Europe is not more attractive because it is more innovative or market-capitalist. Indeed, Europe is far from that business-wise, but its currency is more stable than ours and will be until America grapples with some very serious financial imbalances. Then the money will come back. Wake up, James.
China is hardly a more free market than ours, but its currency is undervalued, mostly because it’s in the odd position of running counter to, but tied to, the American dollar. Money doesn’t care about copyright infringement and human rights constraint. Money cares about return on investment. America continually castigates China for undervaluing its own currency. Our time would be better spent working to remove our balance of payments deficit, finance our own wars, balance our federal budgets and stop taking each other to lunch in the Hamptons when we’re broke.
The very events that James Copland decries are what, in a more intellectually honest and less self-serving conversation, would be called looking the truth in the eye.
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