Monday, March 07, 2005

The 'sharecropper's society' 

Via Bob's News Wire:
Buffett complains that the trade deficit is leading to an alarming transfer of US assets into foreign ownership.

"Americans end up owning a reduced portion of our country while non-Americans own a greater part," he writes. "This force-feeding of American wealth to the rest of the world is now proceeding at the rate of $1.8bn daily."

"Consequently, other countries and their citizens now own a net of about $3 trillion of the US. A decade ago their net ownership was negligible."

He warns of dangerous consequences if these trends continue. He says that within a decade, the US would be compelled to deliver "3 per cent of its annual output to the rest of the world simply as tribute for the overindulgences of the past".

He adds: "This annual royalty paid the world... would undoubtedly produce significant political unrest in the US.

"A country that is now aspiring to an 'ownership society will not find happiness... in a 'sharecropper's society' " But he says that just such a demeaning outcome is "where our trade policies, supported by Republicans and Democrats alike, are taking us."

See: [Warren] "Buffett condemns 'force-feeding' of US wealth to the rest of the world", By Robert Peston - Telegraph (UK)

speaking of 'sharecroppers'...

Another American Enterprise Institute favorite delivers up a happy story courtesy of that derned liberal media op-ed page at the New York Times; which gushes:
The Little Guys Are O.K., by Bruce Gardner.
NYTimes (login not required)

The Times cheerily informs us that: "Bruce Gardner, dean of the College of Agriculture and Natural Resources at the University of Maryland, is the author of "American Agriculture in the 20th Century: How It Flourished and What It Cost."

They don't happen to mention that Gardener was also Assistant Secretary of Agriculture -as well as USDA Chief Economist - on the Mom and Poppy Bush plantation, 1989-1992. He's also something of a favorite with the American Enterprise Institute (go figger), who have published his work in the past.


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