6 Myths About Globalization, Trade, Jobs, and "Buy American"
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- Опубликовано: 1 июн 2024
- Politicians on both sides now say globalization and free trade is bad. Much of what they say is just WRONG.
It’s time to debunk their myths.
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Politicians say, “America is losing,” and media often spread this false idea.
I hear trade puts Americans out of work, exploits poor countries, promotes child labor, and wrecks the environment.
All myths.
You can find out the truth in this video.
No, you're missing the point: Trump isn't complaining about free trade with China, he's complaining that the trade is only free in one direction; they get access to our markets, but our access to their markets is tightly controlled and expensive for our exporters. They use this to engage in revenue generation for the CCP and for all kinds of market manipulation to their advantage.
That isn't free trade, that is the CCP and US government limiting it...
So if there are still things open, and two people are trading, it still is a win-win.
Granted 10 more win-win paths may be shut, but having a few win-wins are better than none.
What does America produce that China consumers want?
EXACTLY!!!! China CHEATS! The CCP violates the rule of law. Even Milton Friedman concedes this fact at the end of his life.
@@MoonLiteNite no, I mean the paths are one way, they can sell things in the US that we are either not allowed to sell in China or those sales are heavily burdened with government tariffs and restrictions that are unreciprocated by the US.
@@Christian___I see, china is hurting their own population by preventing the goods, that are better in the US, to be sold in china. Meanwhile, americans are free to get all products they want from china without any big obstacle. Good on you, keep it that way for you. The US take the best from china, while china doesn't take the best from the US.
It's the reliance on global trade that I have a problem with. We saw during covid how outsourcing our pharmaceutical production hurt so many families, including mine.
I came here to say the same thing. Trade is good...but once it gets to the point where we can't domestically supply ourselves with essential things we need to survive...that's where the issue is. We are putting so much faith that China is always going to give us everything we want that we choose to not make it here at home any longer. We saw signs of this issue during the pandemic...and that was just a small taste of what China could inflict upon Americans if relationships went south. We have to remember that China doesn't like Americans...they only like that we buy their stuff. If a wedge was driven between us (like if China tries to take Taiwan), they could cut us off of essential goods and we'd end up in a vey bad place very quickly. China makes almost half of the US's pharmaceuticals including simple but essential things like antibiotics. If China cut us off, we'd have people sick and possibly dying from something as simple as an infection that would have been easily treated with antibiotics.
I read that China controls 95% of our medications. This is terrifying.
*Plandemic.
If an industry isn't growing in your country, it's likely due to the government requiring a factory to go through a 4+ year regulatory process. It has nothing to do with free trade.
This is exactly correct. The issue isn't with globalization while things are going well. The problem is when the trade lines close and you can't produce domestically what you imported previously. That happens you're in big, big trouble.
Can Americans buy land in China? Nope. Can Chinese buy land here in America? Yup nuff said
Mike Drop! quote of the decade.
Better still can an American get A job in China,no how about any were in the UE? I doubt it.what do you think??
@@tres5533 hellz yeaz beches
Chinese people cant buy land in China. Who cares? If we benefit, we benefit.
Their loss for not getting our money for the land they aren't even using. Meanwhile we can get rich off of their money while their housing bubble inflates.
Awake people aren’t really complaining about globalization of trade, they are worried about globalization of governments.
A lot of people are advocating for isolationism, economic and otherwise.
Is that called “globalism?” (i.e. “globalization” is trade being conducted of a global scale while “globalism” is government policy being conducted on a global scale in a more multilateral manner)
Bingo!
Ever heard of Trump tariffs?
Very true!
One aspect of globalization that John forgot to mention is the danger of being Single Sourced. If our economy relies on another country, for so many things that, should we get in a disagreement, trade war, or shooting war with this country, then our economy collapses. Look what happened when all those freighters were stuck off the coast of California. Prices rose dramatically. Some globalization is good, but we should always have the ability to be self-sufficient.
the more you trade the less likely a conflict is, The US would do far better without China than China would do without The US
It will not happen since that country is even more reliant on The US, if The US stopped trade with China The CCP would be overthrown by the middle class and The CCP knows this
You can't be self sufficient. You can be 30-40% self sufficient but not entirely. Lets face it, Americans are lazy. They dont want to do labor intensive manufacturing jobs. The video just proves my statement when they say manufacturers can't find workers. If Americans don't want to do these jobs, what do u have against other countries who are doing the job for u? If Americans want to work manufacturing jobs. They want salaries to be super high, they want working conditions to be tip top which creates even more regulations. What will happen is prices will go up and up, manufacturing companies will be less competitive, exports will drop even more, American consumers themselves wouldn't want to buy American products and businesses will go bust. You see how much worse this is going to do for America? Yes you can keep some manufacturing jobs just in case of emergency but to be self sufficient is not achievable for America
Yeah but, there's a market thing about it. Remember, when Russia tried to asfixiate Europe by not sending them Gas, Qatar and other countries started to comerciate Gas with them. Same will happen with other countries and other goods and services, and more if you are a big country with a lot of demand.
But, thats a good thing you pointed it.
Yeah. It's nice, but: If we buy everything somewhere else then we depend on them and they have leverage over us.
Especially with China making a lot of our prescription drugs. Politicians sold us out.
And you also have leverage over them because clearly they want to something you have since they were in a trade agreement with you.
No, because that also means they depend on you, too.
The supplier always has more leverage @@dondjifogangwilfriedtanezi8259
@@dondjifogangwilfriedtanezi8259 Exactly. If you don't like the deal then have the courage to say no. If they want your money, they will have to offer you a deal you find acceptable.
You missed the point, a country that makes nothing depends upon other countries for everything giving those countries the ability to hold our country hostage to their prices. Trade isn’t bad but we can’t be totally reliant upon China for our medicine, or the Arabs for our oil. That’s foolish.
But the same countries relies on us for other products
True but we make very little products these days relative to world populations vs 50 years ago. China & other countries own a good bit of our farm land. Weird but true. Balance is needed. Manufacturing output needs to be measured against total population, not raw numbers. Yes we are making more but the world population is so much larger now than decades ago. Ratios are always better measurements. Most of the jobs filled this year were filled by illegal immigrants, strange but true. Sad too, many of our younger citizens seem to have lost our strong work ethic. I had 3 jobs in my youth to get by. Nothing was free, nothing was easy, but every accomplishment you owned & celebrated. Each a step to a brighter future you had planned.
... and yet the middle class is nearly gone in America and there is nothing win-win about that. Having two jobs, one at McDs and one at Burger King isn't a sign of prosperity, particularly in the West. The middle class was made up of jobs which sustained a family with one worker. Whether it's called manufacturing or blue collar, the jobs that paid that are no longer here in the US. The other huge problem, is the devaluation of the US dollar. It's the silent society killer. If anyone thinks that $20/hr is minimum wage, you are not looking at the devaluation that caused it. Gov is printing us into poverty.
"Gov is printing us into poverty."
But the middle is not shrinking because it's turning into the lower class. The lower class is stable. It's just upper class that is growing.
Well, that happens when your government is a deficit addict, sadly.
If not, there would be a lot more prosperity for the middle class North American.
@@samuelsemman4777 A prosperous middle class is the last thing the government wants despite the rhetoric. The middle class asks embarrassing questions like where are my taxes going? Governments don't want anybody asking that question.
