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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