The WTO Talks reflect a growing loss of Trade advantage for the United States. A NYTimes article today outlines the gross inadequacy of the Poverty line developed in 1963. No one mentions that passage of the WTO Accords, as Our Trading partners would dictate them, would raise the number of Americans below the Poverty line from the present underrepresented 12.5% to over 20%. The cited Newspaper also carried an article on the false fears of a falling Dollar, conveniently focused on the Stock Market share of multinationals, an element of the Rich getting Richer; not hazarding any speculation on the plight of American Poor, who might not have hedged Stocks to save them from drop below the Poverty line--Consensus estimate stating it artifically cuts at least 5% of the American Poor (actually Poor but considered self-sustaining). The Poverty line seems destined to rise, but insufficiently so, until the Rich get as much as they want. Ask Bill Gates or Warren Buffet how much is enough!
The Author has never been subject to the spell of Trade. Study of Trade Advantage in History has shown Individuals capable of attaining Wealth from Trade, but little sustained growth for Economies. The Wealth of Trading Powers always falls before the rigor and vitality of internal domestic economies, as Technology teaches the superiority of 'Building at Home' Advantages--lower Transportation Costs, culturally-orientated Production, and higher and more numerous domestic Paychecks. Trade Barriers might not be anthema, simply due Protection from dangerous, artifically-engineered Trade Advantage.
American Politicians adopted a strategy of Government Spending as long as the Debt can be funded. American purchases of Imports assures Foreigners will always be willing to buy Debt, simply to rid themselves of Dollar stocks at seeming Profit. The falling Dollar can be excused as necessary erosion by all Sides, as long as the illusion of temporary, immediate Profit can be maintained. But what does it do to all the rest of Us? lgl