America's "Prosperity" Is Now Dependent On Predatory Globalization

America's "Prosperity" Is Now Dependent On Predatory Globalization
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Authored by Charles Hugh Smith via OfTwoMinds blog,

Nowadays, trade and "prosperity" are dependent on currencies that are created out of thin air via borrowing or printing.

So here's the story explaining why "free" trade and globalization create so much wonderful prosperity for all of us: I find a nation with cheap labor and no environmental laws anxious to give me cheap land and tax credits, so I move my factory from my high-cost, highly regulated nation to the low-cost nation, and keep all the profits I reap from the move for myself. Yea for free trade, I'm now far wealthier than I was before.

That's the story. Feel better about "free" trade and globalization now? Oh wait a minute, there's something missing--the part about "prosperity for all of us." Here's labor's share of U.S. GDP, which includes imports and exports, i.e. trade:

Notice how labor's share of the ....

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