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Don't Blame China > Letters

Web Letter

For the Wall Street cabal to blame China for this country's economic woes is tantamount to being outsmarted and maneurvered by amateurs. Wall Street has been playing the capitalist game for more than a century. China is a novice at capitalism and trade.

Only after Mao's death did China wake up and realize that they had to get into the game since communism was failing and China was a mere country of peasants and Communist Party leaders.

Wall Street can't blame regulatory constraints of the government that gave China an unfair advantage. The fact is Wall Street saw a vast undeveloped market and gave China a seat at the table of the poker game we call global economics and borrowed and bluffed its way into an economic house of cards out of greed and arrogance.

The reason they could afford to do this was because they weren't playing with their money, they were playing with the American public's money and jobs and financial security.

So Wall Street was either stupid and greedy or just plain stupid.

creig speed

Pensacola, FL

Jan 15 2010 - 5:11am

Web Letter

I have never blamed China for this economic mess, and I am pleased that their economy is doing well. The collapse of the Western Economies is a self-inflected wound by the stupidity of our business and political elites. Free Trade agreements encouraged the outsourcing of industries and jobs overseas for cheap labor. Free Trade is all about driving down wages and eliminating national social safety nets all over the world.

Historically, economic imperialism occurred when a developed state, with and industrial base, sought a "free trade" relationship with an underdeveloped state, trading their cheaper industrial products for minerals or agricultural products. No local industrial base could be developed, because they could not compete with the industrial base of the developed country. This is why Alexander Hamilton sought tariffs to develop and protect industries in our new country. His policies were continued by various political parties throughout the nineteenth century, and well into the twentieth. As Hamilton noted in his "Report on Manufactures," the British had a twenty-year head start into the Industrial Revolution, and would have retarded Industrial development in America in a "free trade" relationship.

However, multinational corporations and investment banks have become more ambitious! Based on David Ricardo's Iron Law of Wages (1817), they are seeking, through "free trade" and "open borders," to turn ordinary worker into wage slaves, without a social safety net, in every country in the world.

However, big banks and big business will be paying millions in bonuses and salaries to the (talented?) few at the top, and the Main Street market that supports them will collapse. Sixty to 70 percent of Western markets are supported by the disposable income of ordinary workers as consumers. Reduce wages and the disposable income that supports these markets are removed, and these markets fail. It is now 2010 and not 1817.

Pervis James Casey

Riverside, CA

Jan 13 2010 - 1:36pm

Web Letter

"Tell that to the shoppers at Wal-Mart and Costco who are managing to stay decently clothed while still affording some of the diversionary electronic trinkets that keep them from going crazy-mad at the bankers who cost them their jobs and homes."

We don't blame the Chinamen, Robert, we blame Nixon to Clinton with their self-important attitude about free trade. They thought that they were globalists when, in reality, they were just parochial little men who aspired to greatness but didn't have the brains to be village idiots.

The experiment is a miserable failure and we have traded all of our sweat equity on an experiment that isn't working. We have turned a communist country into a military and industrial giant. They executed 5,000 people last year, down from 10,000 the year before, for crimes that amounted to urinating on the sidewalk. While they were running over kids in Tiananmen Square, we looked the other way. They now have the largest standing army in the world and are making large amounts of investments into military hardware. They are the largest manufacturer of cars, and while we diddle with windmills they are firing one new coal electric plant a week. We are, by the way importing those windmills from China. Did I mention that they are investing large sums in nuclear weapons and they told Obama to go diddle on global warming?

james l. pinette

Caribou, ME

Jan 13 2010 - 1:21pm

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