Raymond Richman - Jesse Richman - Howard Richman
Richmans' Trade and Taxes Blog
Tom Goergen foresees the coming financial crisis
Howard Richman, 4/29/2010
The Democrats and Republicans in Washington are getting together this week on new financial regulations. But they are ignoring the cause of the last financial crisis and of the next. Meanwhile, writing in The Pilot, a local Soutnern paper, Tom Goergen nails it:
The classical economists would realize that we are not receiving the gains from trade by specializing in the production of one commodity in which we have a comparative advantage (say technology) and importing something which we are relatively less good at (say textiles); we are importing pretty much everything and exporting pieces of paper. These pieces of paper will impair our ability to finance the really important things in the future, such as wars, infrastructure investment and recovery from economic or natural disasters.
Balanced trade can grow forever. Unfortunately, imbalanced trade eventually bankrupts the trade deficit countries. Isn't there anybody in Washington who understands what is happening?
Comment by KELLY , 4/31/2010:
AS LONG AS THE FLAKE SQUAD RULES WASHINGTON
WE ARE DOOMED TO RECIEVE THE BENIFITS OF A PROFOUND SUPIDITY.
HANG ON-- THE REAL RIDES COMMING
Archive Feb 2012
- Pretend Free Trade vs. Balanced Trade -- The national debate kicked off on FoxNews yesterday
- The Greek Crisis Reveals the Fatal Weakness of the Euro and the Gold Standard
- Tom Goergen foresees the coming financial crisis
- Deficit Commission should address both deficits
- China raises its tariff on some US nylon products to 96.5%
- Why Financial Reform Now? Why Not a Bill That Creates Jobs?
- Why we should tax interest earned by foreigners in the United States
- Congress passes foolish tax change that will increase US trade deficits
- Congress Caused This Depression. Not Wall Street. Not the Banks
- China's temporary trade deficit largely due to stockpiling of commodities
- Geithner will Punt on China Currency
- Boston Globe spins nuclear summit as success
- Obama bows as Chinese President Hu stiffs him
- U.S. Trade Deficit up in February
- The FairTax Solution
- Smoot-Hawley did not cause the Great Depression
- The Greek and the American Financial Crises -- Similarities and Differences.
- Obama adopts Bush's losing strategy in Afghanistan
- Obama halts US drilling in Chukchi Sea
- Charleston Post Courier editorial advocates Buffett's Import Certificates to balance trade
- NPR explains Chinese currency manipulation
- Obama punts on Chinese currency manipulation
- Good joke in today's American Thinker
- China's multiple barriers to American products
- Obama's SOTU: Still No Manufacturing Jobs -- we're published in today's American Thinker
- Long Term Predictions: CNG, manufacturing and house prices -- Listen to Howard on The American Entrepreneur with Ron Morris
- Real house prices will probably keep falling
- Romney's Theory about Why Companies and Countries Decline - We're published in today's American Thinker
- Romney’s Theory about Why Companies and Countries Decline
- Required Reading, Michael Lind's "The Cost of Free Trade"
- Balanced Trade Monetarism
- Two Great Economists Offer Solution to Restore U.S. Economic Growth
- An Economist's Look at Mythical Man-Made Global Warming(AGW)
- Obama's Jobs Act Wouldn't Work. Here's What Would -- We were published in today's American Thinker
- The Current Depression Is Caused By Fanatical Belief in Man-Made-Global-Warming
- Here Is a Real Jobs Plan in Contrast to Pres. Obama's No-Jobs Plan
- A return to manufacturing?
- How Economic Recovery Is Being Sabotaged By Bad Economic Policies
- Economic Stagnation: Have We Run Out of New Products? No, But We Are Outsourcing Their Production
- Morici: Obama's proposal for taxing U.S. oil companies would reduce U.S. economic growth
- How to Cut Government Expenditures and Create Millions of Jobs Doing It
- Government Leaders and Their Economic Advisers Have No Idea How to Create Jobs
- How to Restore America's Manufacturing Innovation -- we're published in this morning's American Thinker
- How to Encourage Manufacturing Innovation
- Keynesian Economists Offer No Solution to the Deepening Recession
- A Program for a Strong America? Not from these parties
- Our War On Drugs Has Cost Us the War in Afghanistan
- 9.1% unemployment shows that Obama's recovery & QE2 have failed
- My predictions from 2009 are coming true
- Prof. Krugman Gives Congress Bad Advice on How to Reduce Unemployment
- The Benefits Are Nil and the Costs Are Astronomical, the Environmental Leadership Is Trying To Bankrupt the U.S.
