"At that price everybody who wanted to buy yen for dollars would find someone who was willing to sell him yen for dollars." (2) Completely independent of their country of origin people want dollars for the primary use of being able to acquire useful items not to collect them. " and there can be no balance of payments problem so long as the price of the dollar in terms of the yen or the deutsche mark or the franc is determined in a free market by voluntary transactions."(3) Another argument is one that is presented by Alexander Hamilton and continues to still be repeated to this day, that is the message that free trade would be fine if all other countries practiced free trade, however as long as they do not comply to free trade the United States cannot afford to do so.
Realistically the globe should make a world-wide movement unilaterally towards free trade, this can't be done over night however over a period of say five through 10 years it is very plausible.
"If Only the United States Were as Free as Hong Kong ".
Regardless of the fact that Hong Kong is now back in the hands of mainland China; in Hong Kong direct spending still remains less than 15 percent of national income. Compare this to 40 through 50 percent in national income in the United States.
With a large population of over 260 million spread out over a land rich in natural resources stretching from the Pacific to the Atlantic and a strong history of more than 200 years of economic growth and democracy the United States is just ahead 7percent of Hong Kong in GDP per capita. Hong Kong on the other hand has a population of more than 6 million people jammed into a miniscule area with an alarming population density of more than 255 times the United States, and has no natural resources other than a great harbor and skills of its people.
"Neither cutting explicit taxes nor balancing the budget is an end in itself. Both are means to the ultimate objective of increasing the freedom of individuals to use their own resources in accordance with their own values- However by acting on both of these initiatives together; The result would be a per capita GDP 70 percent higher than Hong Kong's, not 7 percent.