Monday, November 21, 2005

TWENTY BILLION DOLLARS WORTH OF SOCKS

One must wonder how many socks China must produce and sell to the US to earn 20 Billion Dollars. China plans to buy 20 Billion Dollars of planes from Boeing. How would you like to have the long-term parts contract for these planes?

For many months, I have felt battered by those around me who suggest China is taking all the "good manufacturing jobs". I point out that China has lost far more manufacturing jobs than has the US to no avail. One point I have often made is that the Chinese ultimately have to buy bonds with the US cash they generate through trade or they have to buy goods from us. In the recent past, they have loaned us our money back at rates that are very profitable for the US. Now they are buying more and more goods.

A very strong economy lies ahead. The stock market is pushing to new highs even in the face of the most negative political environment I have seen in years. I constantly hear false statements from all sides but the whine is particularly severe from the liberal left. Many of the whinners do not see themselves as being a part of the liberal left but they are reading the popular news and supporting positions based on false information.

In a discussion last night, I was surprised to learn that many folks who are living comfortable lives and working at good jobs believe that we must lower our standard of living or suffer great consequences. It seems that the belief is common that we are about to use up all of the earths resources. In the US, we have added 80 million acres of trees in the past 50 years and we have millions of hectares of land that is lying fallow.

As a conservative, I certainly do not wish to waste resources. However, I believe in using what the Good Lord has given us. His abundance last forever and ever. The growth in carbon deposits on the planet is as strong as ever. Malthusians said we would use up all the food in the 19th century. Now we are going to use up all the energy. One tricky part is the law of conservation of energy; you can't get rid of the stuff. Energy does not go away!

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