Investing & Economy

Does Fair Trade Trump Free Trade?

For an individual or for a nation, the economic principle is the same – make more than you consume. It’s an unwavering mathematical precept. Yet, according to top economist and unapologetic nationalist Ray Mullaney, America is on a disastrous trajectory because of trade imbalances and excessive borrowing run amok.

He advocates replacing free trade with fair trade where an equal exchange of commodities would move in both directions, thereby creating about 8 million American taxpaying jobs overnight.
Mullaney explained the trade imbalance currently crippling America’s economy started with the institutionalization of banking, insurance and brokerages, and the shift to imports becoming the dominant feature of the U.S. economy. “These policies,” he added, “have been supported by both parties because of political pandering to big business and the 1 percent.”

“America is running the biggest trade deficit in the history of our country and the world,” he said, adding that the current administration boasts about job creation but fails to discuss a historic $22 trillion debt that equates to a tax burden of $520,000 on each of the U.S.’s 40 million taxpayers.

“If I borrow money and spend it, I can look rich – but I can’t pay the money back after I’ve spent it,” Mullaney said. “And neither can the United States government.”

Mullaney said that trickle-down economics, also popular with both parties, is a way to give Wall Street one-percenters interest-free money under the guise of it eventually benefiting the masses. “There’s no bigger trickle-down theorist than Obama. The stock market is up $8 trillion or so under Obama,” he said. “Is that benefiting the guy who is making $10 an hour?  He’s still shafted.”
According to Mullaney, the only way to reverse fiscal bleeding is to stop outsourcing necessities like food, clothing, shelter and oil, and begin exporting commodities in balanced, equitable trade agreements.

“National wealth is created when the aggregate people in the nation produce more than they consume. The difference goes into savings and investments.” He added that, despite the hype, luxury consumerism and products like cannabis do nothing to increase national wealth.

Mullaney called for tariffs on imports from low-wage countries and trade bans with dictatorships and slave nations. “We need to declare war on countries that block our imports  – and declare war on politicians who are happy to see American jobs get destroyed while big business and the 1 percent hire workers in slave nations,” he said.

“We can get out of this economic malaise by manufacturing more, and by changing the tax policy so small business can amass $50 million from overseas sales. We’d see a plethora of new jobs,” said Mullaney.

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