“China oil imports soar,” comes the headline.
The 1950s…the 1960s – what a great time to grow up in the United States of America! You could drive some huge land barge down the wide-open streets…while smoking a cigarette and drinking a can of beer at the same time. The world’s oil…you had it practically all to yourself. Steel too. And rubber. The good things that came out of the earth were loaded onto ships and sent to the USA. Everybody else was either too broke or too hopeless to be able to use them. The communist Chinese were still going around in dunce caps…and trying to make steel in backyard barbecues. The Indians were making a mess of things too – and everyone thought they were going to starve themselves to death.
You had to worry about keeping these morons alive – not about competing with them for a job! It never occurred to us that they would someday take our factories and our work. Back in the ‘50s and ‘60s, the Japanese were just beginning to make inroads into the US market. But their products were still cheap and often shoddy. If you wanted something good, you had to “Buy American”.
All that has changed. Kids growing up today think that American-made products are cheap and shoddy. They want foreign-made cars…and gadgets that come from overseas too. And they know that for every one of them who can remember what a quadratic equation is, there are hundreds…maybe even thousands…of Asians who can actually do the math better, cheaper and faster.
And they know, too, that every time they drive up to a gas station, there are thousands of Chinese, Indians and other Asians bidding for that same tank of gas.
Markets and Money