@nelus7276 that may be the long-term trend, but the current trend is the exact opposite
Problem I notice is that a lot of companies close down, because government incentives push them to go abroad.
If you have to deal with regulations that stop you from drastically changing in order to survive as a company, the main culprit is usually government.
Bingo. It's cheaper and easier to build many things elsewhere and import them than it is to build them here.
(At Christmas, somebody gave me a large, printed and embossed tin can of popcorn. The popcorn was made locally (Bollingbrook, near Chicago) but the can was made in China. There are at least five steel companies (probably more) within 100 miles of Bollingbrook that could have made that can. But it's cheaper and easier to have them made in China, shipped to California, taxed, put on a train to Chicago, and then trucked to Bollingbrook. So much cheaper that it's worth all the bother.
There's nothing magical about China: Anything made there could be made here. But there's much less regulation in China and whether you think that's good or bad, regulation costs money.)
Incentives? Not so much. Regulations? Yup.
_" Government is not the solution - government is the problem. "_
~ Ronald Reagan 🇺🇸
Exactly, we lost a lot of jobs.
@jamescalifornia2964 Lol the clown who turned Cali blue forever?
How about Objection #7: globalization leaves countries vulnerable to supply line control. I think the medical community can speak to that.
I don't think they can. Most drug manufacturing happens in the US. The only thing stopping it from growing is tight government regulations that make it take years to open any sort of factory. I love her MAGA Republicans always blame globalization, but never government regulations.
@@williamanthony915 I'm a "MAGA Republican" and I blame both. We need to deregulate at the DOMESTIC level.
Yep, very true
Supply line control can only work once. If any country tries to use its domination of a supply line to get its way, it might, temporarily, but that country will immediately start searching for alternative sources of supply that are outside the control of that other country. We see it time and time again around the world. Won't sell me oil? I'll get it from Venezuela, et. al.
@@williamanthony915 What are you talking about? Most people on the right complain about big government, mandates, etc.
This really misses the giant elephant in the room of getting "cheap" goods through forced labor in places like china and elsewhere. In no realistic way could anyone compete here when there is a government not only subsidizing the competiton or outright forcing them to perform work for next to no pay.
you are forgetting the costs here are due to "green new deal", paris climate accords and other scams that are over regulating and making manufacturing expensive due to taxation and the cost of compliance with ridiculous regulations. The cost of labour makes practically no difference if you have to pay extra for all the regulated garbage to satisfy the climate cult, tree huggers and purple head crowd
In the same way that it is better to make wine in France rather than Singapore, the US is better at making somethings then the Chinese, and vice versa.
China is better at manufacturing “cheap goods” as you say, but America is excellent at producing software, financial products and services, and healthcare improvements, among other things.
@@HalfBlueCat1 never said that you can't make things in other places that it is better suited. It still doesn't address forced/slave labor
@HalfBlueCat1 unless you are dependant on those "cheap goods," as was demonstrated during covid with the lack of face masks due to over reliance on Chinese goods. Don't forget steel and rare earth minerals. These are strategic resources an adversarial nation will absolutely abuse to wage economic warfare.
@@Wh0am131 So what do you suggest ? Should the west wage war against china to end forced labor ?
Or do you think that by simply stopping the trade with China they'll somehow end up having less forced labor, you know, because you worsened their economic condition, so probably they'll give out free health care to all Chinese citizens.
It seems more likely that by trading with china 2 things are happening, (1) they get richer and, like us, can spend more of their free time thinking, debating ideas, and making a better life for themselves, which includes everything you can think off, like sending their children to school and advocating for the rights of really oppressed people.
(2) They also trade intellectual ideas with us, as opposed to being secluded like in North Korea. That way they get access to different examples of societies, different political systems, and our own history of tyranny and the victories against said tyrannies. One example of this is chines student that come to western countries for internship or exchange.
Forced labor is NOT free trade.
Yep. Neoslavery is what I call it. Importing millions of illegal immigrants and paying them sub minimum wage under the table, with threats of deportation if they complain. The Chinese sweatshops, Vietnamese sweatshops, Indian sweatshops all use child labor with terrible hours and working conditions. The only reason the American people care about it now is because they can't even afford the made in China stuff these days. The gap between rich and poor in the USA continues to get wider, the neoslavery isn't changing this fact and may even be accelerating the process due to loss of well paying steady long term full time American jobs.
Forced isolationism isn't freedom.
That's the worry about buying from China.
@@wheel-man5319 Most Chinese products are made in legal factories or sweatshops, not in Uyghur slave camps. If you want to avoid slave labor, just don't buy any solar panels or electric cars and you'll be fine.
@@williamanthony915 Yet solar panels and BEVs are exactly what certain groups in the USA are pushing.
Come on, John, that's not Trump's issue. His issue is that China charges US products 25% tariffs and the US charges China basically nothing for their imports. This isn't a fair report.
So we should charge them 25%? How does this make any sense at all?
Is China not hurting its own economy by enforcing that tariff? Both countries would be better off if there were no trade restrictions, but even if there are some in the one country, the implementation of revenge tariffs do not help anyone.
@@maxsands3861That's because the CCP is subsidizing the export and paying children to make phones, clothing, and shoes they charge exorbitant prices for
@@maxsands3861 The issue is more about ´free´ trade. Much of the advantage is subsidies. Subsidies are what messes things. US, the west, evreywhere. I am totally for globalisation. But artificial comparitive advantage is ultimately destructive.
@@maxsands3861 I saw a video by serpentza that explained how the USPS subsidizes China's shipping. China is not providing free shipping, we're actually paying it. It's a scam.
I don't care about somebody else's job in Bangladesh or Cambodia or vietnam..... I care about my job and my children's jobs here in america....
Okay, and the amount of jobs increases in America with free trade, and the cost of stuff goes down.
Yeah I consider myself mostly Libertarian, but this is one thing where I definitely differ from them on. I've seen firsthand how outsourcing the steel and coal industry to other countries has essentially killed my hometown. Our local mill was actually supposed to shut down under Obama, but it got a resurgence under Trump. I don't know how it's doing now because I had to move away for work; which is part of the problem in and of itself since there should be jobs back home and there isn't any unless you want to work at a grocery store, hairdresser, school, or gas station. When it comes to our jobs vs their jobs, I’m going to root for the home team every time
I've also heard horror stories about the lax safety protocols at Chinese and Mexican suppliers for other places I have worked. Guys were putting their hands and heads in dangerous places that American workers would absolutely be reprimanded for by their supervisors.
If an industry isn't growing in your country, it's likely due to the government requiring a factory to go through a 4+ year regulatory process. It has nothing to do with free trade.
@@ZapfireAlexDespite of free trade or because of free trade?
Then get ready to pay 2x the price!
I worked at a company call Eaton making fire alarm systems they had about 20 stations with 5 people in each of them they started moving the production to Mexico and china and then selling the product back to are plant to slap a made in America label on it. Now the factory I used to work at barely has workers anymore and are letting go be all the time honestly if it wasn’t for the union letting the work go 100s of people would still have there jobs there. So Jon this is the first time in a long time I completely disagree with you 100%
So what? Some factories die, some new industry or company emerges.
