Saturday, November 1, 2008

Rupert Murdoch says....

...that an Obama win could worsen the world financial crisis.

I'm not completely sold on "free trade" (I've read my share of Pat Buchanan), but I have to agree with him here:

[Murdoch] warned that an increase in protectionism in the US as suggested by some Democrats in Congress, would risk retaliation from China and could threaten world trade.

"For the past three or four years, some Democrats have been threatening to do things like put on extra tariffs (against Chinese imports) if they don't change their currency," Murdoch said.

"If it happened, it could set off retaliatory action which would certainly damage the world economy seriously."

Makes sense. Weaning ourselves off foreign imports and restoring our own manufacturing capabilities isn't something that can be done in one presidential term.

No comments: