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Originally Posted by Snake Doctor
I didn't even bother reading the rest of what you wrote because this is so factually inaccurate and flat out stupid that if you believe it's true then nothing else you wrote is worth reading.
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GG has a habit of posting what he thinks will fit his version of the truth and building a case on that.
If the "West" had a neutral balance of payment with the "East" and some developing countries we would not have this crisis. We might even of ridden out the financial crisis created by financiers bankers.We would all be earning more and yes goods would be more expensive in the shops.
We have had over 20 years of importing cheap goods from countries that pay workers a fraction of what we earn, replaced the jobs with service, technology and financial industries. The result is clear to see.
A lot of the service, technology and financial industries are now based in the countries we had hoped would just be selling us cheap coffee percolators and shirts. And the system collapsed.
Under Chairman Mao Chine was a poor third world country where millions starved to death. With the new leadership and our leaders making them "favored trading partners" which in truth means they can sell us billions and buy little, look at the changes. If you want to know where your money went, you don't have to look very far.
The problem is those at the top profited from it, few of them lost their jobs, few of them took a pay cut and they still tell us protectionism is wrong. It is for them, not so good when your job and wages go East.