Diesen
Posted on November 23, 2023 by Yves Smith
Yves here. A meaty talk for America’s turkey day. Hope those of you in the States are enjoying this holiday and find the chance to consume some intellectual fare, in this case on the big shifts in the global economy. The topics include the decisions to de-industrialize, the US and UK empires, rentierism and the proper uses of protectionism
Originally published by The Duran
" the United States decided it didn’t want to compete. And this goes back to the Clinton administration in the 1990s. The Clinton administration’s objective, and that of the Democratic Party, was basically a class war against labor. How do we lower the wages of labor so that we can increase the profitability? Well, the way America had of lowering the wages of labor was, let’s hire Asian labor, especially Chinese labor. Let’s let Chinese into a trade relationship with us into the WTO. And then instead of having to bid up the price of labor in our industrial centers, Detroit and the South and the Midwest, we’ll hire products made by Chinese labor that will keep down wages here. And America can be in a post-industrial economy."
"So in a way, what’s happened today is exactly what America wanted. And all of a sudden, they’ve woken up to the fact and said, how can America run the world and be number one if it doesn’t have a manufacturing power, if it’s dependent on other countries for its manufacturing and now for its technology, and if all of this is financed by running into debt that the economy runs up for the military spending abroad to prevent other countries from competing with the United States, when actually it’s the United States that has decided we want you to compete because your production and competition with us is what’s winning the class war against labor. Your competition is what’s holding down the price of labor. So they haven’t really thought, what does a post-industrial economy mean? Well, it turns out to be a financialized economy.
You have today, as the election for 2024 is being prepared, the bewilderment of the Democratic Party here. If you look at the GDP, President Biden says, you’re doing so well, look at GDP. And the vast majority of Americans, according to every poll in every part of the country says, we’re not doing well at all. We’re doing awful. And it turns out that when you look at what is the American GDP, well, almost all of it is the growth in prosperity, the growth in financial benefits for the 1%, maybe for the 10% of the population. And the 1% and the 10% has increased its wealth so much since 2008 led the Federal Reserve to slash interest rates that the 1% and the 10% gain is larger than the loss for the 90%. So all that the President Biden can say is, who are you going to believe? Are you going to look at the statistics or are you going to look at your own life and what you have to spend at the grocery store and what you have to spend on rent and housing as America turns away from a homeowner’s economy into a rental economy?"
"MICHAEL HUDSON: I’m sorry to disappoint you, but there is no right thing that the United States can do. It’s in a trap. It’s in what economists call the optimum position. Mathematicians say it’s optimum because whatever you do is going to make things worse. And the United States has painted itself into a corner. And the only way it could get out of the corner would be to be a different kind of a country, a different kind of an economy."
"I think that’s why when you read the speeches of President Putin today or Secretary Lavrov, you can see just the disgust that they feel almost for themselves for ever having been suckered into this kind of neoliberal plan. I think that’s spurred them to say, well, look, we have to turn east, not west. This is how all of Europe and America are making its money. They’re turning into a rentier economy. We’ve seen what that did to us, and as President Putin said, Russia lost more of its population economically in the 1990s as a result of neoliberal rentier policy than it lost militarily in World War II. Well, it’s never going to do that again, and that is what has set its mind so much on to creating an alternative. When there’s a will, there’s a way, and there’s now the will, and that’s been the precondition for creating a much sounder basis for growth in Russia, China, and the rest of the global majority."
"I think, have noticed that in Russia they’re now suddenly rediscovering Friedrich List. And Friedrich List was very much, in late 19th, early 20th century Russia, the dominant economic thinker. Not just Sergei Witte, who was the finance minister at that time, who was an open, declared disciple, but if you read, for example, the sort of economic courses that the foreign ministry school in Russia used to teach, very much based on List, looking at the American system as well of the 19th century, saying this is the model that, you know, Russia should follow. And we both, I think, noticed that the Russians are suddenly looking back and thinking about him.
MICHAEL HUDSON: Well, List was the first generation of American protectionists. He developed his ideas in the United States with Matthew Carey in the 1820s. But then he went to Germany, where, of course, he really developed his theory that Germany needed railroad infrastructure and it needed a belt and road initiative, basically. So I think it was via Germany that List got to Russia.But the second generation of protectionists in the 1840s and 50s in the United States went way beyond List. And so they translated List’s book and said, well, he didn’t really take into account, he didn’t really spell out how you needed to develop an industrial system based on high wage labor. You need to raise labor productivity by raising its wages and making it healthier, better clothed, better housed, and all of that. So List was only stage one of the protectionists. And I wrote a book on this, America’s Protectionist Takeoff, where I talk about List and his followers."
