Speaking Loudly, But Doing Nothing on Trade Policy » Publications » Family Security Matters

Speaking Loudly, But Doing Nothing on Trade Policy » Publications » Family Security Matters: "The Obama Administration is trying to put a positive spin on what has been universally assessed as the failure of U.S. diplomacy at the G20 and APEC summits held this month in South Korea and Japan. Treasury Under Secretary Lael Brainard spoke about American policy at the prestigious Center for Strategic and International Studies in Washington on Nov. 16. 'Before the crisis, our growth was unhealthy and unbalanced--fueled by cheap credit and fueling massive export surpluses abroad,' he said, arguing this must change, 'Countries that previously relied on the U.S. consumer to fuel their economic expansion in the run up to the crisis will need to identify new sources of growth.'

Does this mean the United States is no longer willing to be the dumping ground for foreign production, keeping workers overseas employed and piling up profits for offshore industries while American firms and workers sit idle? If so, it is a sentiment long overdue. It is a shame that it has taken massive unemployment to finally make the point after a decade spent sending trillions of dollars out of the country, undermining the nation's finances and currency value as well as its production capacity."

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