President Bush spoke to the New York Economic Club last week.
With Iraq entering its sixth year, the dollar sinking to peso levels, the economy careening into recession, and 12 million to 20 million illegal aliens roosting here, Bush alerted us to what really worries him:
"I'm troubled by isolationism and protectionism ... (and) another 'ism,' and that's nativism. And that's what happened throughout our history. And probably the most grim reminder of what can happen to America during periods of isolationism and protectionism is what happened in the late -- in the '30s, when we had this America First policy and Smoot-Hawley. And look where it got us."
First, America was never isolationist. From its birth, the republic was a great trading nation with ties to the world.
As for Smoot-Hawley, it was a tariff enacted in June 1930, nine months after the Crash of 1929, which occurred, as Milton Friedman won a Nobel Prize for proving, when the stock market bubble, caused by the Fed's easy money policy, burst. Smoot-Hawley had nothing to do with a Depression that began in 1929 and lasted through FDR's first two terms. This is a liberal myth, probably taught to Mr. Bush by New Deal Democrats at the Milton Academy.
Isolationist is an epithet used to smear those patriots who adhere to Washington's admonition to stay out of foreign wars, Jefferson's counsel to seek "peace, commerce and honest friendship with all nations, entangling alliances with none" and John Quincy Adams's declaration that America "goes not abroad, in search of monsters to destroy."
Does Bush regard these statesmen as blinkered isolationists?
I'd much rather side with Washington, Jefferson, and Adams for advise, rather than the Neocons who got us entangled in Iraq.
Protectionism is the structuring of trade policy to protect the national sovereignty, ensure economic self-reliance and "prosper America first." It was the policy of the Republican Party from Abraham Lincoln to Calvin Coolidge. America began that era in 1860 with one half of Britain's production and ended it producing more than all of Europe put together. Is this a record to be ashamed of?
Compare protectionism's success to Bush's record. Since 2001, he has presided over the seven largest trade deficits in history, the loss of 3.5 million manufacturing jobs and the collapse of the dollar, and added but one-fifth of the private sector jobs Bill Clinton created. Gold has gone from $260 an ounce to $1,000, oil from $28 a barrel to $100.
Which is understandable. For after the judges and tax cuts, what is there about Bush that is conservative? His foreign policy is Wilsonian. His trade policy is pure FDR. His spending is LBJ all the way. His amnesty for illegals is Teddy Kennedy's policy.
Two-thirds of the nation says we are on the wrong course. Two-thirds rejects NAFTA and amnesty. Two-thirds wants out of Iraq. Two-thirds rejects Bush. Bush says that people are being misled by those wicked old isolationists, protectionists.
Yet here is the problem: Neither McCain, Clinton, or Obama are really the type of Nationalists, Protectionists, America First type of candidates that this country needs to revive itself economically. McCain is a big Free-Trader. I really don't believe Clinton or Obama care about Protecting us from cheap foreign labor and products either; I mean where were they all these years while in the Senate. I heard no calls for an abolishment of Nafta by either of them. All three of them don't really want to build a fence on Mexico's border to protect us from millions more illegals coming here.
So once again, we are left with less than ideal candidates to vote for this November.
Jimbo
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