By N. Asbury

Neal Asbury argues that relocating clear of intransigent political ideologies and towards an international pushed by means of overseas trade permits us to handle and in reality remedy monetary instability, the destruction of our environment, crushing poverty, and crippling corruption all around the planet.

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This was the genesis of the floating and volatile exchange rates we have today. It was also the beginning of runaway budgets and trade deficits fueled by paper currency that was no longer a hard asset, but rather a piece of paper that could be printed at will, the value of which was fictitious. Nixon’s decision, known today as the Nixon Shock, temporarily buoyed the American economy. However, by debasing our currency and allowing us to continue to run up our debts, it led directly to the erosion of the average American’s standard of living.

Deficits debase our currency and drag down our standard of living. indd 36 9/13/2010 6:43:58 PM 37 early 1970s. Despite the rise in the number of two-income households, median after-inflation family income has dropped. Evidence of lower incomes and living standards is particularly pronounced among younger workers, who are experiencing restricted opportunities for jobs, advancement, and income growth. Milton Friedman believed that we should not require reciprocal trade concessions. “We should say to the rest of the world,” he noted, “We believe in freedom and intend to practice it.

Although some might suggest that countries with large, rich economies such as the United States impose undue influence on the WTO, this is decidedly not the case. Consider, for instance, the judgment of the WTO against the United States in a dispute with Antigua and Barbuda, a nation of seventy thousand people. S. 5 The United States argued that WTO laws did not cover gambling and that the United States had established its Internet gambling laws to prevent children from gaining easy access to these sites.

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Conscientious Equity: An American Entrepreneur's Solutions by N. Asbury
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