[PEN-L:5181] Re: Trade Sanctions

[BILL MITCHELL <ECWFM@xxxxxxxxxxxxxxxxxxx>]

Jerry replying to Doug said:

>A short answer to Doug's question might be that there are divisions in
>the ruling class as to what policies are in their class interests.  What
>may be beneficial from the standpoint of capitalists in one branch of
>production may not be desirable from the standpoint of some blocs of US
>capital or from the standpoint of US capital as a whole.


Over on this side of the pacific, things a looking rosy if the sanctions
proceed. The country to gain most will probably be us (OZ) and we are
just waiting to go in there. The US administration tried last week to
suck us into supporting them against Japan. In our case, we run a surplus
with Japan instead of the US's huge deficit. But probably more relevant
is the perceived hypocrasy over here in the US position.

(a) Why did they not go to the WTO first after having made such a fuss about
it in the past? seems a little odd to say stuff the world regulatory body.
i guess (from my chats with barkley) that this is indicative of the
isolationist republican swing going on over in the US.

(b) The US has been totally unsympathetic to our trading rights in the past
and recent past at that. The decision by clinton to subsidise your farmers
and undercut our markets when (i) we do not subsidise wheat and beef and
(ii) the US would not have had a hope in hell of competing openly - hurt
relations b/tw the US and OZ.

it seems a little arrogant to say the least, to then say, come on and support
us on this one. reinforces the stereotyped view that OZ has of the US - jerks.

so while some capital interests will suffer, our capitalists are counting the
days and hoping that the US keeps its word.

kind regards
bill
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