Pat Buchanan

The Post and Krugman feel the Germans must shake off their habit of working and saving and start spending to get Club Med countries like Spain and Greece out of intensive care. The Post wants Merkel to embrace the Social Democrats' idea of raising the minimum wage to $11.50 an hour, which was too rich even for the mayor of D.C.

The need, says Treasury, is for "rebalancing."

Basically, what the globalists want is for prudent counties with trade surpluses to start running deficits to get money flowing, like transfusions, into the moribund economies.

Where as "Engine Charlie" Wilson reportedly said, "What's good for General Motors is good for the country," the globalists retort, "What's good for the global economy is good for America."

But is this true? From their behavior in recent decades, neither the Chinese nor Japanese nor Germans, proprietors of the second, third and fourth largest economies on earth, buy into this ideology.

And how has America's conversion to globalism, since George H.W. Bush proclaimed the coming of the New World Order, worked out for us?

From 1989 to 1993, Bush 1 ran $360 billion in trade deficits in goods, a U.S. record.

Bill Clinton, who enlisted the Republican establishment to help ratify NAFTA and U.S. membership in a World Trade Organization where the United States has the same vote as Armenia, ran $1.8 trillion in trade deficits.

Clinton's deficits were then dwarfed by George W. Bush's, who ran up $5.3 trillion in trade deficits in goods.

In four years and eight months, Obama has piled up trade deficits totaling more than $3 trillion.

Thus, during 25 years of free-trade globalism, the United States has run up well over 10 trillion, or ten thousand-billion, dollars in trade deficits in goods.

And what do we have to show for it?

Our economic independence is history. We rely on foreigners for the necessities of life. We are the greatest debtor nation in history. Beijing and Tokyo bank scores of billions in annual interest payments on the T-bills and Treasury bonds they hold. And as the gleaming cities of Asia rise, America's infrastructure visibly crumbles.

The real wages of our working men and women have not risen in decades. In the first decade of this century, we lost 6 million manufacturing jobs as 55,000 factories disappeared.

Why should successful Germans emulate the folly of the failed American politicians responsible for the decline of the greatest republic in the history of mankind?


Pat Buchanan

Pat Buchanan is a founding editor of The American Conservative magazine, and the author of many books including State of Emergency: The Third World Invasion and Conquest of America .
 
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