@HalfBlueCat1 I see a lot of people say that until there is no middle class left and you need assistance from the government. We are not in fair trade. Other countries, mostly China, have a huge advantage over us.
@@lominero5 I’m not so sure. There are a lot less people manufacturing automobiles now, but there are a lot more people manufacturing software. Both lead to good wages and a good life, it’s just that some countries are better than some things than others.
I worked for Motorola building battery packs for Cell phones back in the day, and they moved most the manufacturing to China, then the last step was to put the cover on, and they would slapped the label on it, I beleive the exact phrasing was "assembled in America". So they had a number of people putting the covers on, then they switched to having a machine start doing it and you can imagine what happened after that.
@@lominero5 You are completely wrong. Fair trade is just code for big government protectionism. We need free trade, not so called fair trade.
Free trade means our government letting Americans trade freely without tariffs. We can't control what bad policies some 200 other nations impose on their people.
Our government should let us trade freely without imposing tariffs. That is free trade. If other nations don't do the same, they are hurting themselves.
Would we be worrying about war with China if we had never traded with them?
Not just us, but when Clinton pushed to get China into the WTO, it meant their GDP was going to skyrocket, because suddenly, they're not just trading with the US, but the entire West. They used those profits to strengthen their military, making themselves the 3rd (by many accounts 2nd) strongest military in the world behind the US (Russia for number 2 by some accounts due to their nuclear weapons).
Exactly... Matell toys started the whole thing... Stock market is to blame for selling us down the river..!
Not producing things in your own country is downright dangerous... Especially when it comes to medicine...Go ahead and make that your next video.
YES!!! YOU ARE CORRECT!
What about the cost of health care? The domestic medicine companies agree with you.
You are correct, when in the rain everyone can drink, when in a drought your thirst will be of no concern to them!
@@mikeh6286 The point is, you won't have to worry about health care...If they stop shipping medicine to us.
@@FarmallFanatic What do you mean? If there's a more affordable product out there that works they need to come up with something better. Good for the consumer.
John, you are mostly right. One CARBON IS NOT POLLUTION.
Two, if I go to Lowes or HD to buy screws and they are the only stores around and they sell cheap Chinese screws whose heads round or whose threads strip, Lowes and HD see that as a win because they sold screws. They sold more because I had to replace the failed screws. They see it as a win, but I lose due to buying more product, frustration over failed product, more trips to the store, etc. Because they are so big, my quality complaint will go unheard. I have no local hardware store because of lowes and HD. The consumer doesn't always win. Businesses may win, which isn't necessarily bad, but the consumer doesn't always win.
Yes, but if the screws suck, it won't just be you who stops buying them from that store. It will be many of their customers and they will end up changing suppliers. That will ripple up thru the chain and cause the Chinese company that made the crappy screws to collapse due to lack of money. Other suppliers will step in and make sure that they do a better job to keep their contract with Lowes.
More and more, the customer never wins. Almost every place to shop is so big that it doesn't matter what you do or say.
@@SimonASNG Not really. That supposes that an alternative will come on the market. That is not a given. There is no such thing as a free market - there is too much government influence for that.
But with free trade somone will sell a screw that will out perform those screws and the market will correct.
Just bought a Mr. GASKET Hood pin kit to replace some of the parts I have on my vehicle. The set came in a different package than when I previously bought it. And it came from China. The screws lasted 2 weeks before they started to rust and the hood pin lanyards were garbage. I look on line and got new lanyards out of Detroit and came with stainless steel screws. The lanyards were top of the line . Luckily being retired, I don't buy much stuff any longer.
The Forge shop I worked in, opened in 1880. They closed it, last year and auctioned the equipment to people who were selling it to China. They tore the whole place down. This is where many of the armaments for WW1, WW2, Korea, Viet Nam were made. They are going to put an Amazon Warehouse there, on the 20 acres.
While I’m a Cato fan usually, this is selectively answering only part of the questions. Firstly, there is no global system which is Free Trade, politicians have a huge thumb on the scale of regulations. It is not incumbent upon USA citizens to raise the standard of living of 90% of the world population at the loss of standards here and the critical personal gratification of contributing work product. The list of critical infrastructure products no longer available here are not a fair exchange for streaming entertainment. Globalization has not been free choice, it’s diminishing living standards here to feel good about people starving a little less elsewhere. Not a trade I’m willing to make.
Free trade is perfect until a geopolitical adversary ceases shipping cheap goods in a conflict. I seem to remember massive semiconductor chip shortages due to a global “emergency” (scare I’d call it) just a few years ago.
Or a bridge collapses and prevents the ships from coming into the port to unload...
My favorite are inductors. Your choices for inductors are Germany, America, or C country. Of that there's like 3 companies in Germany and a single American company doing the producing, so if you want your part for your circuitboard not to come from C country be prepared to wait 6 months or more unless your company's name has "military" implied or stated somewhere in the fine print. Then it's only 4 months.
Don't forget the need to fight for oil.
I disagree. Quality of goods continues to decline. Clothing, appliances etc. The reason we can't get people to work in factories in US is because of government handouts.
To some extent yes, but the main driver is the Union laws that are still on the books that put US manufacturing at a disadvantage.
That's not true at all, quality goods still exist you just don't want to pay for them. Quality goods are very expensive because of skilled Americans workers that produces great products, they earn a high salary therefore the cost of quality goods made by Americans will always be expensive.
@@christianbjurestig9095 Depends on the product. Take IKEA for example. Those who shop at IKEA are looking for value. Most of them just want to fill up their space as cheaply as possible. In fact, even higher end furniture brands have factories abroad, simply because the labor required is cheaper, and doesn't really affect the product in terms of quality.
Expensive, high quality shoes, all of them are produced abroad. Even when you make high quality shoes, you don't need skilled labor.
I agreed buy government handouts are not the problem here. Maybe McDs.
I want to pound the thumbs up on this one
It's very heartening to know that this globalization you're so keen on is improving the lives of Vietnamese factory workers. I'm sure our unemployed neighbors whose jobs vanished because it was cheaper for their employer to _import_ the products they used to make for a living will sleep better tonight knowing that also.
Unemployment is very low, I doubt they’ll be unemployed for long. I’m sorry for your neighbors though, losing your job can suck.
@@HalfBlueCat1 Never believe any employment statistics from the government.
Outsourcing noncritical products overseas is a great way to lower costs. Outsource clothing, toys, trinkets, watches, etc., etc. is a great way to lower costs. Outsourcing critical products like military related products, food, medicine, automobiles, aerospace, energy, key minerals, etc. will result in national security risks.
Outsourcing food production seems to be the main problem for people since it has become a climate change issue. If you can't grow it and you can't ship it, how are people supposed to eat it?
Globalisation with free markets might have worked in pure theory . Today's globalisation is corrupt , over regulated and cross subsidised and that is the main problem .
Global Village was bound to collapse.
There is a giant nation that benefits from sl4very! That's the real problem that's tipping the scale against free people. China is the culprit!
@lassepeterson2740 that’s not a Globalization problem, that’s a political problem. Everyone benefits from free trade
@@milkywaffles5701 Globalization is 90% politics .
@@milkywaffles5701 How do you seperate politics from globalization ?
I'd say the fear is more political globalization rather than economic. 🤷♂
This.