- Fiscal Timidity
- Ask Not for Whom the Trade Deficit Tolls. It Tolls for the American Worker and America’s Future.
- Why weaker dollar won't help exports very much
- House Republican Budget would Benefit the Poor -- We're published in today's American Thinker!
- Has the dollar started to collapse?
- "Green" Energy Is an Economic Disaster in the Making
- How to achieve Economic Recovery and Full Employment --Balance the Budget and Balance Trade
- American People the Big Losers in the Budget Deal
- Retired Gulf VP Charles Campbell nails US economic problems and their solution
- Richard Duncan names the current depression the "New Depression"
- How to Avoid the Coming Dollar Collapse
- 71% of Americans oppose raising the debt ceiling
- The Irresponsible Tax Compromise
- UN bureaucracy being expanded by Cancun Climate Conference
- Mort Zuckerman: Western decline caused by trade & budget deficits
- Roger Altman may replace Lawrence Summers
- Program for economic recovery and 2012 victory -- we're published in today's American Thinker
- Bernanke on China
- QE2 could becomeTitanic2
- Message from the People of Kentucky: America's Problem is Debt
- Caterpillar's New Chinese Factory ignites Voter Rage
- Why Summers Resigned
- Obama Did Create 3 Million Jobs -- In China (we're published in this morning's American Thinker)
- Paul Craig Roberts: Balance Trade and Budgets Now or Dollar Crash Soon
- Cato Institute's Richard W. Rahn only sees 2 alternatives for reviving economy
- Pres. Obama's $787 Billion Recovery Act Has Produced Few Sustainable Jobs
- Prof. Blinder Believes He and Obama are Keynesians But Keynes Would Disown Them
- Real Policies for a Sustained Economic Recovery
- Outsourcing Production Is Committing National Suicide, Says Andy Grove, Former Intel CEO
- The First Step for a Sustainable Economic Recovery -- Balanced Trade
- Why is the Fed no longer effective?
- Senate only passes a quarter of Obama's $266 billion stimulus
- World needs US taxpayer bailout - but Atlas is about to Shrug
- Are Data Problems Undermining U.S. Policymaking?
- The Greek Crisis Reveals the Fatal Weakness of the Euro and the Gold Standard
- Tom Goergen foresees the coming financial crisis
- Deficit Commission should address both deficits
- Why Financial Reform Now? Why Not a Bill That Creates Jobs?
- Congress Caused This Depression. Not Wall Street. Not the Banks
- Revaluing the Yuan Will Not Balance Our Trade with China; Tariffs Will.
- The Obama Administration's Agenda to Balance Trade
- Germany, Greece, the Euro, and the Gold Standard
- McCain's economic advisors cost him the Presidency and may cost him his Senate seat
- Ralph Gomory: Does America Need Manufacturing?
- Why There Has Been No Keynesian Multiplier
- Policies to Get the Economy Going
- Cost of treasury bailout of FNMA and Freddie MXC
- Obama raises stakes on his house price gamble
- Foreclosures.com: "House Prices Will Roar Back in 2009"
- Wall Street Journal's take on Bush economic mistakes
- Requiem to an Improvident Generation
- American Economic Alert
- American Jobs Alliance
- Angry Bear Blog
- Economy in Crisis
- Econbrowser
- Levy Economics Institute
- McKeever Institute
- Michael Pettis Blog
- Naked Capitalism
- Natural Born Conservative
- Science & Public Policy Inst.
- TradeReform.org
- What's Up With That
Wikipedia:
- [An] extensive argument for balanced trade, and a program to achieve balanced trade is presented in Trading Away Our Future, by Raymond Richman, Howard Richman and Jesse Richman. “A minimum standard for ensuring that trade does benefit all is that trade should be relatively in balance.” [Balanced Trade entry]
Journal of Economic Literature:
- [Trading Away Our Future] Examines the costs and benefits of U.S. trade and tax policies. Discusses why trade deficits matter; root of the trade deficit; the “ostrich” and “eagles” attitudes; how to balance trade; taxation of capital gains; the real estate tax; the corporate income tax; solving the low savings problem; how to protect one’s assets; and a program for a strong America....
Atlantic Economic Journal:
- In Trading Away Our Future Richman ... advocates the immediate adoption of a set of public policy proposal designed to reduce the trade deficit and increase domestic savings.... the set of public policy proposals is a wake-up call... [February 17, 2009 review by T.H. Cate]
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