The Coming Trade War
"When the world’s productive capacities exceed the buying power of the world’s consumers, every government wants to increase exports and discourage imports. That spells trade war." Former Secretary of Labor during the Clinton Administration, Robert Reich examines President Obama's plans to increase American exports to stimulate a stalled domestic economy. Good idea, says Reich, but after the fall of the American consumer, every nation will be looking for another route to export its goods. 'This means Obama and others won’t easily find the export markets they need to create enough jobs to make up for the vanishing American consumer,' Reich says.