"I think that Frederick List is probably in the Russian libraries, the most widely held book on protectionist ideas, but also Glenn mentioned Japan’s productive policy. The American leading protectionist in the 1850s was William Seward, the Secretary of State Seward’s law partner, Erasmus Peshine Smith. And the Americans waited for the British ambassador to Japan to go back to England for a vacation, and then Peshine Smith went to Japan, became an advisor to the Mikado, and they translated all of the American protectionist works, and that became the guideline for how Japan developed its protectionism in the late 19th century.Something like that has to happen in Russia and China, but it’ll have to be by way of people reading the books, because there’s no one living that’s going to go there. So all we can do is recommend books for them to read and to include a history of economic thought and say, how did other countries cope with a problem that Russia has today? How did other countries grow and replace England to be free of England’s control of international trade? Let’s see how other countries did it, and we’ll see what works and what doesn’t work."...
------------------------
LET ME SAY THIS LOUD AND CLEAR, BILL CLINTONS DISASTROUS FREE TRADE ECONOMIC POLICIES HAS LEFT VAST AREA'S OF AMERICA, HOMELESS, STARVING, ALMOST UNABLE TO FEED OURSELVES, CHILDREN ARE NO LONGER GROWING, INFANT MORTALITY IS SOARING, CHILDREN ARE BEING STARVED AND DENIED HEALTH CARE TO HELP PAY FOR THE DISASTROUS TRADE DEFICIT.
AMERICA CAN NO LONGER MAKE A ASPIRIN, PLANES THAT FLY, MILITARY HARDWARE THAT WORKS, VAST SECTORS OF THE AMERICAN ECONOMY NO LONGER EXIST. WORKERS ARE BEING DEMONIZED, AND RADICALIZED.
THEY ARE TIRED, WORKING MULTIPLE PART TIME JOBS, BARELY ABLE TO FEED AND HOUSE THEMSELVES.
WE NEED PROTECTIONISM AND TARIFFS NOW! ITS WHAT THE FOUNDERS OF THIS NATION PUT INTO THE CONSTITUTION, BECAUSE THEY UNDERSTOOD WHAT UNLEASHING THE WEALTHY ONTO THE WORLD WOULD DO.
the free trading democrats are like deer in the headlights, they are completely bewildered, why didn't free trade work?
saying that what the polices of bill clinton did, did not work out to well for the american people and the world, is a understatement.
nafta billy clinton put america into a trap, i said what that idiot did can't be reversed easily, if at all, and china which was nafta billys boys are about to nuke the dollar
russia is disgusted with themselves for falling for nafta billy clintons disastrous policies
https://www.nakedcapitalism.com/2023/11/restructuring-of-the-global-economy-michael-hudson-alexander-mercouris-glenn-diesen.html
Restructuring of the Global Economy – Michael Hudson, Alexander Mercouris & Glenn Diesen
Posted on November 23, 2023 by Yves Smith
Yves here. A meaty talk for America’s turkey day. Hope those of you in the States are enjoying this holiday and find the chance to consume some intellectual fare, in this case on the big shifts in the global economy. The topics include the decisions to de-industrialize, the US and UK empires, rentierism and the proper uses of protectionism
Originally published by The Duran
" the United States decided it didn’t want to compete. And this goes back to the Clinton administration in the 1990s. The Clinton administration’s objective, and that of the Democratic Party, was basically a class war against labor. How do we lower the wages of labor so that we can increase the profitability? Well, the way America had of lowering the wages of labor was, let’s hire Asian labor, especially Chinese labor. Let’s let Chinese into a trade relationship with us into the WTO. And then instead of having to bid up the price of labor in our industrial centers, Detroit and the South and the Midwest, we’ll hire products made by Chinese labor that will keep down wages here. And America can be in a post-industrial economy."
"So in a way, what’s happened today is exactly what America wanted. And all of a sudden, they’ve woken up to the fact and said, how can America run the world and be number one if it doesn’t have a manufacturing power, if it’s dependent on other countries for its manufacturing and now for its technology, and if all of this is financed by running into debt that the economy runs up for the military spending abroad to prevent other countries from competing with the United States, when actually it’s the United States that has decided we want you to compete because your production and competition with us is what’s winning the class war against labor. Your competition is what’s holding down the price of labor. So they haven’t really thought, what does a post-industrial economy mean? Well, it turns out to be a financialized economy.
You have today, as the election for 2024 is being prepared, the bewilderment of the Democratic Party here. If you look at the GDP, President Biden says, you’re doing so well, look at GDP. And the vast majority of Americans, according to every poll in every part of the country says, we’re not doing well at all. We’re doing awful. And it turns out that when you look at what is the American GDP, well, almost all of it is the growth in prosperity, the growth in financial benefits for the 1%, maybe for the 10% of the population. And the 1% and the 10% has increased its wealth so much since 2008 led the Federal Reserve to slash interest rates that the 1% and the 10% gain is larger than the loss for the 90%. So all that the President Biden can say is, who are you going to believe? Are you going to look at the statistics or are you going to look at your own life and what you have to spend at the grocery store and what you have to spend on rent and housing as America turns away from a homeowner’s economy into a rental economy?"
