Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
Krugman: "We're in a world in which mercantilism works"
The New York Times had an August 15 editorial (Return of the Killer Trade Deficits) which parallels the commentary that my father, son and I wrote for the August 16 American Thinker. While we were concerned with the effect of the exploding U.S. trade deficits upon the American economy, the Times was only concerned with the effect upon the world economy. Here is a selection from their editorial:
The Times is pretending that the U.S. problem is also the world's problem. What nonsense! A U.S. trade deficit is a one sided problem. Our trade deficits hurt us. The resulting trade surpluses in Europe and China help them. The Times advocates more of what the Obama administration has already been doing -- talk, talk, and more talk -- while they oppose anything that would work. Here is what they say about tariffs:
In his August 16 blog entry about this editorial (Killer Trade Deficits), Nobel Prize winning economist Paul Krugman, a New York Times columnist, had a much more realistic perspective:
We advocate something that would stop mercantilism from continuing to succeed: our proposal is to place a scaled tariff upon our imports from the mercantilist countries, thus enforcing the International Monetary Fund's rule against currency manipulations in order to produce trade surpluses.
Comment by crizzy, 4/24/2013:
This is my first time to your blog and I've really enjoyed looking around. I will return in the future to check out some other articles.
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