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Editor’s note: This essay is adapted from the new, New York Times bestselling book, “You Will Own Nothing: Your War with a New Financial World Order and How to Fight Back” by Carol Roth.
The climate catastrophizers, who have been consistently making incorrect predictions for over 50 years, have an unnecessary and costly agenda. When examining the costs of all things “green,” one factor that is often overlooked is the impact on our economy, particularly losing it to China.
This is not a new situation. History seems to be repeating itself. In the late 1970s, the United States saw China as an opportunity to spread capitalism and potentially share democratic ideals. The U.S. government believed that China, despite its communist history and governmental structure, could be transformed.
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In 1979, the U.S. government granted China most-favored-nation (MFN) status for trade. During the second term of the Bill Clinton administration, discussions began about granting China permanent normal trade relations (PNTR) status. Clinton ultimately signed that into law in 2000. This recognition paved the way for China’s entry into the World Trade Organization (WTO) in 2001, propelling its explosive growth.
Today, China has excelled while the consequences for the U.S. have been detrimental. While importing cheaper goods from China has led to temporary deflation, it has also resulted in the loss of manufacturing capabilities and high-paying jobs. An estimated 5 million U.S. manufacturing jobs were lost between 1997 and 2017.
We are now experiencing the sequel to this story. The push for green energy aims to replace critical fossil fuels. However, this shift would once again mean giving up the U.S.’s competitive advantages. While the U.S. has been trying to bring back manufacturing, there are self-imposed barriers preventing its success. Instead of recognizing the advantage in energy resources, climate catastrophizers want to relinquish it, repeating the mistakes of handing over a chunk of our economy to China.
Consider electric vehicles. Ford recently announced substantial losses in its EV business due to the lack of cost advantage in producing “green” vehicles efficiently. In contrast, China has the ability to manufacture EVs at a much lower cost. This has allowed them to dominate the industry in China and gain market share in Europe.
Going “green” also means increased reliance on China for rare earth minerals and other materials. This move away from traditional energy undermines the U.S.’s top exports, including oil. Weakening the dollar’s role in global oil trading could lead to fewer “petrodollars” invested back into the U.S. Treasury market.
China is actively capitalizing on this shift, forming alliances with countries like Saudi Arabia and the UAE to redirect global trade away from the United States.
Giving up our manufacturing and wage edge was a mistake. Giving up our energy advantage would be even more irresponsible. China is relying on the short-sightedness of U.S. central planners to repeat their mistakes again.
Access to cheap and reliable energy is crucial for an industrialized society. It affects the price of goods and services and influences life expectancy. The pursuit of the “green” pipe dream is leading the United States towards slow economic suicide. It’s time to stop handing over large swaths of our economy to China and learn from past mistakes before it’s too late.
This article is adapted from “You Will Own Nothing” by Carol Roth, available now.
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