Yet they are often conflated in order to scare you into voting a certain way
Yup
AI will get us all. I’m 68 years old and there is no job that I have done that AI can’t do (even better).
@@y2k4ed If you believe that, might as well just check out now, we need those resources.
globalization is not just a concept of "free trade"
He is ignoring the government aspect of it and how it is slowly pushing us towards communism.
Exactly and why can’t we have free trade domestically why should we be dependent on another country. We basically poor money into the global market and less into our domestic markets how is that helpful?
But when something like the COVID pandemic happens, China makes all of our pharmaceuticals, so they hold all the leverage. We need to be more self sufficient with manufacturing in case that type of event happens again.
I feel as though someone just pee'd on my leg and told me it was raining.
hahaha perfect analogy
Great quote from "The outlaw Josey Wales"
You're not alone. I feel like John just got out from a Nixon campaign rally in 1968 all hyped up and drunk on international trade lies. China's cheap and dangerously made products have almost single handedly destroyed our own national production - which was the fault of politicians for welcoming such a lobby but it was also their fault for printing trillions of dollars to sink our value below a remittable level.
@@andrewschliewe6392we used that line back in the 50's and I'll bet it was old even then, long before that great movie
Found the socialist.
When refrigerators were made mostly in the US they were something you could pass to your kids. Now you are lucky if they make it 5 years.
then buy american refrigerators
So true!!! Quality of appliances has taken a deep nosedive over the years. One woman I talked to had to replace her $1,200 refrigerator after 4 years.
@@doomstare8427 Well what happened was foreign made refrigerators were so cheap that American companies started having to cut corners to complete with their prices. Now they all suck and prices have gone back up. Thanks globalization.
@@republicoftexas3261 but the sad reality is, that the people who bought the cheap refrigerators are to blame, not the companies that made them.
If they are not worth the money, why buy them? You cannot regulate people to make "good" choices in their lives.
@@ionut-cristianratoi7692 missing the point. you simply cannot get a good one. i have my moms freezer. how old? around 50 years. you cannot buy one, no matter who makes it. it will not last 50 years. and lord knows how many more decades mine will still last. it's the same with tools. i have a router passed down from my grand father. it's late 50's or early 60's. i have a new bosch router too. one of the very 'top of the line' models you can buy. will it still be around in 60 or 70 years? of course not. it's simply not made as well.
Buying a product from another country that we can't make here is one thing. But moving our jobs to another country because it's cheaper is another. And China is going to get around the agreed upon tariffs by using NAFTA against us. And why do I care if people in Bangladesh are doing better than they were before? Especially if American's are losing their jobs to do it. This guy is referring to other countries that care about their people. A lot of countries treat their citizens like slaves, so they will never be "more environmental."
40,000 average salary with interest rates at 7% and homes at 500,000.
Doesn't add up!. Something is wrong with this picture.
One thing I have said is that the problem with globalism isn't the economics, its the politics. The large international political organizations are the problem.
Agree 100%. I've always been a free trader (thought Trumps tariff w/China was dumb - it slowed our GDP) but against the 'elites' globalization at the WEF, UN and EU who want to control western politics, social issues, etc. Very concerning.
Politicians are the problem, period. Being elected to public office should be a once in a lifetime honor, not a profession.
Politics = Policy - making / debating. If there being a trade politics is the problem, then stop advocating for people to make policy to get in the way of trade.
The economics of globalism are the problem though. No amount of politics can salvage one nation taking advantage of another.
As much as I like most of Stossel's reporting, this segment is grossly oversimplifying a lot of complicated issues. One, generally global trade is removing wealth from one location to buy goods from another and only "balances" if that location that receives the money has an equal amount of purchases from the other. So, if we buy $1 billion dollars of goods from China but they only buy $500 million from us, then we are trading at a deficit with them and would need another source of income to balance out the exchange. Second, when you remove a percentage of low skilled labor from a population, be it a city or country, and don't have replacement low skilled labor, you either have to increase the education and training of the population to set them to a different ratio of lower to higher skilled people or you will have a segment of the population that is unemployable. So, if we ship the US manufacturing overseas but only create high tech positions and don't improve our workforce, we have to start hiring high skilled labor from outside our own population. Third, globalization is frequently used to mask and hide practices that the rich country wants to avoid in their own country. We set pollution standards and labor laws for our own people high, but then don't see or ignore when our global companies violate these "moral wrongs" elsewhere. Just because our own CO2 emissions have gone down, does not mean that the new CO2 emissions for just products we consume has done down, we have just hidden it under the rug in a country we don't pay attention to. And just because China or somewhere else has improved their own standard of living doesn't mean that we haven't just selected another country to pollute.
If you buy $1B worth of goods at market rate, then you still have the same amount of wealth in the end. It's fine for money to flow in one direction so long as you're getting what you want out of the deal. He made this analogy with the grocery store. The flow of money is one way, but you still got what you wanted out of the deal, being able to eat food without growing it yourself. When you work at a job you are paid in money, but you don't pay the grocery store your entire paycheck. I don't know how you expect to be able to have 1:1 cash flows with every single trading partner you ever interact with.
@@danielmarsh1302 i dont think we should be 1 to 1 on dollars spent but we should defintly be 1 to 1 on tariffs applied. look up the tarrifs on a new usa made car going to china vs the tariffs on a Chinese made car coming to the us. 25% going to china. 2.5% coming from china
@@danielmarsh1302 The problem comes up in the depreciation of goods or consumable goods. If we increase consumption of something but dont have equivalent increase value production elsewhere, then it is a net loss. Let me use a small scale analogy. In a town of 2 people, everyone has $5 cash and $5 goods. The town has $20 total value. Person 1 grows carrots. Person 2 grows beets. Person 2 pays Person 1 $5 for carrots and Person 1 pays Person 2 $5 for beets. If they buy from each other the total value in the town remains the same. One day they find out another town sells carrots for cheaper so you can get more carrots for the same money. So if Person 2 sends the $5 out of the town for carrots but Person 1 still pays Person 2 $5 for beets, then the town itself has lost $5 in that outside purchase. To keep the total money the same, they would have to have someone from the second town buy something from them. Now Person 1 could either improve efficiencies to out compete the other town or go into some other business in order to still make money, Global economics increase the complexity but it generally follows the same premise. I agree with Stossel in that you can't just look at it as "globalism is bad" but you also can't just look at it as "globalism is good either". There are negative impacts that you have to understand and decide how you want to mitigate or resolve them.
Well too many details would destroy this propaganda. It has to be simplified for the masses 😂
Probably why China and indias carbon emissions have skyrocketed as our jobs move to those countries.
When you close a job paying $40 US per hour and create one paying $15 guess who loses it's not the foreigner.
And then factor in millions of “newcomers” coming across the border that puts more downward pressure on wages that are already outpaced by inflation
It is easy for this man to say manufacturing drives moving on, see is good. His job is not being replaced and he gets cheaper products for him and his family to buy.
This video would have been more appropriate if released yesterday, 1 April.
Ai......
Yup we are the fools.
Found the socialist that loves Tucker Carlson.
I'm with most of the commenters. I don't agree with this one. Of course it cheaper to make things over seas. It hard to compete with slave labor.
Labor has been cheaper overseas for centuries, but only at the end of the 20th century that factories moved en mass overseas.
There's no evidence that China uses slave labour.
