Letters to the Editor
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How much did WTO for China cost us?
The only Clinton policy to be rubberstamped by Bush was WTO status for China. WTO destroyed the value of the Petrodollar, while it increased the global demand for oil. The President(s) who signed off on that are to blame. As some private economists will point out, the demand for low priced consumer goods has done nothing to improve our economy. The proliferation of financial engineering has created the various asset bubbles.
It's not going to end well, and breaking ranks with the me too economists, who have given support to the problem, (see last Friday's Credit Bulletin Watch at Prudentbear.com) isn't such a bad idea.
Peak Oil is really Peek-a-boo Oil, however. The various oil and commodity exporting nations realize it is much more in their interests to nationalize resources. (If and when China decides to nationalize it's human labor resources, things will get very difficult). Oil is not nearly as important as food, and labor. There is no point in keeping energy if your country can't utilize that energy for greater economic growth.
But playing to Economic problems is as difficult for the party out of power, like criticizing foreign policy. Bush hasn't turned the economy into a quagmire, only because the problems have taken longer to make themselves visible. The economy as the flip side of Iraq, is slowly sinking in, however.
The economy, like Iraq, confounds the Democrats, who can't run from their earlier positions. This should be the year of a third party candidate, perhaps Al Gore?
As President, if you don't run the economic engine just as fast as possible, you won't get a second chance. All of the current candidates have bills to pay, obligations to their rich donors. (Obama has taken hundreds of millions from Goldman Sachs). I think Bush realized this while he was laying the plans for one North American national entity, they get our worthless dollars, and we get their expensive oil.
That is the only bold proposal out there with a chance of succeeding.