Wednesday, November 29, 2006
Watch Lou Dobbs Turn Into Noam Chomsky
You could have knocked me down with a feather when I saw this on CNN under Dobbs' byline:
Victorious Democrats will, with the opening of the 110th Congress, have a historic opportunity to right the course of a country that has been hell-bent on permitting free-trade corporatists and faith-based economics to bankrupt the nation. As the New Year approaches, newly elected Democrats in the House and Senate will be battered by calls, even demands, to stay the course, rather than right it. And we can only hope they and their new leadership in both houses will have the courage and character to be rationalists and realists and overcome their partisan political debt to corporate America, and U.S. multinationals in particular. Eye-glazing stuff, international trade. But the consequences of faith-based free-trade will be eye-popping in the disaster it wreaks on our economy and working Americans. The facts are anything but dull: For 30 consecutive years the United States has run a trade deficit, and our trade deficit has surged to record highs in each of the past four years. Our monthly deficits have reached record levels in two of the past three months. Our current account deficit -- the broadest measure of international trade -- is on track to approach $1 trillion this year. And our current account deficit is almost 7 percent of our nation's gross domestic product, considerably above the threshold at which Federal Reserve studies have acknowledged our economy must make policy adjustments or face major financial crisis. We're borrowing about $3 billion a day just to pay for our imports, and our trade debt now stands at $5 trillion. We will no longer have to be patient to see the impact of these faith-based policies in free trade. Signs are already beginning to mount that a reckoning is nearing. Our trading partners in Europe are counseling "vigilance" in the currency markets, as their anxiety rises with the value of the Euro against the dollar. For the first time, the Chinese government is publicly expressing its concern about the more than $1 trillion it holds in reserves.Go read the whole thing. It's amazing. Now if Dobbs can only ditch the racism, his transformation will be complete.
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