Stossel talked about that in the video. Are the people in the foreign countries not better off with the jobs? Would you rather take them away? Then they would really be poor.
@@cassiofficialBefore, the added cost of shipping made globalization more limited. When that was addressed this all took off. If shipping was within cost limits it would have happened many years ago. Think of the spice trade for example.
@@markintexas1296 If shipping was such an issue, why so many countries bought so many goods from the US for over a century? The US is overseas from the point of view of all the other countries. US exports has been strong all those years.
I recognize the value of trade... but I'd rather pay a manufacturer who is part of my tax base than pay middlemen for shuffling the product around.
Sometimes the problem is not that we are getting cheap stuff (and a lot of it is unnecessary crap), but who we are giving the money to and what they are using it for.
I don’t entirely disagree, but I wouldn’t single out foreigners
What everyone is really upset with is the regulations. As regulations increase, jobs decrease. There's not a single person here that loves being told what and how to do everything. They hate being told what to do with their money. Deregulation has shown that jobs come back home.
Unfortunately, a lot of global lawyers use international treaties to treatywash unpopular laws and force regulations down countries. Not a single country would benefit but tonnes of new regulations get introduced by these "free trade" agreements.
@Benzley722 Labor costs are regulated. They are mandated, taxed, required add-ons, insurance, etc. There's no surprise that regulations killed wages. Also, no surprise that as soon as free markets were regulated, everyone that could jumped ship. The correlation is direct. The Chinese companies don't have to offer cheaper prices, but absolutely can if Americans want to challenge their control. The expenses are significantly less for them because of the lack of crippling regulation. Americans need to demand that regulations stop ruining their lives, then they can accept lower wages, lower prices, and a significantly better standard of living. Freedom is prosperity.
China doesn't have a regulation against sl4very. That's the real problem. Freedom can't win when other nations force people to work for nothing more than room and board.
@Benzley722you'd need to look into actual costs for a product before you fantasize about 5% Chinese labor costs directly translate into a product costs only five percent compared to the one made in America-that's outrageously ridiculous!
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I won't be able to cover all flaws in this thinking, but I might be able to point out a couple real quick:
o) *material costs:* not only do you need humans to build a product, but raw materials, which are traded globally and therefore cost the same, no matter where you buy them (you're holding a physical product in you hands, after all.)
o) *transport:* when you manufacture your product on the other side of the world, be prepared to pay a large extra premium for shipping absent in the American produced one (including dead time and increasingly, uncertainty; which is very demential for every business.) do you know how much it costs to "fill up" a ship? to build/lease it? then add extra insurance on top of all this.
o) *automatization:* when labor is cheap, a Chinese company is far less likely to use robots for the production, unlike its the case in America. that's why you need to pay a lot (!) more workers; this alone makes your statement sound quite ridiculous.
o) *distribution:* are you aware that the biggest portion you pay for a product is always the so called last mile? you've a store/warehouse/whatnot to build, pay workers and operating costs, usually an intermediate who distributes everything, truck drivers, stockers, &c. it's always those people involved at the closest transaction to the consumer who comparatively handle the least amount of goods and therefore earn a substantially or proportionally much higher amount from the end product price than let's say a worker in China who in comparison handles a dramatically larger amount of goods per day.
distribution alone typically quite easily makes up for about half the final product price.
o) *taxes:* since I already explained to you that still a huge chunk goes to American workers, the higher the taxes on the final product price, the less it shows when you gained an advantage in one single department of your whole production chain.
o) *advertisement:* you can dislike advertisement all you want, that's just fine. but a TV spot or a billboard will always cost the same, no matter where it's produced. it's not unheard of that companies spend up to thirty percent of the product revenue on advertisement.
o) *development:* all those products are still developed and tested in America. this can be very expensive and must be financed by the product sale. so, you can have quite a substantial amount as an additional burden added to your final product price.
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like I said, my list by far isn't extensive but gives you a first overview as to why what you said is nonsense. this is why the reality is that producing in China safes about five percent of the end price; not the other way round, lol.
--
side note: when you allow capitalism, then a company can't just rake in however much profit they want; that's only possible under socialism. but since my knowledge in this field actually is quite extensive, I'll simply safe you the explanation as to why.
@Benzley722 Regulations includes the Minimum Wage and legally required benefits.
D O N T T R U S T C H I N A ! C H I N A I S A Z Z H O E !
The protester from Hong Kong....Classic xD
hahahahahaha what a great clip, thanks for reminding me.
We need independence.
LEARN about The CHINA 2049 plan.
LOL!! Great comment!
North America should become more self sufficient and let other countries keep the sea lanes open. We need the rest of the world less than they need us.
What about items we have to have? Remember the "chip shortage" or "not enough air bag replacements" these are manufactured overseas so when they're not a reliable source for them, we suffer. So we should manufacture these such items in the US instead of relying on unreliable foreign countries.
America makes very little of it's medicine here.
Yes guns is a very good example of that. Something all asian countries do today as they don't want to be caught in the water when an actual war arises and imports are cut off
I'd add to that problems with quality control in other countries. Prime example - pet food ingredients from China that keep poisoning our pets.
@@Mister_Garibaldi china also has a problem with powdered milk which was causing baby defects and some death too
I was thinking the same thing. I agree that in theory trade is good, but COVID showed that in a disaster these supply lines are fragile.
Make it at home! Not an ocean away.
Yeah let's watch the price of everything skyrocket. We CANT and shouldn't make things that can be made cheaper in other countries. Find a new profession.
we also need those lower paying jobs sometimes @@vooteimer1234
You make it at your house if you want to. Let me buy from who I want to.
"I didn't get to keep my job that someone else could do cheaper so everyone else should suffer and pay more for goods" classic leftist take
Make valuable goods at home. Cheap goods should not be made at home otherwise you lose a ton of gdp.
Thank you John for putting out the good word. Too many Americans don't realize that "globalization" is what keeps America prosperous.
Definitely we have definitely seen an uptake in prosperity after people lost their jobs when their factory closed down.
In the fifth clip(“we’re losing on trade”), Peter Schiff wasn’t referencing that trade for the US wasn’t mutually beneficial, but rather that the size of the trade deficit is a symptom of a much larger economic problem.
I'm a free trade guy, I tend to agree with John on most of the issues he raises here. But when he exaggerates or mischaracterizes what the the graphs show, it's a discredit.
Look at that manufacturing output graph, it doesn't show that we, "are near the all-time high." Rather it shows we are at about the same level as 24 years ago. Anyone can see we are down from about 68% to 54%.
I picked up on that as well. They use some clever rhetorical tricks to make it seem like nothing has changed for the worse or has gone down.
That is actually not important. Designing the goods is a lot more valuable than producing them. As an example, apple's phones are produced in china and guess which company makes more money. Factory jobs are jobs for less skilled workers. Import the cheap stuff, export the expensive stuff and those 2 things don't have to be done with the same country at the same time.
@@cassiofficial I don't disagree. My point was John doesn't have to mischaracterize the very graphs he shows us. It reeks of the propaganda we get from the old networks and discredits his argument.
@@joedanker3267 I agree your point is valid.
Lies,,,,,, Lies,,,,,,,, Lies.
