My Review of "The Unfair Trade"

5 out of 5 stars......

The global economy changed everything and it is unfair. Money politics must be destroyed for democracy to flourish. Neo-liberal economics of a free economy is not free to all. Undervalued Chinese currency favored exporting over domestic consumerism....should be less saving in China and more saving in the US. Tea Party and OWS should create new institutions instead of attacking old ones. Nixon taking the US off the gold standard unshackled the FED all the way to today's QE's. Both gold and paper fail because international cooperation is needed. Repeal of Glass-Steagall. Breakup of USSR led the way for more neo-liberal, free-market economics. The great financial transfer of our age - China/Asian savings buying US assets (Treasuries). GWBush/Greenspan - debt/low interest rates led to housing bubble and creation of AAA junk sold all over the world. Euro was the bubble creating power of Europe alowing Italy, Greece, Spain, Portugal,Iceland, etc to borrow at low interest rates.BRICs did well being smart, but commodity inflation hurt many poor like with the Arab Spring. Chimerica led to deflationary forces in the US. China's infrastructure all geared to manufacturing, Germany a moreefficient manufacture than the US because of its better infrastructure. Chinese economy flawed because too dependence on cheap labor. Problems will remain until Chinese become big consumers to lesson deflation in US.

W. Austrailia became wealthy because of mineral resources demanded by China - potential bubble? Race to the bottom - Mexico can't compete with China on manufacturing - so crime/murders rampant. Globalization makes regulating banks harder. Income disparity isn't as important as the disparity of the financial industry and the rest of the economy where "too big to fail" creates all kinds of unfair situations including income disparities.Lobbyists still the biggest problem keeping the financial industry in control. Iceland is a pretty good example how a runaway financial industry wrecked the country, but then Iceland was able to finally cut it down to size, so to speak.

Anyway, the Global economy has caused all kinds of distortions, leaving too many people behind and can only be corrected by proper control of the financial industry, including international agreements so that proper regulation can occur.