Thursday, May 14, 2009

Bailouts -- The Sinking of the American Ship of State

“So this is how the auto bailout will work. American taxpayers pump tens of billions into rescuing General Motors from bankruptcy. Then GM pays us back by shipping more jobs overseas--the equivalent of four assembly plants. The federal money will directly subsidize more imports from abroad, enabling GM to double its car production in Mexico, South Korea and China and selling the cars into the US market.”

This is how William Greider opens his May 8 article in The Nation:

He then asks, “Can someone explain how this is in our national interest?”

Of course, that's a rhetorical question. Mr. Greider already knows the answer. It isn't! As he suggests, it's “Better to settle for bankruptcy court than provide public financing to further the destruction of US manufacturing.” That's the game! That's the aim! The destruction of U.S. manufacturing. I've been trying to tell people that for over 35 years. As long as the U.S. had a standard of living so much higher than the rest of the world, the American people would never have been foolish enough to accept a world government with its inevitable “redistribution” of their wealth. First our wealth had to be “redistributed.” Then we would have less to lose. More than likely, they will create, (and are creating), an economic situation in which we will have to accept a globalist ultimatum just to eat.

Although obviously astute, Greider then commits a series of errors that I can only attribute to mental laziness or an acute hangover. He calls Obama an “orthodox free trader” (Obama is a “free trader” or a protectionist according to the orders from his handlers) and says his administration “has stumbled into the middle of the political train wreck known as globalization.” He should know that Obama, with Trilateral “guidance,” leaped nimbly into the wreck with orders to pile on more cars.

He says, “It begins to look like another sly victory for the old order that has failed.” No, Mr. G.! It's the “New Order” and it has not failed. (See my post quoting Garet Garrett in my lostliberty blog). If I, a purely amateur writer, may be so audacious as to correct an error on his timetable and on his cause of our debtor nation status, the seed of this “free-trade” model, which he says was a product of the “Clintonistas” in the 90's, was planted during the Kennedy administration. That's when the law was passed that permitted U.S. corporations that build or invest overseas to escape income tax on earnings there. Furthermore, America became a debtor nation because of government handouts and expense of running a global empire. We had a favorable trade balance until around 1971, but our balance of payments was unfavorable since WWII. That means that our industry was holding up its end until too much of our economic life blood had been leeched by federal expenditures abroad to build the economies of other nations. After that the blood gushed from a thousand government inflicted wounds.

The author suggests that Obama was “probably hoping to evade the fight on globalization.” No doubt! Like Bush he's probably hoping to sneak it by in the darkness of the looming depression. Somehow I find it hard to sympathize with a President who has a lot of “large matters” on his plate when it's just a matter of time before we have nothing on ours.

“But the unfolding facts demand full-throated debate and political resistance in Congress” says Greider. “The United Auto Workers sent a letter to Capitol Hill the other day that revealed the terms. GM's restructuring plan envisions a doubling of the vehicles it will import from overseas factories, from 372,000 to 737,000, in the next four years. GM's imported cars--already 15.5 percent of its domestic sales--will rise to 23.5 percent.”

I agree that the “facts demand full-throated debate and political resistance in Congress,” but not the usual carefully choreographed professional wrestling matches designed to convince the people that our imaginary “democracy” works.

I have to wonder if the sheeple will listen more attentively to Alan Reuther or Steelworkers pres. Leo Gerard than they listened to John L. Lewis. He reversed his pro New Deal position in 1940 and told union workers that if they elected FDR he would make cannon fodder of their sons.

Speaking of cannon fodder, most of us are aware of the damage being done to our economy and the jobs lost as our basic steel and heavy manufacturing plants are being systematically shutdown, but how many consider this? As “our” government continues to manufacture enemies all over the world, we are being methodically disarmed. If we are attacked, where will we get our tanks and planes and missiles when we can no longer make them? Yeah! I know! That's a stupid question! We and our enemies will be supplied by the same international bankers and munitions makers as in any other war.

Greider offers this ray of “hope,” but then realism sets in. “President Obama has taken an important step toward changing this system with his recent proposals for taxing US multinationals more aggressively. That could be the start of something big--a more effective strategy that defends the national interest in the global system. Or it could be just more good talk. The outlines of the auto deal suggest the president is sticking with Rubinomics. Will other Democrats be brave enough to stand in his way?”

You've got that right, William. Just more good talk. More Obama hope-nosis to mesmerize the people.

Be sure to read the whole article at the link above.

Oh, yes! Let's remind ourselves once more of the words of Sir John Harrington. "Treason doth never prosper. What's the reason? Why, if it prosper, none dare call it treason." As another sage put it, "We have met the enemy and it is our leaders."

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