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Larry Parks: Free trade is impossible when one side controls trade currency
1:40p ET Monday, June 22, 2015
Dear Friend of GATA and Gold:
Free trade is impossible when one side in the transaction has exclusive power to issue the currency in which trade is conducted, Larry Parks, executive director of the Foundation for the Advancement of Monetary Education, writes this week.
Parks shows that while termination of the U.S. dollar's convertibility to gold in 1971 has enabled the United States to exact tribute from the world through an ever-increasing trade deficit, it also has devastated the productive capacity of the U.S. economy.
Parks writes: "The cumulative trade deficit today, about $10 trillion -- no typo -- would not have been possible if we had an honest monetary system, one that is in compliance with the Constitution. Imagine what would have been, and would be, the employment level, standard of living, pension funding levels, etc., if we had produced an additional $10 trillion worth of goods and services over the period. It would be a different world."
Parks' commentary is headlined "The Trans-Pacific Partnership Violates Free-Trade Principles" and it's posted at FAME's Internet site here:
http://fame.org/the-trans-pacific-partnership-tpp-violates-free-trade-pr...
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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