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View Diary: President Obama wants Wall Street's money, but he needs working America's votes (274 comments)

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  •  the roots of our economic problems go all the way (0+ / 0-)

    back to the late 70's.  Up until then, national economies were pretty much self-contained and independent--the big national corporations invaded the Third World whenever they could, but for the most part they concentrated on dominating their own internal markets, and foreign trade was not their priority.

    By the 80's, however, national corporations in the US, Japan and Europe began to outgrow their domestic markets, and were increasingly forced to look elsewhere.  That of course brought them into direct conflict with each other, and the result was bloody trade wars during the Reagan years--trade wars which the US lost. The new multinational corporations desperately sought a way to avoid all the bloody trade warfare in the future, and finally in 1996 agreed to a uniform set of international trade rules that everyone would follow, enforced by a neutral party (the WTO), which would give every corporation everywhere equal access to every other market, with nobody having any privileged position.  The corporate version of "democracy". They have thrived under that global system ever since, they have zero interest in giving it up, and they will fight to the death to defend it against any nation's narrow self-interests.

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