America’s Big International Trade Problem (Double Standards)
We hear alot about how America is supporting Free trade globally and how upset our government is with the “restrictive” trade policies of China.
Over the past year we heard about how under valued the RMB was in the marketplace. I wrote about how the prices Chinese people pay for products is equal to or greater than the price Americans pay. It is a prime example of how the US Government plays with the currencies of other governments in order to maximize the profit of the Banks and Federal Reserve. For every percentage point the US government was able to push the China RMB upward in value, the US debt to China dropped by that same percentage point. Instead of paying back our debt we are seeking to devalue it.
The same game is being played now with Rare Earth Metals. We have had a long and unsavory history of pushing countries to allow our corporations to harvest their natural resources, then leaving a mess when we are done. China, however, is not a pushover like Nigeria, Iraq, Syria, Malaysia, etc. They are a world power. They are also the main source for rare earth metals. So what is the US doing? We are filing a suit in the World Trade Organization in order to attempt to force them to sell their natural resources to us.
The Wall Street Journal reports : The Obama administration Tuesday intends to escalate its trade offensive against China, a move heavy with political overtones, by pressing the World Trade Organization to force the export giant to ease its stranglehold on rare-earth minerals critical to high-tech manufacturing.
It is not likely that the WTO can push China to do much of anything. China is a major consumer of goods as the newest report of a $31 billion dollar trade deficit shows that the China consumption of international products is incredibly huge and the WTO member countries cannot risk losing that income. But it is not the fact that China is restricting the sale of its rare earth metals that worries me. China is trying to be conservative in order to save those resources for its own use. Rather it is the attitude of America , who also actively seeks to conserve its natural resources for use by Americans that really bothers me.
I hate it when my country is hypocritical like this. All you have to do is take a look at the oil industry. America is fighting international wars to make sure that the oil from those foreign countries keeps flowing at a reasonable price to our refineries. As for the oil in our own country, we are HIGHLY restrictive of the export of this oil to other countries, and in fact prohibit drilling in many areas in order to conserve it for future use.
For all of us environmentalists who think that the US Government has done some good work in caring for our environment by restricting oil drilling…..think again. This has NOTHING to do with environmentalism, and everything to do with restriction of trade. America has huge oil resources just offshore from our mainland. Yet we choose to only drill in a few places. Why? So we can reserve our oil for later use. Take a look at this map of where drilling is allowed.
Within these areas we are seeing Deep Well Drilling. We should all remember the Gulf of Mexico Disaster on the Deepwater Horizon explosion and leak. This is caused explicitly by the restrictive nature of our offshore drilling policy. The only reason why we are going to such great lengths to drill there is because that is the only place allowed by government law at this time.
The bottom line is that America has a long history of restrictive trade of its natural resources and a long history of forcefully taking the natural resources of other countries. This newest attack on China will not meet with the same success as our previous, military backed, initiatives to gain access to foreign countries natural resources, but that is not the point. The point is that we need to start being open and honest about foreign trade and stop our hypocritical and secret trade operations. The WTO should reprimand America for its restrictive trade policies and make it public that we are the last country that should EVER accuse another company of manipulative or restrictive trade policies.
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