The U.S. Is Definitely NOT a "Piggy Bank" That Everyone Wants To Rob

By Liberty Report Staff

Peter Schiff had a few choice words on a recent podcast about President Trump's trade war:

What a lot of people overlook is that China doesn't have this massive trade surplus with the entire world. They have a massive trade surplus with America. They have a deficit with most other countries. So they have to take the money they earn selling to us and they use it to buy the stuff they need from other people.

Now, of course, that begs the question: If China is not "playing fair," if China is "cheating," why does Japan have a surplus with China? Why does Germany have a surplus with China? Why don't they cheat Germany? You mean they only cheat us? They play fair with everybody but us?

No! The reason that we have a big deficit with China is because we don't make the stuff that the Chinese want. But the Germans do. The Japanese do. Plenty of other countries have surpluses with China...

Trump, one of the things he said again today, and he's said this before, is that the United States is the "piggy bank" that everybody wants to rob. 

We're the piggy bank that everybody wants to rob?

We're the world's biggest debtor!

Our piggy bank is just full of IOU's ... What are they going to steal?

Not only are we the world's biggest debtor, but we owe more money than all the other debtor nations in the world combined! 

Peter on the idea that the trade war will magically cause corporations to bring their businesses back to the U.S.:

Yeah, how are they going to do that?

They're not going to leave China.

If you've got all that infrastructure already there, you've invested all that money in plant and equipment, you can't just pull it out and move it to some other country. It's so much easier...to find a different buyer.

It's a big world out there. A lot of people want stuff. A lot of people need stuff.

It's a lot easier to find a different buyer for your goods then to transfer the entire production chain...rip it out of China and rebuild it someplace else.

Just so you can keep selling to Americans who can't afford to pay, because we're buying on credit?

This is ridiculous. None of this is going to happen. 

This is all a fantasy in the mind of President Trump.

A century ago, Americans were duped into the idea of a big and overarching government.

The 'land of the free' would become the land of the bureaucrats.

No one wants to produce in America because government is overbearing with regulations, bureaucracies, dictates and edicts.

President Trump should be tearing down all of these roadblocks, but he is not.

Instead, Trump has embarked on a trade war that can do nothing but lower the standard of living for the average American even further.