Truemors
Fed Chairman Ben Bernanke practiced free trade heresy when he says people should spend their economic stimulus money on domestically produced items to best stimulate the economy. If former Fed Chairman Alan Greenspan, the Clintons and the Bush "family" said this several years ago, there would be no need for an economic stimulus package today. Now it is difficult in shopping for U.S. made products. The term has even been changed to "built or assembled in the USA".
Bernanke statement hit the core of our economic problems. Any extra money from tax cuts or stimulus packages spent at retail outlets quickly fans out to where the products are made in places like China to build their economies at the expense of ours. Katherine Reynolds Lewis wrote about the definition of consumption relating to consumers is returning to its older interpretation of being a sickness. The pillars of free trade and globalization rest on the consumers in the USA. Even Wal-Mart has reported their customers are running out of money before the end of the month. Wal-Mart also said they were surprised by the number of people applying for jobs. 46,000 people applied for about 1,200 jobs at three new Wal-Mart outlets in Cleveland Ohio and near Chicago Illinois. This too is an indication of an economic disease. President Franklin Roosevelt said economic diseases are highly communicable. It is obvious they are spreading in our economic storm in the USA today. ( It should also be noted that Senator Hillary Clinton was on the Wal-Mart board of directors for about seven years - electing her as President is like putting a fox in charge of the chicken coop. )
None of this is new. The Federal Government sponsored the moving of factories outside the USA starting in 1956. It was supposed to be a temporary program but it never ended. It evolved into the Maquiladora factories in Mexico that used impoverished workers to make goods for U.S. consumers. By 1992, more than 2,000 factories were moved to Mexico. This number quickly doubled to more than 4,000 after President Clinton and a Democrat controlled Congress passed the NAFTA and GATT trade agreements. Soon after that, President Clinton rushed billions of dollars to Mexico to save the Peso.
Even after all this, Mexican workers are flocking to America seeking economic survival. President Bush say they are coming to take jobs Americans will not do. Mexico reports a low unemployment rate just like the U.S. does and so there must be jobs in Mexico that Mexican workers will not take. Now many of these jobs are going to China where workers will work for pennies a day. For more information, see http://www.bizarrepolitics.com/ben-says-buy-usa and http://www.bizarrepolitics.com/sullivan-rocks-the-feds/ and while you are at it view the series of article relating to The Age of Turbulence by Alan Greenspan.
See OPEN LETTER to all Presidential Candidates at http://www.phillyfuture.org/node/5885
Thank you Ben Bernanke for one of the most major statements made in our times.
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