tag:blogger.com,1999:blog-8140359640502106156.post3099291597896850783..comments2023-10-07T04:13:13.019-04:00Comments on The Walter Duranty Report: Roots of the Crisis Revealed: Krugman Jumps on the WagonUnknownnoreply@blogger.comBlogger1125tag:blogger.com,1999:blog-8140359640502106156.post-60651126635463997462009-03-03T03:30:00.000-05:002009-03-03T03:30:00.000-05:00There's one thing that could and should be done by...There's one thing that could and should be done by America to rectify the situation. It's called a global minimum wage. <BR/><BR/>The US should propose to the G20 that there should be two tiers of minimum wages in the world. One for the G20 countries and another lower wage for the other 100+ countries.<BR/><BR/>The top wage should be a weighted average of the G20 countries' current minimum wages while throwing out the top 5 and bottom 5.<BR/><BR/>The 2nd tier wage could be 50% of the 1st tier in years 1 through 5, 75% in years 6 through 10, and the same after 10 years.<BR/><BR/>The primary benefit of the Global Minimum wage is that it would bring production closer to consumption (the Holy Grail of healthy market economies) and it would finally make Ricardo's ideas of competitive advantage possible.<BR/><BR/>The only way out for America is to re-industrialize (using smart technologies) and to create solid jobs for our fellow citizens. Wall Street be damned.Anonymousnoreply@blogger.com