Posted on 07/09/2010 10:26:29 AM PDT by Chi-townChief
WASHINGTON, July 9 - The largest U.S. labor group urged Congress on Friday to pass legislation to fight China's currency practices, a day after the Obama administration again declined to label Beijing a currency manipulator.
The United States should also keep other options on the table, including a possible challenge of China's currency practices at the World Trade Organization, Richard Trumka, president of the AFL-CIO labor federation, said in a statement.
Trumka said the Treasury Department's decision ignored "the overwhelming evidence, including that in Treasury's own report, that the Chinese government has systematically intervened in currency markets over many years to keep the renminbi undervalued by as much as 40 percent."
He urged Congress to act swiftly to pass a bipartisan bill backed by Senator Charles Schumer of New York and 18 other senators.
(Excerpt) Read more at asia.news.yahoo.com ...
Here O is faced with a real conundrum. Who to favor? The unions or the communists?
Commies. Unions are just useful idiots, to commies.
The largest U.S. labor group urged Congress on Friday to pass legislation to fight China's currency practices, a day after the Obama administration again declined to label Beijing a currency manipulator. The United States should also keep other options on the table, including a possible challenge of China's currency practices at the World Trade Organization, Richard Trumka, president of the AFL-CIO labor federation, said in a statement... the Treasury Department's decision ignored "the overwhelming evidence, including that in Treasury's own report, that the Chinese government has systematically intervened in currency markets over many years to keep the renminbi undervalued by as much as 40 percent." He urged Congress to act swiftly to pass a bipartisan bill backed by Senator Charles Schumer of New York and 18 other senators.Wow, weird coincidence that the story mentions Chuck Schumer and Obama, and no one else in gov't.
Of course unions support causing the dollar fall relative to China’s currency, but it’s a good idea anyway. It might solve our imbalance of trade without having to resort to tariffs.
“Of course unions support causing the dollar fall relative to China’s currency, but it’s a good idea anyway. It might solve our imbalance of trade without having to resort to tariffs.”
I do not think relatively small movements of the dollar will have any impact on trade. It seems inevitable that the RMB will rise against all major currencies especially the dollar. Large movements will bring inflation. Unions will place onerous demands on US businesses so I do not see movement of jobs back here. More likely, production will be moved to other low cost production areas.
Another suggestion...
...become more competitive.
On yesterday’s show Michael Medved was reading some eye-popping recent quotes from Richard Trumka. For a coal mining kid from Fayette County his rhetoric is right up there with Castro or Trotsky.
“I do not think relatively small movements of the dollar will have any impact on trade”
If foreign-produced goods become more expensive in America, isn’t that going to stimulate domestic manufacturing? The loss of manufacturing jobs here in America has been a tragedy of the last several decades.
This article by Andy Grove (founder of Intel) is sort of related to our topic:
Commies. Unions are just useful idiots, to commies.
You nailed it!
Gotta be suspicious of any law Chucky supports.
Yes, but the higher cost of manufactured goods will bring down the purchasing power and standard of living of all Americans. So it’s no different than a general tax on the public and redistributing to a particular group of individuals.
The only real way is for American businesses to become more productive/efficient. For that to happen you have to first get rid of the Unions.
So for what it’s worth, I side with the Chinese more than I side with the AFL-CIO.
“If foreign-produced goods become more expensive in America, isn’t that going to stimulate domestic manufacturing? The loss of manufacturing jobs here in America has been a tragedy of the last several decades.”
Andy Grove is calling for a trade war. I do not want a trade war.
The idea that the currency is causing the trade imbalance is misguided. Currency may be a factor but only one factor. We have so many issues with competitiveness. The issues have gotten much worse with rat control. The rats are trying to give the unions much more power. The rats have passed many laws that increase production and employment costs. The rats have other proposed laws (such as the Equal Pay Act) that will be a yoke around employment and production in this country.
The currency will be changed regardless of action here. China wants to increase the value of its currency over time although perhaps not in the short term. We need to focus on our competitiveness issues.
A trade war, when your country’s production output sucks, is a *BAD* idea.
This is the first reasonable suggestion I’ve seen out of the Unions in DECADES...hell, it’s the first I’ve EVER seen.
With the Chinese government undervaluing their currency by 40%, it is as if every manufacturer in the US was TAXED an EXTRA 40%!
You try to run a manufacturing business with an additional tax of 40%! Fat chance you would survive, and only if you were very efficient. Manufacturers that exist in the US today are rare and super competent and efficient companies to survive at all.
The Chinese bought off our government to sit back and allow this for years, but now that the American economy is dying, the Chinese may not be able to continue buying them off.
It's bad only if you want to win....
Of course, the Chinese communists are simply using him and wouldn’t have him in their halls of power.
everyone hates obama..... even blacks secretly hate his guts
he is fooling no one
It is ironic how the unions gladly f****d themselves over the past 50 or so years.
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