Monday, April 30, 2007

The rancid milk of one of protectionism's sacred cows exposed

If you were ever unconvinced that Lou Dobbs is full of shit, you need look no further.

I must say that were I a protectionist, particularly a protectionist attempting to give social momentum to the protectionist movement, the first thing I would do would be to cut any and all ties (if ever there were any) with Lou Dobbs as it is now clearer than ever that he is not an academic source by any measure.

In addition, I add something the writer forgot. In masking Dobbs' "unemployment rate at less than one half of one percent" fallacy, he ought to point out that basic knowledge of macroeconomics recognizes that the full employment unemployment rate in the United States is between 4 and 5 percent and that any rate below that-especially as severly below as 0.5 percent-suggests that either a.) the American economy is hemhorraging money mandatorily employing structurally and frictionally unemployed people or b.) that macroeconomic theory is wrong. Need I say more?

Well, I shall:

"But, generally speaking, the Protective system in these days is conservative, while the Free Trade system works destructively. It breaks up old nationalities and carries antagonism of proletariat and bourgeoisie to the uttermost point. In a word, the Free Trade system hastens the Social Revolution. In this revolutionary sense alone, gentlemen, I am in favor of Free Trade."
-Karl Marx