April 10, 2018 - Steve Pieczenik
05:29
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| Time | Text |
|---|---|
| Hi, this is Dr. Steve Pachanek, and this is Steve Talks. and this is Steve Talks. | |
| Pacinni. | |
| Today I want to talk about something very important. | |
| And that is the fact that our president has just imposed another $100 billion restriction or embargo on the products from China. | |
| That's on top of the $30 billion that he's imposed on China. | |
| In return, China has imposed taxes on our pork and on our soybeans. | |
| What that means is we're officially in a trade war. | |
| More officially, we have been in an economic warfare since probably 1999. | |
| In 1999, the PLA, People's Liberation Army, posited the following, that China would have a confrontation with the U.S. military over the Spratly Islands. | |
| That is occurring right now. | |
| has sent out carriers, has been involved with military confrontations over the Spratly Island, and as well as the fact that we have surrounded China with 100 military bases. | |
| So the military structure is in place to contain China. | |
| The second element is the fact that China was ready to dump over $1.7 trillion of T-bill onto our markets and creating an irregularity of the American dollar. | |
| The third part was China's desire to take the yuan, supersede the dollar, and negate the Bretton Woods Conference post-World War II decision that the dollar would be the predominant currency. | |
| More importantly, the Chinese are now in a trade warfare with us. | |
| This was long due because the Chinese have underwritten most of their products that we now use. | |
| Telephones, television, iPads, computers, semiconductors. | |
| They've subsidized it through a communist system where they paid their workers very low wages and making it very uncompetitive for the United States. | |
| In turn, we in the United States allowed them to come in And we were basically held hostage economically to the Chinese cheap labor. | |
| Those things have to change now. | |
| And what Trump has done is basically said, America, wake up. | |
| If you want to become a great country, you're going to have to go back into the business of making computers, making semiconductors, and being in the business of hacking. | |
| Not just hacking the way we hacked in the past, but we have to really confront what the Chinese have been doing We're good to go. | |
| China has been very sophisticated in this economic warfare. | |
| We have not been. | |
| For reasons that one can imagine, Trump is the first one to say enough is enough. | |
| Now we have to change all of those elements that occur right now. | |
| Currency fluctuation has been an important part of China's economic warfare. | |
| In other words, they kept the yuan very low so that they could export as much product as possible and make the dollar seem very expensive so that we could not import or export to them We're good to | |
| go. | |
| We have to be mindful in our economic warfare who we're dealing with. | |
| It's not just China but also those other countries around the world that want to take over our economic domination. | |
| Now what is important? | |
| What's now important for us is to understand we will have aberrations in the stock market. | |
| That was a natural consequence of what happened when we have a trade warfare. | |
| Will the stocks go back up? | |
| Yes. | |
| Will they necessarily go back in the sequence that they came down? | |
| No, not necessarily because different groups become more important at different times in the stock market. | |
| As someone who trades in the stock market I could tell you very easily I too have lost money but I expect that the markets will come back again because our economy is very strong. | |
| Our unemployment is at the lowest level. | |
| We have an incredible growth rate. | |
| And at this time, we are in a position to really advance quite formidably. | |
| Let me just say the following. | |
| In the words of Lao Tzu, the Chinese philosopher-writer, he said, a voyage of a thousand miles has to begin with one step. | |
| In turn, that means Americans, we have to go back to manufacturing our own products and exporting them in a way that's feasible for the United States. | |
| Let's make America great again. | |
| Thank you and good night. | |
| Hi, this is Dr. | |
| Steve Pechenek. |
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