Does globalization matter to you?

...Here's a quote from Federal Reserve Board Chariman Mr. Alan Greenspan in a recent speech:
"In simple terms, some U.S. domestic businesses previously purchasing components from domestic suppliers switched to foreign suppliers. These companies generally view domestic and foreign suppliers as competitive in the same way that they view domestic suppliers as competing with each other."
...One's perception often depends on one's situation. The old joke is that when your neighbor is out of work, it's a recession. When you are out of work, it's a depression. From the viewpoint of central bankers and multi-national corporations, things are progressing quite nicely. But does it look the same for Joe SixPack who just found out his whole world changed because he just lost his job because somebody in another country doesn't have to be paid as much as Joe?
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...Here's the last paragraph of the speech. Words to ponder from one of the world's most powerful men.
"If the currently disturbing drift toward protectionism is contained and markets remain sufficiently flexible, changing terms of trade, interest rates, asset prices, and exchange rates will cause U.S. saving to rise, reducing the need for foreign finance and reversing the trend of the past decade toward increasing reliance on it. If, however, the pernicious drift toward fiscal instability in the United States and elsewhere is not arrested and is compounded by a protectionist reversal of globalization, the adjustment process could be quite painful for the world economy."
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