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U.S.: China Not Manipulating Currency
The Bush administration on Wednesday announced it would not brand China as a country that was manipulating its currency to gain unfair trade advantages.
The decision came in spite of growing pressure in Congress to take punitive action to deal with a U.S. trade deficit with China that hit a record $202 billion last year.
Critics of China's trade policies were quick to attack the decision.
"By failing to designate China as a manipulator in this report ... the United States comes off as a paper tiger unwilling to stand up for its domestic industrial sector," said Auggie Tantillo, executive director of the American Manufacturing Trade Action Coalition, which represents U.S. textile and clothing companies.
"Secretary Snow has been consistently rolled by the Chinese government in his years-long but unsuccessful effort to get China to take action on its highly undervalued currency," said Kevin Kearns, president of the U.S. Business and Industry Council, which represents many medium and small-sized manufacturing companies.
May 10, 2006
It's now official: The US is China's bi*ch
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13 comments:
We know that if we piss china off we're toast. They might fix the trade deficit but we have to fix our budget deficit or we're talking overnight recession here in the good 'ol USA as interest rates rise to 10-15% just to attract investors to finance the budget deficit.
Snow is smart. The gov't it stupid and knows their balls are in a sling. When will the mayhem stop? BALANCE THE BUDGET NOW!
I agree, but balance the budget with what may I ask?
useless paper money?
No, spending cuts. We need serious spending cuts.
OH MY GOD! The US is
Chinas Shar-Pei
you know why the US$ is tanking right now? because, china's central bank is to "rebalance" its reserve mix, and it's going to dump more US$ to buy more Gold.
stupid congress and politicians! chinese prez got huge humiliations at the White House and now the payback time is due.
china is the US's largest creditor . you don't tell your creditors what to do and you dont humiliate them either. our stupid and corrupt politicians don't even understand this common sense. God save America.
Which one is Bush ?
chinese prez got huge humiliations at the White House
Doesn't matter. "Chinese prez" would rather hang with Bill Gates than with Bush. He's not interested in annoying foreign interventionist governments, only business affairs.
The US IS a paper tiger now. China/Russia/India/Iran all buddies.
Indonesia about to get into the fray. South and Central America cozying up to China for the past 2 years.
The Brits kicking Blair out - our one last friend!!
Nobody loves us anymore. And the guys at the top know it. Finally. Took those bozos long enough to see the writing on the wall. Talk about so self-absorbed that you can't see reality around you.
I have to say, I am looking forward to NOT being in a "world power" country.
this world power thing has destroyed the US. Time to get back to basics.
Bob Barker says....help control the pet population...have your pet spayed or neutered.
China is castrating the US right now with a dull butter knife and the US doesn't know it. Maybe when the sh*t hits the fan, all the people in Congress can start running around and point fingers at each other...oh yeah, they're already doing that.
Ouch! [shudder]
China is still running with 30% unemployment and vast worker unrest despite the significant growth it's made over the last few years.
We have nothing to either fear or blame China for.
If we want to reduce trade deficits and keep the dollar strong then the answer is to decrease interest rates and start requiring banks to keep vastly larger reserves.
Restricting the money supply in this manner will maintain the dollars value at the expense of an economic depression.
Let's hear it for Great Depression v2.0 !!!
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