Tuesday, November 29, 2005

Smoot Schumer

Is Chuck Schumer kidding? How is this guy the Senator for the financial capital of the world? His call for a 27.5% tariff on goods coming in from China is ridiculous. Somebody needs to inform Schumer that the theory of Mercantilism was proven a failure over a century ago. Schumer’s consistent attempt to get China to revalue its currency to depreciate the dollar in hopes of lowering our trade deficit is a mistake.

First if a weak currency were a good thing, Argentina would be a world super power by now.

Second trade deficits have never been proven bad. Further if trade surpluses were a great thing, Japan would be the world’s greatest economic power and would have not been in a recession for the last decade.

Finally I find it ironic that Schumer as a Democrat is fighting the idea of a strong dollar when his beloved former President, Bill Clinton spent day and night fighting for a strong dollar, because Clinton new a strong dollar leads to cheaper imports and increased consumption for our economy.

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