I grew up in a small town. Years ago the town attempted to lure several manufacturers to build a factory in our town with tax incentives and cheaper labor than on the east or west coast. They were able to get a factory in our town to provide good stable jobs, which spread throughout the community in building houses, expanding utilities, so on and so forth. Once the tax incentives expired, the company that owned the factory shut it down and moved the jobs to Mexico. The closing of this plant devastated our small community. The competition to lure another factory to our town has made it impossible to get those jobs back. Our formerly thriving little community is dying a slow and painful death. Opportunities for the future generations are non-existent and have no other options but to move away. So my question is, how is globalization helping the small town I grew up in? The town I had to move away from because there was no future for me there.
Exactly this. No one cares about small town America. My husband has to work out of state so he can have a job that barely covers the bare necessities. There are no jobs in our blue state because of many reasons, but one of the main reasons is that there are too many regulations that keep businesses from wanting to do business here. So my husband has to go to a red state to have a job, and we're blessed that we can have that.
Americans don't want to work labor intensive jobs unless they are paid high salary & working conditions have to be tip top. They aren't willing to work as hard as the Japanese, Koreans, Chinese, etc. They want high salaries compared to all of those countries, they want tip top working conditions that will increase red tapes, etc. How do u expect American manufacturers to remain competitive if they are to manufacture in the US?
If all American manufacturers are to produce in the US & without using any tax credits, goods prices will be far higher and that will create hyper inflation. And then Americans will realize that, everything is getting so pricey they would much rather buy Chinese or Japanese brands. What are u going to do then? Yes trade isn't perfect but trade benefits you more than it harms u. Americans benefit from trade when they buy cheap goods made in China. Americans benefit from trade by the thousands of employees employed at the corporate headquarters in America. They also benefit from jobs such as logistics. U should also take note that almost 6 million Americans employed in manufacturing owe their jobs to exports.
@@HoneyBunny.I have to drive out of the small town in a red county, to the blue city because thats where the jobs are. Not saying the blue is better though. I think they're both expensive wings of the same nonproducing government bird.
The same thing happened to the factory my father worked in
@martinhuerter8065. Free trade doesn’t ever allow a small town such as you mentioned to not be competitive. If your town is not competitive, it loses. But, the country wins. The U.S. citizens get lower costs and are able to better compete in other areas. Free market capitalism is not pretty but it wins. There is a reason China and Russia had to add free market capitalism….because it wins. The strong survive, the weak die. China and Russia were very weak until they copied our systems. The LAST thing we should ever do is copy anything these countries do.
Selling inferior products is a rip off. I'm tired of overpaying for crap replacement parts.
While this may be true when it comes to the trading of goods and services, Globalization and centralization of political power is truly dangerous.
You're thinking of globalism, which is the centralisation of power within the United Nations.
Globalisation is increased trade with foreign countries.
Globalization is rule of international institutions like WEF , UN and WHO .We do not need that kind. Trade is fine.
those organizations are one of the reasons you can write this comment, when did democrats become a party of the rich and republicans a party of whining leftist workers
Global Village was bound to collapse.
@@QAlba1074 global village already won
@@nathan9523Care to elaborate?
you're right with your analysis; I'm just unsure what's really the definition of globalization.
in school I learned that it's about global trade. there, teachers told me that when a product consists of components that are produced all over the world, then you've globalization.
but it wouldn't be the first time, they're wrong.
however, documentaries on state sponsored public media channels also mainly focus on transport when they criticize globalization and advocate for local production.
(yes, I know about all the flaws with seeing it this way; but when globalization means that countries get bigger and bigger so that governments first govern continents and eventually the entire globe, then I'm also strictly against this, yes.)
Globalization has been horrible for many communities in the USA. Factories close down because of Globalization, and in turn destroy the community.
The issue with globalization in relation to trade is that it's a major national security risk. Domestic trade should always be encouraged over foreign trade.
Perhaps it's just me, but the "expert" Stossel was speaking with, Scott Linsicome, does NOT fill me with feelings of trust and confidence ...
Stossel himself shouldn't fill you with trust and confidence. He's got an agenda as much as any of his guests do.
There were many questions unanswered
You should never trust someone just because they're somehow deemed an "expert" anyway, regardless of who is vouching for them or what they are espousing. Do your own research and decide what you believe is true, regardless of if that falls inside or outside what alleged "experts" say
He glossed over a whole lot of fine detail that shatters what he said.😂
This video is easily John's worst take. I gave a downvote.
Carbon emissions are not pollution.
I agree wholeheartedly. I'm shocked this hasn't been censored...
True, but carbon emissions is what lefties complain about.
@@bills5009 No shit, how is this comment still here?
Says who??? Your genius economics professor?
They are pollution if emitted in quantities that adversely affect the environment.
Poop, for example, can be seen as nutrients for plants, but too much of it can also be pollution because the excess nitrogen in the soil can kill plants, contaminate water supplies, or in some cases cause overgrowth of algae. Too much of it is harmful, and would therefore be pollution.
The same could be said for carbon dioxide. Plants depend on it, but excesses of carbon dioxide drives global warming which alters the environment in ways that are detrimental to not only plants but people as well.
In cases like these, the dose makes the pollution.
Hilarious that China was not on the list of CO2 charts. Outsourced manufacturing to China who constantly opens new coal factories and US CO2 goes down.
Dropping the Jones act and ending overseas shipping subsidies would do more for us manufacture than any tariff
No mention of one of the most glaring issues with the US Globalization of our trade - National Security risks. You can't be as glib as this guy is when it comes to the CCP manufacturing and controlling our digital mobile networks, social media platforms, cars, electronics, etc. This is incredibly stupid. You must account for National Security risks in the trade supply chain, or there WILL be consequences.
You missed a good opportunity to discuss this point John.
CCP wants to hurt The US yes but when they let the markets free they lost control over the country, thats why they can't invade Taiwan etc. As long as The Chinese middle class is depandant on The US the CCP will not dare to hurt The US more than trying to spy and wave their d*ck around
I don’t buy this. If all we do is buy and not make we will stop being able to buy. Screw this crap
Buying things enables making things...
@@nathan9523 thanks captain obvious
@@davidrosa3182 so u dissagree with your previous comment leftie?
@@nathan9523 You have trouble reading, tr0ll
@@nathan9523you are sending you're money to other countries...
You have two choices. (1) Have access to low-cost products but have no job to purchase them. Be a burden to society by consuming tax dollars. (2) Have access to moderately priced products and have a job with which to purchase them. Contribute to society by paying taxes.
The irony is that this guy in a suit who is paid to comment is telling me that some pauper in a foreign country has a better life making t-shirts. When I sit here and think about that statement, I think I would have a better life if he were making the t-shirts.
Yes but... .Relaying predominantly on raw, semi raw materials and goods from unfriendly countries is a threat to our security .
This is why globalization doesn't work. State adversaries are literally using trade as a weapon. I feel now more than ever we need to be more protective of our manufacturing and our raw material production.
If China attacks the US, you can get the same goods from Germany, Australia, Taiwan, South Korea, and Japan.
If an industry isn't growing in your country, it's likely due to the government requiring a factory to go through a 4+ year regulatory process. It has nothing to do with free trade.
I'm no fan of Trade with China, for political reasons not economic reasons.
Even if you talk about economics, what’s cheap isn’t inherently good long term.
