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News Link • Economy - International

Why Killing The Ex-Im Bank Is Crucial To The Future Of Capitalism

•, By David Stockman
Moreover, by the bank's own reckoning only about $12 billion of these Ex-Im deals deployed taxpayer subsidies in order to "meet competition from a foreign, officially sponsored export credit agency".

So suppose those latter export deals which purportedly faced unfair competition from foreign governments would not have happened absent Ex-Im financing. We are talking about 0.6% of exports and 0.1% of GDP. That is, we are talking about economic "noise" that is so feint that even Janet Yellen could not detect it!

Actually, we are talking about something even more spurious. Fully $8 billion or two-thirds of this $12 billion in competitively disadvantaged exports were attributable to a single customer—the Boeing Corporation (BA). Moreover, the company's own financial director publicly admitted that it could "find alternative funding sources" without the Ex-Im Bank.

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