CrossTalk: Flat Broke!

[The Northerner]

Run time: 26:04 https://www.youtube.com/watch?v=epWdWpwLT4g   Posted on YouTube: April 18, 2011 By YouTube Member: RussiaToday Views on YouTube: 566   Posted on DU: April 18, 2011 By DU Member: The Northerner Views on DU: 593

 
In this edition of Peter Lavelle's CrossTalk: Does the current budget war in Washington really matter anymore? After all, just look at the numbers and it is obvious the US is already bankrupt. Can Americans end their spending spree addiction and learn the science of saving? Shouldn't the government do the same? CT-ing with Martin Hennecke, Jeffrey Frankel and Joseph Weisenthal.

[JDPriestly]

1. Of course, the Russians preach that the American economy is

headed down the tubes. The problem is that if the American economy goes down the tubes, so do the economies in some other countries and probably the world.

The first thing we need to do is to change our trade policy to protect American jobs at least to some degree. The problem with our economy is that we buy too much from other countries. We do not demand our own products and therefore we do not create enough American jobs in America.

If we once again exported industrial goods (and produced them in factories that were relatively clean from an environmental point of view), then we could do what we want and Americans could live well.

The rest of the world wants to dump its junk into our country for our dollars and then badmouths our currency. The rest of the world should be careful about what it wishes for. It may get it. And we may once again, left to our own devices, prove that we are the most resilient creative country on earth.