Episode 8 of the podcast is now up! We’re talking Eurozone economics and where America is in relation. Click here, go to the podcast tab, or, as usual, listen on iTunes and don’t forget to rate and review!
America, European union, eurozone european crisis, Greece, Obama, podcast, socialism, socialist
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#1 by designswish4 on June 9, 2012 - 12:44 AM
I have a question for Mike the Economist.
Back in the 90′s we reelected Clinton based on the stock market’s high averages. Our stock markets seem to have even higher averages, but it has done nothing to help our economy. Is this based on the fact that many companies can make huge profits from overseas business? Obviously the markets are masking the our economic woes.
In your opinion, do you think an organization like the WTO and the obligations the U.S. has to it, and our pursuit of free trade policies has been a contributing factor to a lack of growth? Do you see free trade policies as a failure, and that the U.S. should no longer pursue these policies?
Love the show!
Thanks, Stuart from Hurst TX
#2 by Mike Anderson on June 11, 2012 - 11:08 AM
Thanks Stuart for the comment, this is Mike from the show. Yes, there has been some significant growth that corporations have taken advantage of as far as overseas investments, and do believe in free trade but also think the policies used to date have hurt us as an economy. There is no doubt that the fortune 500 companies are causing the stock market to surge on their growth in overseas markets while there is no investments for job growth at home. The WTO in my opinion has been absolutely a joke in what it has attempted to do. We can look to China to see how successful the WTO has been in protecting free trade. I think free trade (i.e. lowering or completely eliminating tariffs and quotas) can be a beautiful tool if nations played fair. By fair, I mean having certain structural institutions in place to allow enforcement of intellectual property rights, banking and finance law enforcement, and allowed their currency to appreciate or devalue with the markets and not thru manipulation (i.e. the Asian markets constantly devaluing their currency). If we could create a rules of conduct with these nations and rip up the free trade agreement if they do not play fair then we would be better off. However, it gets real sticky when your in a situation with China who owns a significant portion of your debt, and they can call the note whenever they would like. We have gotten ourselves in a situation with deficit spending that now we can not make decisions in the best interest of the US because of who owns our debt. We are real close to ending up like Greece and having sovereign nations dictate to us what policies we should have in place instead of the American people.
#3 by designswish4 on June 12, 2012 - 12:44 AM
Because of this situation with our deficit spending, and how we can’t make decisions for ourselves regarding WTO policies, no matter who is President, this seems to be a scary notion. It sounds like this is at least one of many things China has over us, and why thought is they will pass us as a super-power. Somehow we have to bring jobs back here, but its probably too expensive and the unknown factor of Obamacare costs for businesses.
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