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Larry Summers should not be wandering the halls of Washington DC.; but, should be in irons in the dock of the Hague for prosecuting such morally indefensible policy.

Not to sound to tinny but this whole notion of the US being the financial hub with a service economy while having China do all of the manufacturing was planned long before Summers. In fact this has been in the works for nearly 100 years. Congressman Louis Thomas McFadden on the house floor in the 30s talked about this very subject.

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"When the Federal Reserve act was passed, the people of the United States did not perceive that... the United States were to be lowered to the position of a coolie country which has nothing but raw materials and heavy goods for export; that Russia [China, India...] was destined to supply the man power and that this country was to supply financial power to an international superstate -- a superstate controlled by international bankers and international industrialists acting together to enslave the world for their own pleasure."

Rep. Louis T. McFadden, June 10, 1932.

You can read the entire speech here..

http://www.modernhistoryproject.org/mhp/....

Needless to say McFadden was murdered a year or two later.

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The manufacturers now have a choice - either bring the jobs back here, in which case we now have a rising wage base, or our Treasury gets refilled with funds with which to pay welfare and other benefits in various forms to those who are displaced.

Yup and yup.

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