A Nation of Waitresses and Bartenders
Life in the Bush Economy: Fat, Drunk and Broke

Banister points out that the excess supply of labor in China is about five to six times the size of the total US work force. As a result, there is no shortage of workers in China, nor will there be in the foreseeable future. The huge excess supply of labor means extremely low Chinese wages. The average Chinese wage is $0.57 per hour, a mere 3% of the average US manufacturing worker's wage. With first world technology, capital, and business knowhow crowding into China, virtually free Chinese labor is as productive as US labor. This should make it obvious to anyone who claims to be an economist that offshore production of goods and services is an example of capital seeking absolute advantage in lowest factor cost, not a case of free trade based on comparative advantage. American economists have failed their country as badly as have the Republican and Democratic parties. The sad fact is that there is no leader in sight capable of reversing the rapid decline of the United States of America.

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The Last Gasp of the Dollar?

If one day the world's largest oil producers demanded euros for their barrels, "it would be the financial equivalent of a nuclear strike.” Bill O'Grady, A.G. Edwards commodities analyst “Everybody knows the real reason for American belligerence is not the Iranian nuclear program, but the decision to launch an oil bourse where oil will be traded in euros instead of US dollars….The oil market will break the dominance of the dollar and lead to a decline of global American hegemony.” Igor Panarin, Russian political scientist Overnight the story of Iran’s proposed oil bourse has slipped into the mainstream press exposing the real reasons behind Washington’s ongoing hostility towards Tehran. Up to this point, analysts have brushed aside the importance of the upcoming oil-exchange as a Leftist-Internet conspiracy theory unworthy of further consideration. Now, the Associated Press has clarified the issue showing that an Iran oil bourse “could lead central bankers around the world to convert some of their dollar reserves into euros, possibly causing a decline in the dollar’s value”.

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