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1999 Ron Paul Chapter 87

Foreign Subsidies

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2 August 1999


1999 Ron Paul 87:1
Mr. PAUL. Mr. Chairman, I yield myself such time as I may consume.

1999 Ron Paul 87:2
Mr. Chairman, I would like to point out that it is truly a subsidy to a foreign corporation, a foreign government. For Red China, corporations and governments are essentially identical. They are not really quite in the free market yet.

1999 Ron Paul 87:3
But the gentleman from Alabama (Mr. CALLAHAN) points out that, no, that is not true. The money does not go to Red China and they buy things; we just give it directly. We do not even send it round trip. This is true.

1999 Ron Paul 87:4
We take taxpayers’ money. We take taxpayers’ guarantee. We give them to those huge five corporations that do 67 percent of the business. We give them the money. But where do the goods go? Do the goods go to the American taxpayers? No. They get all of the liabilities. The subsidies help the Chinese.

1999 Ron Paul 87:5
So, technically, yes, we do not send the money there. But who is going to pay it back? The Chinese pays the loan back. If they default, who pays the bill if the Chinese defaults? Who pays the bill if they default? It is obviously the taxpayers.

1999 Ron Paul 87:6
What I am pointing out is that $5.9 billion that the Chinese now had borrowed from us, from the Export-Import Bank, is a significant obligation that, too, is on the backs of the American taxpayer.

1999 Ron Paul 87:7
So I urge support for the amendment because, if we are serious about free trade, just please do not call it free trade anymore. Call it managed trade. Call it subsidized trade. Call it special interest trade. But please do not call it free trade anymore, because it is not free trade.

1999 Ron Paul 87:8
Mr. Chairman, I yield back the balance of my time.
Note:

1999 Ron Paul 87:3 But the gentleman from Alabama (Mr. CALLAHAN) points out Here, Ron Paul refers to The Honorable Sonny Callahan

1999 Ron Paul 87:5 The Chinese pays the loan back probably should be The Chinese pay the loan back.

1999 Ron Paul 87:5 who pays the bill if the Chinese defaults probably should be singular: who pays the bill if the Chinese default.

1999 Ron Paul 87:6 that $5.9 billion that the Chinese now had borrowed probably should be that $5.9 billion that the Chinese now have borrowed.

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