A Quote by Judy Woodruff
A dramatic unwinding of that relationship [between USA and China], by way of an aggressive trade policy, is one of the nightmare scenarios for the global economy as a whole, because it would result in a spiraling depreciation of the dollar, a surge in American interests rates, a collapse in the market for American government debt.
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When I was in government, the South African economy was growing at 4.5% - 5%. But then came the global financial crisis of 2008/2009, and so the global economy shrunk. That hit South Africa very hard, because then the export markets shrunk, and that includes China, which has become one of the main trade partners with South Africa. Also, the slowdown in the Chinese economy affected South Africa. The result was that during that whole period, South Africa lost something like a million jobs because of external factors.
During the 1999 debate over Permanent Normal Trade Relations with China President Bill Clinton said, 'In opening the economy of China, the agreement will create unprecedented opportunities for American farmers, workers and companies to compete successfully in China's market. WRONG: Our trade deficit with China has increased from $83 billion in 2001 to a record breaking $342 billion in 2014.
Terrorism and trade policy are clearly topics where Trump expresses the fears and concerns of many American people. There is a widespread feeling in this country that the government has been too willing to go into trade deals that sent American jobs to Mexico or to China. The affected communities feel left behind. It is one of the reasons for Trump's rise.
I've never been able to get it straight about what these people who are worried about the trade deficit are worried about. When they say that we're buying too much from overseas, that we're sending too many dollars overseas to get all these goods and services they got, they're saying that the American dollar is too strong and that is hurting our economy. And the result of this will be that the American dollar will get too weak, and that will hurt our economy.
With all of its defects, the global market makes war less likely, even between the USA and China.
The libertarian creed...offers the fulfillment of the best of the American past along with the promise of a far better future. Libertarians are squarely in the great classical liberal tradition that built the United States and bestowed on us the American heritage of individual liberty, a peaceful foreign policy, minimal government, and a free-market economy.
The American consumer, even today, the weight of the American consumer in the global economy is China plus India doubled. So, it's tough to replace that.
U.S. security is enhanced when we cooperate with China on challenges from North Korea to Iran to South Sudan. Our trade relationship strengthens our economy and supports American jobs.
Way down deep the American people are afraid of an entangling relationship between formal religions - or whole bodies of religious belief - and government.
We have to make sure America writes the rules of the global economy, and we should do it today while our economy is in the position of global strength, because if we don't write the rules for trade around the world, guess what: China will.
You cannot just depend on the market, because the market will say: China needs oil; China needs coal; China needs whatever, and Africa has got all these things in abundance. And we go there and get them, and the more we develop the Chinese economy, the larger the manufacturing is, the more we need global markets - sell it to the Africans which indeed might very well destroy whatever infant industries are trying to develop on the continent. That is what the market would do.
The dollar represents a one dollar debt to the Federal Reserve System. The Federal Reserve Banks create money out of thin air to buy Government Bonds from the U.S. Treasury...and has created out of nothing a ... debt which the American people are obliged to pay with interest.
For too many of our young people, that once-promised American dream has given way to an American debt burden and a bleak job market.
If a trade deficit is determined solely by rates of savings and investment, then the U.S. trade deficit will be impervious to a get-tough trade policy. Slapping higher tariffs on imports will only deprive foreigners of the dollars they would have earned by selling in the U.S. market.
The idea that debt is necessary for trade, and has to be forgiven, is consequent to the rise of a market economy. The idea that debt is wrong and should be punished is a feature of a moral economy.
Free trade is an important component of our economy, but it also has to be fair. Too often, the needs of American workers are ignored while the interests of huge corporations are the focus of these trade deals.
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