[Marxism] US: "A Giant Vacuum Cleaner That Sucks Up 'All the World's Spare Investible Cash'"
furuhashi.1 at osu.edu
Mon Aug 1 08:32:09 MDT 2005
If many workers come to the United States to work, they are only
following the capital accumulated by their own and their parents' labor.
John Miller, who is really cute (see his photo at <http://
<blockquote>The U.S. economy has not just become a giant vacuum
cleaner that sucks up "all the world’s spare investible cash," in the
words of University of California, Berkeley economist Brad DeLong,
but about one-third of that money comes from the developing world. To
put this contribution in perspective: DeLong calculates that $90
billion a year, or one-third of the average U.S. current account
deficit over the last two decades, is equal to the income of the
poorest 500 million people in India.
(John Miller, "Dollar Anxiety," Dollars & Sense 257, January/February
Based on this calculation, I conclude that more immigrant workers
ought to come to the United States, rather than letting native-born
US workers have all the jobs created by capital sucked out of the
rest of the world.
* Mahmoud Ahmadinejad: <http://montages.blogspot.com/2005/07/mahmoud-
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