"...we could tax the conversion of dollars into yuan to compensate for China's subsidy. We could set that tax by the rate of intervention that China takes. Right now, it's about a 35% benefit they give on conversion of currency, so we put a 35% tax on it, and that would even things out. And then if China stopped doing that, we'd stop the tax." — Peter Morici
Tom Usher's take:
That's a form of Capital Controls, and they work up to a point.
I'm not for punishing the Chinese people. I'm for fairness. I do think that the US should atone, but it was the US elite that got the US into doing the things it ought not to have done and to not do the things it ought to have done. The same though holds for China. China has an elite. There's no doubt about it. That elite is in bed with other elitists everywhere. That's the problem: selfishness led by elitists duping the minions and sycophants.
So, I've been speaking out. Others have been speaking out. We are met with strange voices that seem to think that all the evil is in the US though. That's hardly correct.
The world is in a class struggle and has been since the beginning of so-called civilization. It's a very, very rare people who have managed unselfishness. That's not because unselfishness is anti-human nature. It's because the elitist kill for power and distort everything such that the masses are falsely led to believe that human-on-human violence is human nature. It is not in the main. It is an aberration and needs to be stopped.
People need to become enlightened rather than remaining retarded, and I don't care which religions say what about that. Any religion that authorizes violence is wrong about it and that includes the Old Testament and the Qur'an and certain variants of Buddhism or Hinduism, etc.
Now, this Peter Morici is one tough competitor, but I'm not sure I can say that he's out for helping America only. I don't know enough about him. I really want a giving and sharing economy, but we have a hyper selfish, hyper greedy global system. It's awful. We have to start where the people will even be willing to start, where they will even begin to grasp what's going on. That's why I haven't advocated that the whole world instantly jump to a moneyless society because the people wouldn't know what to do with themselves since they have not been brought along in the giving-and-sharing-all way and spirit.
So, can I endorse Peter Morici's points here? I can endorse some of them, even the vast majority but only in a qualified way. I certainly do not want to settle on the mixed economy. I don't advocate coercive measures against capitalism, which is greed — plain and simple. I do advocate that capitalist see the light of unselfishness and take that into their hearts and then act accordingly given the system at the time.
Should the US do nothing for the American people vis-a-vis the Chinese greedy elitists? No, the US should focus on full employment for Americans without making things worse for those in other nations but rather better. It can and should be done. All we need to do is to be smart rather than pathetically selfish/self-centered, which is stupid in the long run.
For starters, check out the call for United States Notes.