In the latest round of Wall Street and Banker propaganda, Morgan Stanley's Gerard Minack has warned that any calls for the "reindustrialization" of America is bearish for stocks (and ponzinomic profits).
Total bullshit from an asshole banker, what a surprise. Nothing more than a diatribe of the usual propaganda that there is no difference between industrial capitalism and financial capitalism. The former produces wealth while the latter is parasitical on the former. The primary reason the entire globe is in such deep shit is twofold. We have allowed the bankers and their political puppets to feed us the aforementioned propaganda (which we have swallowed whole) and we have also have swallowed the British imperialist concept of “Free Trade” as opposed to the “American System” of Hamilton and Carey of “Fair Trade” and tariff supplemented investment in industrial and technological development.
So now when we do develop new technology the first thing we do is take it to China to manufacture with cheap labor and where the Chinese don't hesitate to rip off the technology and go into competition with us and pay no royalties what so ever. Worse we let them get away with it just so long as they keep lending us back the very same money they stole from us in the first place. This is of course just fine with the bankers as they take a healthy cut of the action through the FOMC process.
From the time of the Revolutionary War up until the Wilson administration the federal government was financed primarily by taxes on liquor and tariffs on imported goods (primarily goods that were in competition to domestic manufacture or supply). But then Wilson begat the three horseman of our current apocalypse, the federal income tax, the federal reserve bank and prohibition. The loss of revenue from liquor taxes, combined with the cost of trying to enforce the Volsted Act was just the excuse the government (and the federal reserve) wanted to start jacking up the income tax rate (that were promised to never exceed 2%, yeah right). Little surprise then that some of the prominent families (i.e. Kennedy. Harriman etc.) made their fortunes as financiers of liquor smuggling. All this was off the books of course. Just like FDR who got his money from his maternal grand father who made his fortune smuggling opium up the Pearl River into China right along with his British imperialist pals.