Paul Craig Roberts explains the effect of our economy having been moved offshore.
"... it is strictly impossible for an economy to be moved offshore and for the country with the offshored economy to remain prosperous.
...
Sir James called it correct, as did Roger Milliken. They predicted that the working and middle classes in the United States and Europe would be ruined by the greed of Wall Street and corporations, who would boost corporate earnings by replacing their domestic work forces with foreign labor, which could be paid a fraction of labor’s productivity as a result of the foreign country’s low living standard and large excess supply of labor. Anytime there is an excess supply of labor, or the ability of corporations to pay labor less than its productivity, the corporations bank the difference, share prices rise, and Wall Street and shareholders are happy."
Bill
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