@@KaosNova2 lol, China is better quality than the US xD
The US made China the corrupt giant that it is now. And they kill our rhinos.
international trade doesn't mean globalisation. Globalisation is when one entity governs all rules and regulations surrounding trade. When Nations are less and less sovereign because if Trade, that is globalisation.
So John, what happens when you don't make your food here and the country which you purchase food from decides to cut you off?
Or when the US can no longer make payments on the debt we keep running up and nobody will loan us money to keep us afloat and the economy collapses and drags down the world economy with it. Where are they going to get the food to keep their voters in the cities happy?
Standard of living in USA is dropping. Housing and food costing more than ever and goods quality is dropping
It's because of government spending and increase in the supply of money / inflation. Vote for less government spending and stimulus, less intervention, lower taxes.
That has nothing to do with trade more to do with government Policies. As if barrowing 30 trillion wont come with ramifications, bate and switch talking points.
@@rocks2rocks06Politicians are never going to slash their own budgets or reduce their power. Nothing compells them to be efficient and let the market do its thing. It's strange the Libertarian Party hasn't grown to like 10-20% of the vote by now.
Except this isn't true. Food is the cheapest it's ever been. Housing costs can be explained entirely by the fact that we're building bigger and better houses, and in some areas, government regulations like zoning and rent control.
@brjohow while we import millions of low skilled and child labor into the United States to do jobs, 'Americans dont want to do'...Stossel is about protecting corporate profits.
Libertarians are about serving Mammon and Satan at rock bottom, but they come up with great rationalizations for it.
Many years ago, I read a fictional book about the US and USSR coming to an agreement that all industry would be moved to Russia, and the US would produce food. What was left was, the US had no industrialization so when the USSR attacked, there was nothing the US could do, since it could not ramp up industry fast enough. (btw, Texas fought back and became it's own country in the book) Again, this was just fiction. I can't remember the name of the book.. BUT.. 1984 was supposed to be fiction, and our government, the WEF, the WHO, etc seem to be using it as a play book.
Very bad book since it would be The US doing the more advanced work and The Soviets doing easier work like producing food. Was this book written by a Soviet apologist? And without The WEF and organizations like it we would have 50 times more wars in the world
Did the Russians starve to death in this fictional society?
All the corporations were allowed, without any restrictions, to freely move their manufacturing overseas. Corporate pays off Washington to get their way at the expense of the American working public
millions of jobs have been lost because their companies go overseas. Every state has dozens of towns that went belly up because their company left. These towns are now riddled with poor people, crime, and drug addiction.
Yes. Globalization is literally killing Americans.
The intrinsic assumption is the "Americans" don't want the jobs that China is willing to take like tool and die or machinist or factory assembly or etc. Not to mention the technical and managerial jobs that go with all these activities. There is also a second more import problem, "Necessity is the mother of invention". I have worked on manufacturing floors and seen the "opportunities / problems" that are intrinsic to any manufactured product or even processes. These lead to innovation and intellectual property. The third problem, "a level playing field." China manipulated their currency and we ignore it. China suppresses wages and has slave labor. What I hear in this video is lets continue to ignore the creative hard working Americans because some asshole elites get cheap goods from a country aimed at dominance.
The rare miss from stossel. I don't care about making other countries rich, especially when they do not have our best interests in mind
Yep.
ironic that u expect others to have your best interest in mind when u don't care about their
@nathan9523 We don't. Americans know that no one has our backs. How much "aid" do Americans receive from foreign countries. Zero. That's how much. Let's send the poor Americans jobs oversees to combat poverty in those countries, while importing poverty to more Americans. Screw your compassion, there is none for poor Americans.
@@HoneyBunny. Yeah NATO and The US allies just helped you fight a war of terror in Iraq, fund The Ukrainian army which is fighting a country that wants to destroy the western world etc
Do you think US has best interest when trading with other countries, every country looks out for themselves. That's Business!!
If you have an American car there’s a good chance that it was assembled in Canada or Mexico. If you raise the hood look under the dashboard you will probably notice that the electronics are made somewhere in Asia. If everything was built and assembled in America it would be much more expensive. Americans are willing to work but they don’t work cheap.
It's all tradeoff. Also, the US has created a world that is unbelievably safe for trade. When that changes, countries are going to wish they had local production.
The larger the middle class, the better off America is. Moving jobs that create the middle class overseas is NOT a good thing.
I'm sure you will enjoy paying much more for domestic goods, oh wait, you will be crying about it, like everybody else.
Are you willing to pay a very significant percentage more for the same product if it's made in America vs. made in China?
Exactly
@@et34t34fdfit's because they we're sold a lie. If the jobs would of stayed here, things would of been affordable.
@et34t34fdf like anyone can pay for china's crap with no job
Making countries hyper dependent on each other is a bad thing, especially if one of them decides to become hostile towards the rest. Globalization needs to be limited.
I completely agree
As long as you have a strong industry you can transform that industry in times of need. The goal should be achieving wealth.
There are no solutions. There are only trade-offs.
-Thomas Sowell
There are no solutions. There are only trade-offs.
Thomas Sowell
Correct
Comparing my personal relationship with a store is not the same as trade between nations. You're just too rich to see how it has hurt lower- and middle-class people. I've seen it all my life. I know how it hurts people and they never recover. They never get another job as good as the one that left. While I am a conservative, I do see how corporations are the only real winners in this globalization move. We have been tearing down the US for decades and it is not debatable at all. There are a lot of other factors, but this is also one where corporate control of our government is a negative for us citizens.
Just because a trade of goods and money happens, doesnt mean its always fair, even if it was agreed on by both sides. If, for example, China is getting more goods from us at lower prices, and we are purchasing fewer goods from China at higher prices, then we are "loosing on trade with China", when they come out ahead in both cases.
How does moving goods on huge ships with cargo containers help us? Pollution, bad food, bad products, cheap clothing, hazardous kids jewelry, , and on and on? Made in America used to mean quality. Local produce for better health. We can do better!
I recently bought an expensive roof spray machine made in China. Had it two days. Took it back with a frown on my face. I paid extra and got an American made machine. I am happy to say it is still working without a problem.
Shoddy product and even shoddier ideals. This planet doesn't have time for propaganda--- we need truth.
Why are you buying bad food, bad products, cheap clothing, and hazardous kids jewelry? You're a free citizen, not a subject - Buy what you want and pay the price. And tolerate others having the same freedom.
@@ROGER2095You're a consumer not a free citizen anymore. It's called "freedumb".
@@QAlba1074 Speak for yourself - I'm a free man, free to make decisions.
Trade can be bad when certain countries have a virtual monopoly on certain goods that are vital to national security. The pandemic showed what happens when supply chains break down.
I was going to say the same thing. Dependence on foreign trade partners is a recipe for disaster. They become weak links in our own National security.
You are delusional if you think that a heavily exporting country can simply cut its exports without inciting rebellion from its citizens.
I can get stuff shipped free from China but a order from across town cost more for shipping than the product i am ordering..There is huge problem there...
“We Americans are spoiled.” How dare we expect decent working conditions for ourselves or anyone else?
You are assuming someone can provide those! It’s an ignorant statement. A lot of these poor nations are not taking lousy jobs over good jobs; they’re taking lousy jobs over no jobs. You armchair quarterbacks are all the same.
