One of the most perceptive financial thinkers and real world
practitioners of economic policy is Paul Craig
Roberts. In one of his most observant essays he
stated: “For globalism to work, there needs to a single currency and a single
tax system -- a one world political system. Trade between countries is not like
trade within a country. Trade between countries involves different currencies
whose values change if there are persistent trade deficits or surpluses. A
country that runs up a large trade imbalance due to its importation of cheap
manufactured goods suddenly finds the goods are no longer cheap when the value
of its currency declines. The companies that outsourced to benefit from cheap
labor suddenly find their profits impacted when the currency in their home
market devalues.”
Read the entire essay from the Global Gulag archives
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