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View Diary: Obama gives Larry Summers 'full-throated' defense as dissenters push Janet Yellen for Fed chief (192 comments)

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  •  The difference between (10+ / 0-)

    regular trade and free trade is this:

    Regular trade accounts for the wage differences between the countries and applies a levie to the lower waged nation, leveling the playing field so as not to hurt local industries.  This is what we used to call plain old trade.  The first tax levied in America was a tarriff.  

    Free trade fails to account for the wage differences, lowering the labor pay for both sides of the trade, and eliminating the industry in the country with the highest wages.  All that will be left of industry in the end of America's free trade orgy will be holding companies, oligarchs and serfs.  And of course politicians who do their bidding.  Imagine Ebineezer Scrooge's wet dream.  History shows us, however, that extreme social unrest occurs in countries such as these, and never in one as unequal as ours not resulted in turmoil.  That's what free trade is.  

    Bad things aren't bad! And anyway, there's mitigation!

    by Nada Lemming on Wed Jul 31, 2013 at 05:43:51 PM PDT

    [ Parent ]

    •  Annnnnnd... (2+ / 0-)
      Recommended by:
      caul, annan

      ...Free trade destroys safety, health and environmental regulations, the lack of which harms the people who have been turned into serfs the most. Opposition to free trade would be enhanced not only by making the environmental focus integral to the economic focus but by getting the damnable lie of "free" out of our description for it.

      Don't tell me what you believe, show me what you do and I will tell you what you believe.

      by Meteor Blades on Wed Jul 31, 2013 at 10:23:17 PM PDT

      [ Parent ]

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