"MICHAEL HUDSON: I’m sorry to disappoint you, but there is no right thing that the United States can do. It’s in a trap. It’s in what economists call the optimum position. Mathematicians say it’s optimum because whatever you do is going to make things worse. And the United States has painted itself into a corner. And the only way it could get out of the corner would be to be a different kind of a country, a different kind of an economy."
"I think that’s why when you read the speeches of President Putin today or Secretary Lavrov, you can see just the disgust that they feel almost for themselves for ever having been suckered into this kind of neoliberal plan. I think that’s spurred them to say, well, look, we have to turn east, not west. This is how all of Europe and America are making its money. They’re turning into a rentier economy. We’ve seen what that did to us, and as President Putin said, Russia lost more of its population economically in the 1990s as a result of neoliberal rentier policy than it lost militarily in World War II. Well, it’s never going to do that again, and that is what has set its mind so much on to creating an alternative. When there’s a will, there’s a way, and there’s now the will, and that’s been the precondition for creating a much sounder basis for growth in Russia, China, and the rest of the global majority."
"I think, have noticed that in Russia they’re now suddenly rediscovering Friedrich List. And Friedrich List was very much, in late 19th, early 20th century Russia, the dominant economic thinker. Not just Sergei Witte, who was the finance minister at that time, who was an open, declared disciple, but if you read, for example, the sort of economic courses that the foreign ministry school in Russia used to teach, very much based on List, looking at the American system as well of the 19th century, saying this is the model that, you know, Russia should follow. And we both, I think, noticed that the Russians are suddenly looking back and thinking about him.
MICHAEL HUDSON: Well, List was the first generation of American protectionists. He developed his ideas in the United States with Matthew Carey in the 1820s. But then he went to Germany, where, of course, he really developed his theory that Germany needed railroad infrastructure and it needed a belt and road initiative, basically. So I think it was via Germany that List got to Russia.But the second generation of protectionists in the 1840s and 50s in the United States went way beyond List. And so they translated List’s book and said, well, he didn’t really take into account, he didn’t really spell out how you needed to develop an industrial system based on high wage labor. You need to raise labor productivity by raising its wages and making it healthier, better clothed, better housed, and all of that. So List was only stage one of the protectionists. And I wrote a book on this, America’s Protectionist Takeoff, where I talk about List and his followers."
"I think that Frederick List is probably in the Russian libraries, the most widely held book on protectionist ideas, but also Glenn mentioned Japan’s productive policy. The American leading protectionist in the 1850s was William Seward, the Secretary of State Seward’s law partner, Erasmus Peshine Smith. And the Americans waited for the British ambassador to Japan to go back to England for a vacation, and then Peshine Smith went to Japan, became an advisor to the Mikado, and they translated all of the American protectionist works, and that became the guideline for how Japan developed its protectionism in the late 19th century.Something like that has to happen in Russia and China, but it’ll have to be by way of people reading the books, because there’s no one living that’s going to go there. So all we can do is recommend books for them to read and to include a history of economic thought and say, how did other countries cope with a problem that Russia has today? How did other countries grow and replace England to be free of England’s control of international trade? Let’s see how other countries did it, and we’ll see what works and what doesn’t work."...
------------------------
LET ME SAY THIS LOUD AND CLEAR, BILL CLINTONS DISASTROUS FREE TRADE ECONOMIC POLICIES HAS LEFT VAST AREA'S OF AMERICA, HOMELESS, STARVING, ALMOST UNABLE TO FEED OURSELVES, CHILDREN ARE NO LONGER GROWING, INFANT MORTALITY IS SOARING, CHILDREN ARE BEING STARVED AND DENIED HEALTH CARE TO HELP PAY FOR THE DISASTROUS TRADE DEFICIT.
AMERICA CAN NO LONGER MAKE A ASPIRIN, PLANES THAT FLY, MILITARY HARDWARE THAT WORKS, VAST SECTORS OF THE AMERICAN ECONOMY NO LONGER EXIST. WORKERS ARE BEING DEMONIZED, AND RADICALIZED.
THEY ARE TIRED, WORKING MULTIPLE PART TIME JOBS, BARELY ABLE TO FEED AND HOUSE THEMSELVES.
WE NEED PROTECTIONISM AND TARIFFS NOW! ITS WHAT THE FOUNDERS OF THIS NATION PUT INTO THE CONSTITUTION, BECAUSE THEY UNDERSTOOD WHAT UNLEASHING THE WEALTHY ONTO THE WORLD WOULD DO.
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