We Don't Need No Stinkin' Jobs (in the U.S.)Submitted by Lao Tzua on Wed, 02/09/2011 - 21:24
This article submitted by Charles Hugh Smith to ZeroHedge.com sums up a lot of issues from a pretty straightforward perspective - it's great:
"We Don't Need No Stinkin' Jobs (in the U.S.)"
Submitted by Charles Hugh Smith (of Of Two Minds)
to ZeroHedge - February 9, 2011
"The erosion of the American middle class is of little concern for one simple reason: it no longer matters much on the global stage. All that Global Corporate America needs from America is a stable foundation that won't offer up any surprises or spots of bother. As the discretionary purchasing power of the American middle class erodes, four times as many new potential customers appear elsewhere, hungry to taste the Oreos, become consumed by the iPhone, etc., and ten times as many are potential buyers of toothpaste and other basics. U.S. corporations are pulling $500 billion in profits from non-U.S. sales, and they hold $1 trillion in stashed overseas profits in various tax havens. All the growth in their revenues and profits are coming from non-U.S. sources. Spending $3-$5 billion on lobbying and campaign contributions is an "investment" with extremely high returns: for that small sum, U.S.-based global corporations make sure the U.S. government and citizenry don't become overly burdensome or obstructive."
Read the full article here: http://www.zerohedge.com/article/guest-post-we-dont-need-no-...