Cliff wrote in news
npgr113barlkpekouafl7p9su04lgvs7p@
4ax.com:
An additional problem is that capital compounds, even if it is
not in the form of money but rather in machines, equipment,
knowledge-base and methodology.
The US exports waste paper, scrapmetal (the machines
we used to make things with) and arms.
Along with aerospace, engines, food, medicine, surgical appliances/
instruments/devices. Loads of chemicals. A fair amount of steel and other
metal alloys. Manufactured goods. Software. Music and movies. Etc. Etc.
Export/import on this basis is
thus not only a losing proposition [for the commodity exporter]
in the current quarter, but for the indefinite future.
The US imports lots of disposable stuff.
Mostly oil which is expended not disposed. Second to oil is passenger cars
which are disposed of and sold for scrap metal.
If 10 nations embargoed the US the US would be
out of business quickly. They'd not miss many US exports
for long.
We'd be hurting mainly for oil and labor should that happen. We don't have
enough of either to be independent of other nations.
The other nations would miss us when they got sick, hungry, attacked by
their neighbor, needed software, needed a safe investment, wanted a market
to sell in, etc..
--
Dan