Posted on 04/06/2010 4:14:20 PM PDT by bananaman22
In light of the number of manufacturing and goods producing jobs lost in America over the past decade, its no wonder why many in Washington and on Main St. are clamoring for a trade and currency war with China. The raucous has grown so loud that Congress, Treasury and the Commerce department may soon be forced to declare China a currency manipulator. Senators Lindsey Graham (R) South Carolina and Chuck Schumer (D) New York have introduced legislation that would compel the Treasury to cite the Chinese as currency manipulators, which would allow the Commerce Department to impose duties and tariffs upon them.
On April 15th there was a deadline for the Department of the Treasury to deliver its semiannual report on foreign exchange. That report could have served as the mechanism in which to place the manipulator label on the Chinese. But the deadline for the report was delayed by Secretary Geithner in a statement he made on April 3rd.
Make no mistake; the reduction in the manufacturing and goods producing sector of the economy has been and continues to be a serious problem. Since the year 2000, the U.S. has seen its manufacturing sector as a percentage of GDP drop from 14.5% to 11.5%. More troubling is the jobs picture. The number of manufacturing jobs lost in the U.S since the year 2000 has been 5.73 Million. And the number of goods producing jobs lost has been 6.81 million! Full article at: US Trade war
(Excerpt) Read more at oilprice.com ...
How? We buy most of China’s exports and they buy, well, just about nothing from us.
In another development, the Pope is Catholic too. Of course the US would lose a trade war with China. For starters, they could just stop buying our government bonds.
Our Federal debt.
Seems that the world can live without cheap plastic sh*t imported from China.
Hard to live without guns and bread. America is the #1 exporter of food and arms. People will always need food and arms.
When manufactured goods become scarce America will turn again to manufacturing goods.
American workers are the highest paid and most productive workers in the world. We need to train people to run machines to sew together shoes like we need more almonds in California. Let them sew shoes together in Singapore, they do it cheaper there.
True, but ummm...we are addicted to buying cheaply priced Chinese made goods in this country. How do you think we have managed to keep inflation so low over the past decade?
Where do you think Walmart gets most of their products from?
Our Federal debt.
Exactly.
Nobody wins a trade war.
They would love to buy our weapons.
“How? We buy most of Chinas exports and they buy, well, just about nothing from us.”
They purchase our biggest export...debt.
“Senators Lindsey Graham (R) South Carolina and Chuck Schumer (D) New York have introduced legislation that would compel the Treasury to cite the Chinese as currency manipulators,...”
A little late to that party, boys...Duncan Hunter tried to tell you all this YEARS ago.
Well we used to buy everything from Japan. We have already moved on to buying clothes from other cheaper places, why not the bulk of the other stuff we need IF we must import it and not make it here? As a nation we should spread our imports around more for national security it nothing else.
And that is PRECISELY the correct answer; what happens is we both lose, but China loses "less".
How do you do that without the Federal Government dictating to the free market what it can and cannot buy, or do - essentially becoming a 100% fascist State?
The federal government already regulates foreign trade. It’s one of the scant few things it is allowed to do.
That would require a commanded economy...
I remember well when ‘the Yellow Peril’ was Japan, and they were going to eat our lunch and buy our companies and suddenly it was supposed to be us learning from them and copying their business models. Turns out they were killing themselves (quite literally in some cases) trying to make us cheaper and better electronic goods. We don't hear much about the threat of Japan taking us over any more.
China has about a BILLION to many people. It can barely feed its self and power its self and doesn't have enough WATER. There are 250 million people in the middle or upper class and 1 BILLION+ people living in abject poverty. Not a good balance!
tariffs.
China’s the ‘quick and dirty’ to Bill Clinton’s ‘stiffy’ right now; it’s bargain products can’t be resisted by America.
Nixon should have kept the door closed... I’ve always thought that... that was a big mistake.
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