I’m not opposing the creation of jobs in other countries — I don’t begrudge China, India or any other country wanting to build their infrastructure or the citizens of those countries wanting to have an increasing standard of living or better jobs.

What I do think is wrong is incentivizing the growth of those economies by moving our own manufacturing base (and increasingly our services base) out of this country.

as far as debt, you can’t have appreciation and positive growth without it. debt is required for capital investment. there are very few companies and people who can simply pay in cash outright for any purchase. the whole stock market is essentially debt. so talking about how bad debt is, is really ignoring the fundamental basis for how the economy works. moreover, who cares that more foreigners are spending the dollars that they have hoarded? just means that someone else is buying our goods and services, which to me sounds exactly like what the economy needs. if americans are strapped for cash, then the people with the u.s. dollars will be the ones to help out.

there is a classic asset to inflate that Goss is forgetting about. The dollar. the currency balances foreigners hold and will start to spend will invariably lead to appreciation in other classic assets like housing. he’s also wrong about u.s. economy versus the global economy. many other western countries have and have had worse economic fundamentals (i.e. higher unemployment, higher inflation, etc); moreover, since the u.s. is a huge consumer juggernaut, talking about the u.s. economy itself is rather useless.

We are a nation that depends on debt to grow. This cannot continue. No one or nation has gotten rich through debt. The one positive about a recession is it typically motivates folks to save. The savings then creates wealth as it is invested in new business and industry.