Pipe Dream of Economic Globalism

One of the most perceptive financial thinkers and real world practitioners of economic policy is Paul Craig Roberts.  In one of his most observant essays he stated: “For globalism to work, there needs to a single currency and a single tax system -- a one world political system. Trade between countries is not like trade within a country. Trade between countries involves different currencies whose values change if there are persistent trade deficits or surpluses. A country that runs up a large trade imbalance due to its importation of cheap manufactured goods suddenly finds the goods are no longer cheap when the value of its currency declines. 

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