Will trade deficit trigger depression?
Economists: It's de-industrializing America, leading nation toward 2nd-rate power status
Posted: April 09, 2008
12:45 am Eastern
© 2008 WorldNetDaily
Editors Note: The Plain Truth is predicting that America will go into a depression someday unless we turn back to God. It is our position that Deuteronomy 26 is a message to the USA and our "Birthright" is that we are lost Israel. Robert R. Barney.
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WASHINGTON – America is selling its birthright not for a mess of pottage, but for a mess of Chinese junk, and the resulting "unsustainable" trade deficit is leading "to the collapse of the dollar, depression and conversion of the United States to a second-rate power," says a new book written by three generations of a family of economists.
"Not only will the United States feel the pain, but other countries will as well," write Raymond, Howard and Jesse Richman in "Trading Away Our Future." "Because other countries are dependent upon the U.S. dollar as a reserve currency and because they are dependent on exports to the United States to sustain their own economies, the eventual collapse of the dollar could wreak havoc on the economies of the whole world."
