Jubilee Year

Geithner on Yuan: Misstep or Warning Shot?

Unfortunately, this article is repeating a very common myth. Protectionism hurt the US in the 1930's because we were the world's number one exporter and creditor, and we had an industrial overcapacity. Obviously, we are no longer in that position. The lack of balanced trade has large negative consequences for our economy.

This Chinese labor has no retirement plans, no health care, no environmental laws, no affirmative action set-asides, no safety standards, and no bargaining rights. Not to mention their currency is artificially suppressed, and their exporters get subsidies.

We aren't just protecting American jobs, we are protecting an entire way of life and standard of living. It only makes sense and is long overdue.