China’s Currency Manipulation Decried

A Semi-News/Semi-Satire from AzConservative ^ | 11 July 2010 | John Semmens

[John Semmens]

The AFL-CIO is pressing Congress to take action against the Chinese Government’s manipulation of the value of its currency—the “renminbi” also known as the “yuan.”

“It’s bad enough that the Chinese work for lower wages than us,” complained Richard Trumka, president of the AFL-CIO labor federation. “But holding down the value of their currency so the US Dollar has a higher purchasing power is a double whammy.”

Senator Charles Schumer (D-NY) is sponsoring legislation in line with the AFL-CIO’s complaint. “Not only is the Chinese Government wantonly increasing the purchasing power of the American consumer, it is undermining the US Federal Reserve’s efforts to manage the value of our money,” Schumer said. “This endangers the Administration’s plan to inflate away a large portion of the US Treasury’s outstanding debt—leaving the government with the less appealing options of paying it off in full or defaulting.”

Schumer said his bill will allow the government to counterbalance an undervalued Chinese currency “by slapping a trade duty on Chinese imports that will boost their prices up to where we think they should be. This will help save union jobs and ensure a generous payback for the Democratic Party in upcoming elections.”

[evad]

They should get a pro...

S O R O S

[DrC]

“Not only is the Chinese Government wantonly increasing the purchasing power of the American consumer”

Ain’t that AWFUL? This union leader clearly would prefer that the Chinese decrease the purchasing power of the American consumer so as to prop up the artificially high wages of union workers. This is a very clear demonstration that the interests of unions and the interests of the American public quite often are not in alignment. Which makes it that much more infuriating to see an administration shamelessly funneling vast sums of money to unions through various pieces of legislation.