Americans won’t be paid for being American any more – Asia Times
In which David Goldman expertly disassembles Trump's and others' argument that America's wealth has been transferred to China and other nations over the last decade or more. In fact,
Exactly the opposite is the case: America’s problem is that the world’s wealth came to America, and bought subprime mortgages. At the peak of the housing bubble America imported capital each year equivalent to 6% of GDP. Everyone from China’s central bank to Arab sovereign wealth funds to German provincial-government banks bought American mortgage debt until the housing bubble crashed. Virtually all of the world’s available savings came to the United States. ...
China didn’t take American manufacturing jobs because wealth was leaving the United States. China took American manufacturing jobs because wealth was entering the United States.Read the whole thing.
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