Comment 52302

By bobinnes (registered) - website | Posted November 27, 2010 at 13:50:08

If both A Smith and Undustrial are correct (i think so), how can that be? Simple, Undustrial's system box is bigger - includes China, etc. Some thing happened to Britain in 18/19th century. These stresses are unavoidable, but we can choose our response. Many want to erect trade barriers, others want China to revalue its currency which amounts to the same thing, more or less. I suspect a majority think we can still compete because China is still seen as backward copiers. I've heard much that debunks this myth - advanced solar, trains, air conditioners, etc. A crashing USD will help by choking off cheap oil driven trade. Then local production can increase, at least some products.

Both Don and Undustrial also point to corporatism/ globalism as a key problem. I agree, as this is what can make A Smith's logic go from true to unworkable. We have let go of the reins of restraint and regulation on corporations and banksters at the same time as we have decreased the freedom of (increased the regulation on)individuals. Maybe Hamilton can change its mentality so as to protect individuals from gummermint instead of what they do now but doubt this can happen as long as the Spectator vomits elitist thinking into peoples' unthinking heads. People are getting the gummmermint they deserve.

Comment edited by bobinnes on 2010-11-27 12:55:16

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