Friday, May 04, 2007

Quote of the Day: Imports Are Good, Not Bad

"Another fallacy seldom contradicted is that exports are good, imports bad. The truth is very different. We cannot eat, wear, or enjoy the goods we send abroad. We eat bananas from Central America, wear Italian shoes, drive German automobiles, and enjoy programs we see on our Japanese TV sets. Our gain from foreign trade is what we import. Exports are the price we pay to get imports."

~Milton Friedman, Free to Choose


At 9/06/2007 10:52 AM, Anonymous Anonymous said...

What an idiot.. when this country goes bankrupt, will these Philosophical economists get their just rewards.. that is tagged as the idiots that they are?

When you have to keep printing money to buy imports. You eventually have a worthless currency.

These economists don't seem to understand that we don't have hard assets to back our purchases from foreign countries. They are selling us goods on CREDIT. We owe them trillions of our production. We are taking the goods and not paying for them with anything besides promises of payment in the form of dollars and treasury debt.

This is how empires die.. they lose the ability to produce themselves and rely on outside production. Eventually this is the end of the empire.

But then why look at history and facts when you can rely on philosophy...


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