Craig Williams: Libya actually has a special relationship to Californians and played an important role in our growth spurt during the 60’s and 70’s.
Robert Reich: We’re unlikely to see a repeat of the disastrous Smoot-Hawley tariffs that worsened and lengthened the Great Depression. But you can forget trade-opening agreements. In Toronto last week, the G-20 leaders dropped their 2009 pledge to finish the Doha round this year. In the U.S., agreements with South Korea, Panama, and Columbia are languishing.
Michele Wasdin: It is simplistic to argue that remittances are bad because money is leaving the U.S., but upon further analysis, it becomes clear that remittances return to the U.S. in the form of increased exports. Remittances give individuals in foreign countries the ability to buy U.S. goods and the ability to invest in themselves which, in turn, allows them to buy even more U.S. goods.