The elites sit in their palaces calling the American worker "spoiled". This is the kind of thing that makes me understand how communism gains power. Gee, I wonder why people decide to take all these fat cats money? Could it be that they are complete A$$HOLES who want to abuse people and be thanked for it?!
@@beng4151 Or lousy jobs over even lousier jobs
Rural American factory jobs have all but disappeared. I would bet those workers would disagree views on globalization and other hs educated workers from all areas.
Didn't you see where Stossel mentioned that in the video and downplayed the suffering of these people?
Ummm,John, the U.S. doesn't manufacture its own pharmaceuticals anymore and never was that more apparent as a big problem than during Covid.
bc of regulation put in place to favour large pharmaceutical companies, without trade the costs of healthcare would be sky high, all thanks to the socialist republicans
Pfizer (teaming with the German BioNTech) and Moderna, the only two companies to create highly effective mRNA vaccines for Covid, are both U.S. companies.
53% of American pharmaceuticals are manufactured in the US.
Pfizer and Moderna, two American companies, were the only two companies in the world to develop highly effective mRNA vaccines for Covid.
In addition, the Covid antiviral PAXLOVID was also created by Pfizer.
The only two highly effective mRNA vaccines were created by American companies.
Equal tariffs, or no tariffs: may the best man win. Everything else is predatory mercantilism.
Another problem is that our government is giving away money when we are in debt and struggling, how does that make any sense?? And people still want to vote the same way out of stubborn hateful pride. Things will just end up getting worse for everyone!
And they're borrowing the money to give away to foreign governments and the interest rates keep going up. I heard the other day that we passed the $1 trillion a year mark for debt servicing. That's a trillion every year that could be left to the taxpayers to spend here and create factory jobs.
I think you missed the mark on this one , John.
No, he's just honest enough, not tho care what you think and intelligent enough to recognize cognitive bias.
I think you missed the mark. I as a consumer see a benefit to buying bananas grown in Equador. The government could easily mandate that all bananas sold in the USA be grown in the USA. Think of the benefit to USA farmers! But wait a minute USA can't grow bananas as cheap as other countries. Why should I be forced to buy expensive bananas?
If this is true for me as a consumer it's also true as a country - so said Adam Smith in the Wealth of Nations. And yes I've read it. If the government is buying bananas why should my tax dollars have to buy more expensive ones?
@FourthRoot correct
@@amandahuginkiss4098You are forgetting why the bananas are more expensive here in the USA. We have many, many laws for safety, environment, minimum wage, etc that make it more expensive. If you read Smith you would see that for competition to work the playing field field must be level. Sometimes tariffs are the only way to force this as USA laws do not apply to other countries.
@@markintexas1296 then change the laws...
John, with high inflation Walmart big pharma and big food making record profits, I guarantee you every time I go shopping I do not feel like a winner.
John I almost always agree with you but here you're dead wrong. Your expert says he runs a trade deficit when he buys groceries; WRONG. He trades $1 for $1 worth of groceries; that's balanced trade. Meanwhile, in 2023 the U.S. traded $3,053 billion of its exports for $3,827 billion of foreign imports. In other words, we sent 3,827 billion dollars to other countries to pay for products and they only sent 3,053 billion dollars back to buy our products, leaving them $774 billion to do other things with. What to they do with the $774 billion? They lend it back to us, earning interest from us--and they buy our assets--our land, our homes, our companies. In other words, we fund our trade deficit by borrowing from other countries and selling our assets to them. That's why the U.S. Net International Investment position is -$19.77 TRILLION; foreigners own around $20 trillion more of our assets then we own of theirs. Next time you wonder why housing prices are so high in the U.S., blame the trade deficit, because it gives foreigner money to buy our homes.
I don't mind globalized trade of goods and services. The thing I don't like is how globalization turns the world's population into interchangeable economic widgets. There is no longer any sense of nationhood or culture or tradition anymore, at least in the West. The attitude now is that you can swap out the entire population for a country like Italy, for example, with Somalis and they would be just as Italian as ethnic Italians. The only thing that matters is that it's good for GDP. People now can just be replaced like a worn cogs in a big global machine.
I'm hoping this is simply a day late april fools joke.
Nope. These propagandists play us for fools every day.
Can’t go along with you on this one!!! How about taken care of we the people here first!!!!! We have no choices……inflation and weak wages are killing Americans!!!!
Yes!
Outsourcing is taking care of Americans by enabling them to reduce their cost of living and gain access to better products.
Libertarians demand open borders and free trade 🤷🏽♂️
@@me-myself-i787 Better products my foot.
@@rptube16 If the products aren't better people wouldn't be buying them, including you
100% agree. Thank you for doing your part to educate the public. Thomas Sowell and Milton Friedman would agree with you. Thanks for fighting this American ignorance…
Our county is so big and has so many resources there is no need to import anything. We are just raising up the rest of the world while we fall behind due to lack of rebirth of real infrastructure.
John, did you fact check these claims? Never heard of this individual.
As with anything, you can find someone who has a different opinion. Fact checking is meaningless. Having said that, I vehemently disagree with this dudes opinions.
It's a economic hypothesis, there are different groups but the numbers seem to support that high export countries tend to have large gdp growth rates and strong gdp per capita. While high import countries tend to have flatter growth rates
Yes they are fact checked. You can read many books how free trade benefits consumers. I would suggest checking out famous capitalist economists like Thomas Sowell.
I think most people are missing the assumption that globalization as described in this video is voluntary. Libertarians always say that life is not a zero-sum game. Just because we can get a lot of stuff through global trade doesn't mean we can't get stuff through domestic trade.
I will gladly pay $35 for a shirt made in America, as opposed to $15 made by someone in Bangladesh. Even if it's the same quality.
@@kinjunranger140Not everyone has that option
@@hanklesacks Not everyone can afford the $15 shirt either. What's your point? I would say that if you can't afford a $35 shirt, then you need to reassess your financial situation.
Why do we need so much "stuff" is the real question.
ALL consumer goods made on this planet are made by killing animals, trees, air, water and land---directly or indirectly. Newsflash💥Without nature, man cannot survive on this planet
@@kinjunranger140 All of my shirts are $10 AUD and are made in Indonesia. If you want to pay $35 US for a shirt, that's your choice.
You don't have a right to get the government to FORCE me to buy the more expensive.
The extra money I kept usually gets invested into cancer research, and it's my choice to spend my money. Socialist governments have no right to decide how I spend my money.
Just because the government says it's a win win on trade does t mean that it's good or fair for American interests. One side could settle low for the trade on goods. I happen to believe a Democrat ran government is garbage at trade negotiation on item value. Also I would also rather the jobs to come to Americans rather than overseas. Let their government and country help them and bring jobs. Then we can work on a trade of goods. They don't need jobs that can go to Anericans. As an American I want the best for my country.
Paying for overpriced food is hardly a win, more of a necessity to survive
Trade is good but whatever regulations countries put on American companies should apply to those respective countries. China demands companies build their products and share technology in China. We must demand that too. Any tariff place on American goods must be reciprocal to those countries goods.
Global trade has been good for the most part lifting more people out of poverty than any other system in history. However globalization also costs the US because we end up defending the whole world. We’re constantly involved with other countries problems and issues to maintain the trade routes.
Global Village was bound to collapse.