Walmart's New Health Food Push: Is It Too Hard to Swallow?
Bonds Are a 'Safe' Investment: A Big Lie Gets Even Bigger
With "Buy American" policies in the stimulus package, one of the worst things to come out of the recession is a return to protectionist trade policies and a belief that "keeping the money over here" is the best thing for the United States economy.Brazilian President Luiz Inacio Lula da Silva blasted protectionist trade policies in a speech to bankers and business leaders in what Bloomberg is calling "his most high-profile defense to date of free trade, which he says is necessary to protect jobs in poor countries beset by the global crisis."
"Protectionism is a drug that provides temporary relief, but in the end leads to major crisis," he said.
The vast, vast majority of economists are in agreement with him. In the long run, free trade and globalization are tremendous creators of wealth globally and at home.
It's disappointing that we're having to look to the president of a developing country for rational, economics-based analysis of what policies will be good for turning around the economy long-term. Hopefully President Obama and other world leaders will listen to Lula and other free-trade proponents, and avoid the quick fixes that have devastating long-term consequences.
The vast, vast majority of economists are in agreement with him. In the long run, free trade and globalization are tremendous creators of wealth globally and at home.
It's disappointing that we're having to look to the president of a developing country for rational, economics-based analysis of what policies will be good for turning around the economy long-term. Hopefully President Obama and other world leaders will listen to Lula and other free-trade proponents, and avoid the quick fixes that have devastating long-term consequences.
Goldman Earnings Sink After Buffett Dividend
Johnson & Johnson's Income Falls 23%
Burberry Shares Leap on Sales Update
