Thursday, November 08, 2012
Ted Thomas On China's Manipulated Currency
I could present an essay about trade war, about history and about China. I could draw up graphs and make reasoned arguments but what I cannot answer is why I am making this effort. Why wasn't this story #1 when it happened in 94? Was that the time that the baby fell down the well or the whales got stuck in the ice ? Our fourth estate failed us and why did successive regimes ... sorry ... Administrations pursue an unwavering policy that supported the interests of China resulting in the de-industrialization of the USA and reduced us to a condition of a failed state.
Of course the important thing to notice is that overall manufacturing employment collapses as the hyper exploitation collapsed demand and the unavoidable credit bubble collapsed. Classical economics has no way out of this degeneration. As a result of globalization people are living shorter, poorer and sicker lives deprived of the benefits of increased productivity through social production. And the best part is that they are deprived of the education that might enable them to conceptualize what they are being deprived of.
Just watch this. it is short.