| Subject: | RE: [socialcredit] "dollar hegemony" | | Date: | Thursday, May 17, 2007 23:17:27 (+0000) | | From: | John G Rawson <johngrawson @.......com>
|
| In reply to: | Message 4768 (written by william_b_ryan) |
This will only happen, of course, while other countries have a lower standard
of living, low wages etc.
It's an interesting parallel with the historical situation of Britain and, for
example, India. Wonderful way to dump surplus goods and hold up employment at
home, but in the end the British public didn't get much. Whereas the "oppressed"
Indians got a fully developed railway system etc.
Regards. John R.
From: <william_b_ryan@yahoo.com>
Reply-To: socialcredit@elistas.com
To:
socialcredit@elistas.com
Subject: [socialcredit] "dollar hegemony"
Date:
Thu, 17 May 2007 14:42:27 -0700 (PDT)
>"Dr. Michael Hudson, an expert in this
area, says
>there is no reason why dollar hegemony should not
>continue forever,
even though its net effect is a
>transfer of wealth from all other nations to the
U.S."
>-------------------------------------------
>--------------------------------------------
>
>The
net effect is actually the continuous
>deterioration in the nation's industrial
base. Wealth
>is being destroyed rather than transferred to the U.S.
>The term
"dollar hegemony" was invented by those who
>do not understand monetary
economics.
>
>The domestic manufacturer
must pay a decent wage with
>benefits, have a clean smokestack, safe
workplace,
>etc., yet in the system of "free trade" is required to
>compete in his own
marketplace increasingly against
>foreign "competitors" with no such
comparable
>requirements. No matter how "productive" he becomes,
>he cannot
compete in the long term. It becomes a race
>to the bottom. So at some point he
is required to
>shut down his factory, and shift his operation
>overseas, if he
can.
>
>Remember that a dollar from the domestic economy that
>is shifted toward
a "cheaper" purchase from overseas
>reduces the domestic rate of profit by a
dollar,
>without commensurately reducing debt, and increases
>the rate of profit
in the overseas economy by a
>dollar--debt free.
>
>It is a debt free infusion of
credit
into the overseas
>economy, while at the same time keeping the
overseas
>workforce enslaved, and its environment polluted.
>
>And the domestic
workforce is
progressively
>impoverished.
>
>
>
>
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