Bill King reminds us that decades ago Milton Friedman chided those that worry about the US trade deficit by asserting the US gets real products while all that foreigners garner for their efforts is dubious paper…Eventually foreigner will get it and adjust. That process might have already commenced.
The folks at GATA retort: Free and fair trade: They give us Poisoned food and toys, we give them fraudulent securities . . . Everybody wins!
UPDATE: August 29, 2007, 10:09am
I see the NYT covered a related issue:
Calls Grow for Foreigners to Have a Say on U.S. Market Rules
HEATHER TIMMONS and KATRIN BENNHOLD
NYT, August 29, 2007