News on the lack of money

By ERNEST F. HOLLINGS, former U. S. senator


OCT. 16, 2015 -- The front page of the Wall Street Journal (10/15/15) headlines: "What's News: The chances of a Fed rate increase in 2015 are diminishing in the wake of weak readings on spending, inflation and jobs."

I wish every economist could read this. They are always citing the lack of demand, the lack of consumer confidence in the economy, for growth when it's the lack of money. The Princeton economist Alan Blinder estimated in December 2006 that Corporate America would offshore in the next ten years 30-40 million jobs. Corporate America continues to offshore its research, technology, production, jobs - payrolls. I haven't heard from Blinder on the offshoring since. He's gone underground as the country goes broke. The U.S. needs to limit the offshoring for a strong economy. The U.S. must make it profitable to produce in the United States. Offshoring continues to drain the economy and the Federal Reserve must watch the profitability to produce in the U.S. We can replace the 35 percent Corporate Tax with a 5 percent Value Added Tax which releases $2 trillion in offshore profits for Corporate America to repatriate tax free and create millions of jobs. The U.S. must protect the production of materials vital to a strong economy.

The Post and Courier headlines (10/16/15): "The U.S. military to remain in Afghanistan". We've already been in Afghanistan fourteen years. What for? You don't start a war against a nation that has a few dissidents. I know we were chasing Osama Bin Laden in 2001 but Afghanistan as a country never was a threat to the United States. In fact, Afghanistan was very friendly because the U.S. had helped oust the Russians in Charlie Wilson's War. I had lunch in November 2004 with Congressman Wilson before I retired from the Senate. Congressman Wilson was remarried and hadn't had a drink in five years. Turning to me, he asked: "You know how we won that war?" "How?" I asked. Charlie said "Afghans don't like foreigners…and Russians were foreigners. In fact, Afghans don't like each other. We were always paying off the warlord in the South to go along with the warlord in the North." Today we are the foreigners in Afghanistan. The warlords still run the place. India doesn't want Afghanistan to have an Army. Pakistan doesn't want Afghanistan to have an Army. The warlords don't want Afghanistan to have an Army. The only country that wants Afghanistan to have an Army is the United States. Where we ever got the idea that Afghanistan was a threat to the United States is beyond me. We should have withdrawn our military long ago.

Finally -- the good news. The best political writer, Joe Klein (10/19/15) in Time writes: "…the Saudis have been the overwhelming source of not only the World Trade Center bombers but also radical Islamic missionaries, who have used religious schools - madrasahs - to spread a doctrine of hatred through the Islamic world. And that ideology does represent a direct threat to America…After all, the Saudis have been schooled by Wahhabis too."

Klein hits the bullseye. Saudi Arabia is creating more ISIS than we can eliminate. In Saudi Arabia the government is in charge of education and religion. In the ninth grade, pupils are taught the Salafi or Wahhabi version of the Muslim Religion which is intolerant of other Muslims and teaches that Christians and Jews are infidels - ought to be eliminated - ought to be beheaded (Frontline 11/9/2001). ISIS is only practicing what they learned in the ninth grade. Any effort to defeat ISIS must begin with an understanding from Saudi Arabia and other countries teaching the Salafi version. They can continue to teach religion but not violence against other religions.

As long as Saudi Arabia continues to teach violence against Christians and Jews, we are spinning our wheels with ISIS.

Senator Fritz Hollings of South Carolina served 38 years in the United States Senate, and for many years was Chairman of the Commerce, Space, Science & Transportation Committee. He is the author of Making Government Work (University of South Carolina Press, 2008).

© 2015, Ernest F. Hollings. All rights reserved. Contact us for republication permission.

About Fritz Hollings

Ernest F. Hollings served the public for 56 years -- 38 years in the United States Senate and as South Carolina's governor, lieutenant governor and a member of the S.C. House of Representatives. Today, Hollings continues to be influential in public affairs and offers this website as a compendium of current and past positions on public issues. Learn more about Fritz Hollings.

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