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Posted by Brittany Hunter
on Wednesday, February 18, 2009
A wave of financial protectionism is embedded in much of the stimulus legislation and bailout measures that have been adopted in Europe and America in recent weeks. One result of these ill-advised moves will be a dramatic reduction in private capital flows to emerging markets in 2009. “Among the biggest losers will be Latin American nations,” warns Samuel Gregg in his commentary.
Read the commentary at the Acton website and comment on it here.
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The biggest losers are effectively Americans and the future Americans. Brittany mentions ‘protectionism’ it is an ugly word when especially the world has become used to openiness and globalisation and transfer of manufacturing to locations with less costly labour taking the US very much into be a service economy. If the US demands that all the steel required for the stimulus is US Steel then it will cost 30-45% more to do the same job. The US is not respecting the fact that the crisis was an ugly export of the US to the world and the world needs the same stimulus as the US. The restrictions on Conventions and meetings will cause the secretary of the Treasury sooner or later to have to bail out the resortsd and Convention Centers and even States who have a high reliance on tourism dollars. So far the stimulus does not address the real reason what happened and the how to cure. Inflation - much interest interest rates and a further move to Gold will occur in months.
G.J.Wirth
February 18, 2009
4:28 pm
The Buy American splash of the Smoot Hawley Tariff of 1930 did its part to prolong the miseries of the 30´s. Buy American is like shooting yourself in the foot. If we don´t patronize the rest of the world, they won´t have the dollars needed to buy our stuff, and the American industries themselves will suffer the fallout.
Joseph Keckeissen
February 27, 2009
5:58 pm