Delete comment from: Captain Capitalism
Interesting theory, about our imminent collapse that is. Though I agree with much of what you said in your post, I think that there may be a silver lining here.
Many of the folks in our country who have a clue realize that over the last 50 or so years, our country has de-industrialized. For example, in the 70's the Alaskan oil pipe line was built with steel from Japan because their steel was cheaper. Lately for example at the Anchorage International Airport, the new C concourse's main steel supports were built in Korea because there were no steel plants in the US capable of manufacturing them. Additionally, most of the computing chips used in this country, including ones that are critical for defense are manufactured in Taiwan. The US government mandates "buy American" on federal projects, well try and find a light fixture or other miscellaneous electrical equipment that's still manufactured in the US and that doesn't cost triple anything else. We gutted vocational education in this country 40 years ago and sold everyone on the notion that if they want good jobs, they have to go to college. I could go on, but those I recall right off the top of my head.
Now before I get to the silver lining part, let me say these two things.
1. Many of the folks who covet the good life we have here refuse to allow any manufacturing or resource extraction to occur in this country, no matter how much environmental responsibility its done with. However,
2. It was the so called 'free traders' who 20 years ago thumbed their noses at American industry when they warned that foreign countries were dumping their products on our shores and it was gravely hurting our industries at home. True, many such products, such as Japanese cars, were superior and we don't want to reward wasteful and stupid policies as we are going to do now under the 'anointed One's' leadership, but it seems to me that all any of these free traders really wanted was the most bang for the buck and nobody took a longer view about how this would affect us down the road. Many of those folks weren't free traders, but free lunchers. Now many theorize that the ship of state is sinking and our political caste's only concern is going down first class. Unfortunately this seems all too true, but once more let's not forget who elected these buffoons and not yelp too loudly when we get what we voted for, good and hard.
Well the silver lining may be this, just as Japan and Europe rebuilt their industries after WWII and created a more modern and efficient industrial base than the US had, the US now has a chance to re-build its industry too. We have a crumbling infrastructure in this country, yet less than $0.12 per dollar of the bailout money is slated to actually address these problems.
For all of the talk in the last few decades about appreciating speculative wealth (e.g. real estate and dot-com's) they have been as you have said here illusory, at best. At the end of the day, if you want real wealth, you still need to be able to use it, work it, touch it or kick its tires at the end of the day.
Our country may be hurt, but it is not fatally wounded. Yes it will take work and sacrifice to recover. Like financial advisers say about stocks and other investments, take the long view, so we need to do so with our nation. We are not dead yet. That is unless we loose our nerve and abandon it.
Feb 1, 2009, 11:57:00 PM
Posted to Capital Flight and Brain Drain