Hey, anything to get a World War going, right?
"Ending China’s currency manipulation could add 1.2m US jobs, economist says" by Martin Crutsinger, Associated Press | March 25, 2010
What a load of BS!
Trying to turn Americans against the Chinese, huh?
WASHINGTON — Pressure on China to allow its currency to rise in value against the dollar intensified yesterday, with a prominent economist telling Congress the Obama administration should cite China and four other Asian economies as currency manipulators.
So when are they going to CITE the FED!!??
C. Fred Bergsten, head of the Peterson Institute for International Economics, told the House’s Ways and Means Committee that a successful campaign to pressure Asian nations on the currency issue could boost exports and create 600,000 to 1.2 million US jobs.
And he knows this because.... ??
Bergsten said China is keeping its currency undervalued against the dollar, along with Hong Kong, Malaysia, Singapore, and Taiwan. They want to avoid losing sales in markets where they compete against China, he said....
Correcting the currency misalignments against the dollar would be the “most cost-effective step that can be taken to reduce the unemployment rate in the United States,’’ he said.
Pffft!
Smells like SCAPEGOATING to ME!
Of course, this LYING, LOOTING GOVERNMENT over here would NEVER DO THAT!!!
Niall Ferguson, a professor of business administration at Harvard University, said the administration should brand China a currency manipulator. But he said the impact on the US-China trade deficit would not be that significant because China has many other advantages, such as low labor costs, that contribute to its huge trade surplus with the United States.
Yeah, I TOLD YOU this was all BS!
The LOW LABOR COSTS are what is DOING IT, not the pegging of the currency!
“The Chinese authorities are spoiling for a fight,’’ Ferguson said, but the United States has to ensure that any tensions about currency do not boil over into a full-blown trade war, which could destabilize financial markets.
Oh, THEY are spoiling for a "fight," huh?
This is why I'm sick of the bullshit business pages.
Last month, President Obama vowed to “get much tougher’’ in trade disputes with China.
Just wait a second or two. He will change his tune.
Treasury Secretary Timothy Geithner repeated his belief yesterday that China would soon allow its currency to start rising again against the dollar.
China allowed the yuan to appreciate by about 20 percent from mid-2005 to mid-2008 but halted the rise after the global economic crisis began to cut into its exports.
“I think they’ll come to decide it is in their interest that they move,’’ Geithner said on CNN.
Why?
Geithner said he was not worried that the administration’s leverage will be constrained by the large federal budget deficits that need to be financed by foreign investors, including China, the largest foreign holder of Treasury debt.
Of course, you know what happens when you piss off your banker, right?
No more loans and no more bond purchases!
“We have enormous stakes in a strong China,’’ he said. “And they have enormous stakes in having access to our markets.’’
Then I DO NOT WANT to HEAR ANY WAR TALK, 'kay?
*******
If China is designated as a manipulator, it could lead to economic sanctions if the United States takes a case to the World Trade Organization and wins.
Hey, why not package 'em up with the Iranian sanctions at the U.N.?
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"Geithner confident China will move to a stronger currency" by Rebecca Christie and Peter Cook, Bloomberg News | April 3, 2010
WASHINGTON — Treasury Secretary Timothy F. Geithner expressed confidence China will decide that a stronger currency is in the country’s interest, saying the United States is trying to “maximize the chance that they move quickly’’ on the yuan.
“Our strategy is going to be designed to increase the odds that China does decide to do what’s in their interest, which is to let their currency start to move up again, and that’ll be part of making sure we have a more healthy global recovery in place,’’ Geithner said in an interview yesterday on Bloomberg Television....
It just occurred to me that THIS GOVERNMENT is going to BLAME CHINA for the CRATERING U.S. DOLLAR!!
Yeah, NEVER MIND the FED PRINTING PRESSES RUNNING WILD!!
Blame it on the Chinese!
Geithner said the Obama administration wants to make sure US companies have a “level playing field’’ as part of its strategy for dealing with China and assuaging concerns that the currency peg provides an unfair advantage.
There is my confirmation!
Also see: No more tax breaks for US companies to move overseas
Oh, so the U.S. government was TILTING the PLAYING FIELD TOWARDS China for YEARS because of CORPORATE PROFITS, 'eh?
And then they LIE ABOUT IT?
The United States and China share common national security interests in Iran and North Korea, and a shared commitment to the economic rebalancing effort driven by the Group of 20 nations, he said.
What an ABSOLUTE CROCK of S***!!!
Oh, it came out of Geithner's mouth so that is no surprise.
“What we want to do is make sure China is growing, they’re buying more from America, more of their growth comes from domestic consumption, less from exports, and that US firms are able to compete,’’ he said.
Yeah, to HELL with GROWING over here, huh?
White House Press Secretary Robert Gibbs, speaking in Washington yesterday, said no formal decision has been made about whether to delay the Treasury Department’s biannual currency report. The Treasury hasn’t labeled any country a currency manipulator since 1994....
Actually, they delayed it a day earlier.
WTF?
Chinese President Hu Jintao’s visit to Washington this month does not have any effect on the currency decision, Gibbs said.
So GIBBS is a S***-SHOVELER, 'eh?
Just like the guys Bush employed!!
Yeah, did he ever fade away quick, huh?
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