And I'm Sure that France Is Complaining About Cheap American Goods Flooding the Market

So I got back home to see the family. I had a chance to speak with a cousin of mine, who works in a foundry. Considering the economy, I was afraid that he'd been laid off but Billy surprised me by saying that they're busier than ever.

Why? It's simple.

"The dollar is lower in Europe, so everything we make is being shipped overseas."

I hope that all you American-made protectionists out there take note of that. The only thing keeping America from a full-blown recession right now is our vibrant export market, which is only possible because of NAFTA, GATT and all of those bilateral trade agreements that have been demonized in the past ten years.

But don't take my word for it. Check out this NYT article.

In the first half of the year, profits earned at home by American companies grew not at all compared with a year earlier, according to an analysis by Moody’s Economy.com. But profits abroad soared by 22 percent.

Isn't this how globalization is supposed to work?