With the growing sense of uncertainty regarding the economy, there has been talk about currency wars and what a currency war could mean for the United States economy. Simply put, open currency warfare with foreign nations could quickly lead to a mushrooming global crisis and has the potential to influence and effect, inflation, currency devaluation and can even lead to civil unrest.
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The American economy was once a world superpower, fueled by its many successful manufacturing industries. Sadly, that base has been torn apart by years of poor policy and unfair free trade agreements. For much of America’s history, our government took its Constitutional power to regulate commerce with foreign nations seriously.
A report by the Economic Policy Institute (EPI) details the devastating losses the American economy has incurred due to our trade deficit. It also offers a solution to our economic problems in the form of eliminating global currency manipulation.
1. Get out of the World Trade Organization (WTO)
The first thing we must do as a nation is withdraw from all organizations that would not allow the United States to put its own best interest first. The World Trade Organization needs to be the first on the chopping block. We cannot allow this supra-governmental organization any opportunity to act as a judiciary body against us. (Learn More)
We hear a lot about China when talking about U.S. trade deficits, but there are two other nations that play a huge role in our economy: Japan and India. Combined, these three nations have largely contributed to our alarming deficits, job losses, massive imports, off-shoring and outsourcing of valuable businesses, the collapse of our auto industry, and more. Their devastating array of predatory trading practices has transformed the United States into the most dependent country in the world.