We may be at a turning point in history. For we are about to choose whether to fully and finally cast our lot with globalism, or to become again a nation and people who put Americans first.
We are about to decide, perhaps for all time, whether we believe in a deepening interdependence leading to one world government, or we restore the independence won for us by the men on Mount Rushmore: Washington, Jefferson, Lincoln and Theodore Roosevelt.
All four were economic nationalists. All would today be decried as protectionists. For all believed that the nation's independence and prosperity hung upon its ability to stand alone in the world, and that foreign goods should never enjoy as privileged access to America's markets as American goods made in the U.S.A.
All four put America first. And it was they who created out of 13 rural colonies the greatest manufacturing power in history. Is not their record superior to what Bush-Clinton-Bush left us: a hollowed-out industrial nation dependent on foreigners for the needs of our national life and for the loans to pay for them?
Even John Maynard Keynes came around in 1933 to believe in "national self-sufficiency."
Those who prattle about the perils of protectionism need to be asked: What has free trade produced, but a bankrupt America that must go hat-in-hand to Beijing to borrow the money to rebuild our crumbling infrastructure? Are we also to use Chinese iron, steel and cement because they, with their Third World wages, will work for less than our fellow Americans?
As for Europe's threat of a trade war, bring it on!
We would eat their lunch. As analyst Charles McMillion writes, in eight years of Bush, Canada ran up $500 billion in trade surpluses at our expense, Japan ran up $600 billion, the European Union $800 billion.
These three trading partners, often by imposing value-added taxes on U.S. imports, and rebating those taxes on goods sold here, racked up $1.9 trillion in trade surpluses, sucking jobs, factories and technology out of the United States. These trade deficits, and the even larger ones with China, says Paul Volcker, are behind our present crisis.
America is bust. It is shameful to have to go to China and Japan to borrow the money to rebuild America. But to go to China and Japan and borrow billions, and not spend the money here, makes zero sense.
We have indulged in free trade for a quarter century. And look where it has gotten us. |