How will the consumer be affected by trade restrictions?] …
There is no question that trade restrictions are going to exact a short-term economic cost. There is no way to bring the economy back into a balance without some kind of an austerity program. The longer we wait to impose this, the more austerity we’ll have to experience. And if we are nervous or dead set against trade restrictions, we have to understand that once we lose the ability to import because our living standards have sunk so low, trade is going to be restricted anyway, but the trade restrictions are going to be imposed by foreigners. … Why do you say foreigners are going to restrict trade eventually if we don’t? Because we’re not going to be able to pay for the products that they sell, and they won’t be willing to loan us the money that we will need in order to buy them. We won’t be a good credit risk. Our debts will be way too high. No one will have much confidence that Americans will be able to repay what they actually borrowed. … At least if we act decisively in the sho
