Posted on 11/24/2004 8:27:59 AM PST by Willie Green
For education and discussion only. Not for commercial use.
"Working closely with U.S. Treasury officials,.China, according to Governor Zhou of China's People Bank, has made [currency flexibility] a top priority and has made a series of policy moves to liberalize....these are clear signs that the Administration's efforts are paying dividends. A Section 301 action would not assist in these efforts, and indeed could be more damaging than helpful at this time. We therefore must decline to accept the course of action recommended through this latest petition."
~ Nenna Moorjani, U.S. Trade Representative's Spokesperson, November 12, 2004
"I think [currency flexibility] probably needs a couple of years. China is not providing a time frame. We don't know what the time frame will be."
~ Li Ruogu, Deputy Governor, People's Bank of China, November 13, 2004
Sources: "Statement from USTR Spokesperson Neena Moorjani Regarding a Section 301 Petition on China's Currency Regime," The Office of the United States Trade Representative, November 12, 2004;
"China Unlikely to Float Currency Soon, Official Says," by Jill Dutt, The Washington Post, November 13, 2004
And this is news? They been saying that for years. When G7 met a couple months ago they said it.
I would love to see us be able to revalue their currency for them...this would cause Chinese import prices to skyrocket, force Walmart to its knees and force a reordering of the global order. I used to support free trade. We were told that steel was too expensive when we produced it...let the Chinese do it cheaper--"good for business". Now China's economies are so overheated that the demand for steel is as never before, forcing prices higher than ever. So much for the price advantage of Chinese steel.
Note: Wal-Mart is now the second largest employer in the U.S. A lot of car payment and house payments are made with "wal-mart salaries." A lot of groceries are bought with wal-mart pay checks.
That's true, too. But if you say it too loudly, then people will just say that those gov't benefits should be cut.
well, they can be persuaded.
Zero down, 99 years to pay, 24% APR.
The U.S. needs to focus on it's domestic economical security, and people need to start spending their money on AMERICAN made products, especially automobiles, appliances, and larger-cost products like this, which in turn will eliminate Foreign prosperity on these items, and increase production, jobs, and other economic factors within the U.S.
The "invisible hand," I believe, was Adam Smith.
No payments until after Xmas?
Economists do it with invisible hands...
The current crop of Chinese communist leaders will pay for this mistake by being relieved of duty within a few years.
I'm hoping it's relatively peaceful, like when the U.S.S.R. imploded.
It's the one that Wal-Mart pickpockets use to steal us blind!
As in the late 70s, anybody who holds dollar denominated assets is a fool.
But all is not lost. There is an upside in going the way of Argentina. An opportunity for a new beginning.
BUMP
Yes, I just looked and saw that my sarcasm tag was not included in the post. My point is that for some conservatives, economic theories developed for a world centuries passed have taken on the authority of revealed truth.
Then American workers need to start making something other than overpriced crap.
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