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The Soon Coming Judgment Of God Upon America and How To Escape It 299
Enterprise Institute.
Financier, Sir James Goldsmith, a member of the European Parliament in testimony
before the U.S. Congress, emphasized that GATT would bring “global social upheaval” and that
it would benefit neither the industrialized nations nor the Third World. Following are some
selected quotes from his testimony before Congress regarding GATT:
“Global free trade will force the poor of the rich countries to subsidize the
rich in poor countries. What GATT means is that our national wealth,
accumulated over centuries, will be transferred from a developed country like
Britain to developing countries like Communist China, now building it's first
ocean going navy in 500 years.”
“China, with its 1.2 billion people, three Indochinese states with 900
million, the former Soviet republics with some 300 million, and many more can
supply skilled labor for a fraction of Western costs. Five dollars in Communist
China is the equivalent of a $100 wage in Europe.”
“It is quite amazing that GATT is sowing the seeds for global social
upheaval and that it is not even the subject of debate in America.... If the masses
understood the truth about GATT, there would be blood in the streets of many
capitals. A healthy national economy has to produce a large part of its own needs.
It cannot simply import what it needs and use it's labor force to provide services
for other countries.”
“We have to rethink from top to bottom why we have elevated global free
trade to the status of sacred cow, or moral dogma. It is a fatally flawed concept
that will impoverish and destabilize the industrialized world while cruelly
ravaging the Third World.”
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The cost of an American made product is 50 percent taxes; another approximately 35
percent of the cost is in government regulations. The government regulates minimum wages,
social security contributions, safety, environmental and on and on. There are millions of laws in
the U.S. that businesses must comply with. To ship in products from other countries that don't
comply with these regulations and standards and call it free trade is ludicrous. The term “free
trade” refers to trade on an equal basis or level playing field. This isn't the case at all.
WTO
The World Trade Organization (WTO) “is a supra-national body in Geneva that sets,
administers, and enforces the rules of global trade. It includes a legislature, called the Ministerial
Conference, consisting of 135 nations each with one vote; an executive branch consisting of a
Director-General and an unelected multinational bureaucracy with a secretariat, committees,
councils and review bodies; and a supreme court of trade called the Dispute Settlement Board
that decides trade disputes and whose rulings cannot be vetoed by any nation.
The WTO is based on the one-country-one-vote pattern. The United States has only one
vote out of 135, the same vote as Somalia, Haiti, Cuba or Rwanda. We have no veto. Most of the
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