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25/April/2013

How to Get the US Economy Going Again

Hugo Salinas Price

I am reading a great deal of alarming information regarding impending economic collapse in the US.

I feel sure that most of the predictions I read are based on facts, and ought to scare the living daylights out of all readers.

What I fail to see is an explanation of the causes of this terrible, atrocious situation in which the US economy finds itself.

Let me cut through all the dire warnings and offer readers a solution. However difficult it may be to get a solution in place, it is absolutely necessary to understand that there is a solution; if you want it badly enough, it is there waiting to be implemented.

HOW TO GET THE US ECONOMY GOING AGAIN.

In order to re-invigorate the US economy the following policy must be put in place:

The United States will only accept just as much imports from foreign countries, as foreign countries are willing to purchase from the US. (But the US will not resort to high Tariffs to restrict imports and protect local production.)

Question: Then you are saying, Mr. Salinas, that the US should not just import what it wants from foreign countries, and pay in dollars for those imports?

Answer: That is just what I am saying. Because, you see, if you pay in dollars, there is no need for local industries in the US. They are not needed – and in fact they have disappeared – because imports can be paid with dollars. What do you want: lots of Asian imports available at Walmart, but no jobs, and what jobs there are – at tattoo parlors and restaurants - paying miserable wages? Or do you want industries which will employ workers, pay higher wages and pay taxes to your government as well?

You see, what happened to your country, the USA, is that since 1971 the US has no need to pay for imports with EXPORTS – and exports require local industries to feed the export trade. Since 1971, the US has been paying for everything under the Sun, with dollars. And the result has been that US industries just dried up. They were unnecessary. The jobs disappeared. Detroit shriveled up, and the whole US is shriveling up, without industries. All this has happened because US imports can be paid with dollars, and exports are not really necessary.

This was great for China and Asia in general. It was party-time there! They sold everything they could make, and received dollars in exchange. The US had a party – for a while; until the industries died out and unemployment took over. All because dollars can pay for imports. Exports – forget it! The exports which sustained the industrial base – and the employment base – of the US are not needed anymore. And so the heart of the US has been rotting away – bringing with it unemployment and 47 millions on food stamps.

That’s where you are today.

So how do you solve the problem?

Very simple! I won’t say it won’t be painful, at first. But it’s the only solution:

GOLD MUST RETURN TO THE MONETARY SYSTEM OF THE US.

The US must declare that as of now:

  1. The US will pay for all imports either with goods and services or with gold.
  2. The US will provisionally initiate the re-industrialization of the USA with a gold price of $10,000 an ounce of gold.
  3. Exporters to the US will have their choice:
    1. Take their payment in US-made goods and services, or
    2. Take their payment in gold at $10,000 dollars an ounce.
  4. The US will not attempt to reduce the flow of imports by means of Tariffs. Tariffs offer no solution; in fact, Tariffs derail the only solution.

The definitive price of gold will be determined this way:

  1. As long as gold continues to leave the country, instead of goods and services, then the gold price must be hiked further, until the outflow of gold is stemmed and no gold leaves the country (because foreigners find American products more attractive than high-priced gold).
  2. If gold pours into the country, then the price of gold in dollars is too high and American exports are too cheap. The price of gold will be trimmed down, until the movement of gold is practically nil, with exports paying for the mass of imports.

The result of this measure will be an immediate rebirth of manufacturing in the US, with a return to full employment and prosperity.

The only solution for the dire circumstances of the US is a return to gold as the international money on the part of the US.

Let me make it perfectly clear: This solution - which is the only solution - will absolutely wreck the whole financial system of the US, without a doubt.

What is more important:

The recovery of the US as a productive powerhouse, employing millions of Americans in reborn industries?

Or keeping alive a rotten, insolvent, bankrupt and corrupt financial system?

Do you want an America that is alive, working and prospering at work?

Or do you want to continue in the present situation of decay and eventual collapse, which is inevitable if the solution is not applied?

Yes, the financial system has to go down the tubes. The National Debt and its 16.8 Trillions will be cut to about 1/7 of its present weight.

In exchange, Americans get life and opportunity; a way out of this miserable situation, which will become impossible sooner or later anyway.

This is the meaning of gold at $10,000 dollars per ounce for the average American:

A reborn US, bursting with opportunity and jobs for everyone.

***

Related article:

Gold Standard: Generator and protector of jobs - By Hugo Salinas Price

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Hugo Salinas Price, World Riba Conference, Kuala Lumpur, Malaysia, Nov. 26, 2012.
Hugo Salinas Price, World Riba Conference, Kuala Lumpur, Malaysia, Nov. 26, 2012.
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