"South Korea Trade Deal Lies, New Products, Sale"

From;
Todd Lipscomb

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"Did you know South Korea has been using trade tricks to block imports into their country, like having their IRS audit almost everyone there that buys a non-Korean car? Keep reading…

I have been watching Washington's efforts on the South Korean free trade deal with growing alarm.
Let's start with the big lies – our government says that this deal will add $11,000,000,000 in exports and add 70,000 USA jobs.
I have been to Korea many times when living in Asia. Korea is already a very saturated market for consumer and industrial goods. Will they suddenly need $11 billion in American goods? What are these goods? The newspapers say food we produce, like oranges. That is a lot of oranges! In fact, every single Korean would have to eat a bag of our oranges every day to get to that kind of number.
It is the same for 70,000 jobs created. Where, when? Orange pickers? I joke, but literally no details are coming through about these supposed jobs. Creating 70,000 real jobs would mean the creation or massive expansion at hundreds of factories creating goods to ship to Korea. If the politicians can find a dozen examples creating more than a hundred jobs I would be shocked and apologize right here.



Some people are saying we will export lots of new cars there, although there are other factors blocking that growth. For example, did you know the Korean government has been auditing the taxes of nearly everyone that buys a foreign car? That is literally like having our IRS audit everyone here that buys a Hyundai or Kia. The trade deal only address tariffs, ignoring the other usual gambits used in Asia to protect local markets. Also, the Korean car market is one of the most saturated in the world. There simply is not a pent up demand there waiting for our cars.
Sadly, I believe our automakers are staying out of this fight for two reasons – parts and bailouts. Parts, meaning literally car parts, which Detroit buys a lot of from Korea. Our car makers have been throwing their own USA based suppliers out at an alarming rate. The real gain they view is saving a few cents on a part at the expense of our national industrial base. Second, the automotive bailouts of GM and Chrysler left them so under the thumb of our government they dare not criticize the government.
Our so-called leaders say 70,000 jobs as if that is a "net" of jobs created versus jobs lost figure, but it is obviously not even close mathematically possible. They should speak in terms of the jobs created in the USA minus the jobs destroyed, except they do not bother. The truth is more factories, like those auto part makers, will cut shifts or close completely in the USA rather than open because of this bad deal.
The fact is this a much better deal for Korea, meaning Hyundai, Kia, Samsung, LG (yes, "Lucky Goldstar" is Korean), etc. than the USA. It is much more likely this will net a gain of 70,000 jobs in Korean, while the net will be tens of thousands of jobs lost here.
Why is Washington going to this extreme effort to sell us what is clearly a bad deal? I believe it has more than a little to do with the fact that South Korea owns nearly $250 billion of our foreign debt. That is part of the money Washington has been using to help fund these many years of free spending. It is a huge number, though not as large what we owe Japan or China. Korea's ownership of our debt is not the biggest, although they are closest to the exit. China and Japan both realize that they cannot dump our debt at once without causing historic economic chaos (that threat will be further addressed in an upcoming issue). Korea is starting to consider moving out of USA debt, not only to stop loaning more money, but also selling the USA debt they already own.



I believe this bizarrely one-sided deal favoring Korea is Washington's way of keeping Korea in the debt game for a few more years. Washington is trying to give Korea a bigger share of the USA in exchange for more short-term loans.
If only our leadership had the gumption to help grow our own domestic industry. That would not only pull us out of this recession, but actually tax revenues would rise too and they would not have to borrow from foreigners. "

Sincerely,
Todd

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