Rant: Trade Imbalance Penalties
Barack Obama on CNN: "We can't go back to the era where the Chinese or the Germans or other countries just are selling everything to us, we're taking out a bunch of credit card debt or home equity loans, but we're not selling anything to them".
Found this quote when searching for stories supporting Financial Times Deutschland's story about US and UK officials having tried to establish trade penalties for export nations like China, Germany and Japan during the Pittsburg G20 summit. Either that story is just wrong, or US and UK turned into communistic dictatorships when I was sleeping under some rock. On the other hand FTD is considered one of the more reliable papers. At least Reuters seems to confirm the FTD story.
So what's about "just" fixing your industries and producing desirable products again? Weren't US and UK usually the first with praising capitalism, competition, challenges? High wages cannot be the reason for your trade problems: German and Japanese industry workers are well paid.
Well, now trying to calm down again.