oh, what to do with these bankers

Jeff Faux update on Mexico and The Global Class War:

So Far From God, So Close to Wall St

Jeff Faux, and The Global Class WarMultinational banks and corporations said NAFTA is a great success, but smaller Mexican businessmen saw it differently.

You Americans, said one, promised that with your technology and our cheap labor, we’d be partners in competing with Asia. Then you opened up your markets to China and invested there instead.

“Sure,” he said. “We can make TV parts for half what it costs in the United States. But the Chinese can make them, and ship them, for a tenth.

So instead of closing the gap between Mexico and the United States by raising wages, we have to narrow the gap between Mexico and China by lowering them.”

The Wall Streeters had little interest in making Mexico more competitive. They also had little interest in making the United States more competitive. Their purpose was just the opposite: to disconnect themselves and their corporate partners from the fate of any particular country.