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In his visit to Beijing this week, President Barack Obama is expected to tread lightly when pressing China to let its currency rise against the dollar.
I know this is a pipe dream but can we get someone in office who is not in bed with the bankers? Either party.
#1 - Sun Nov 15, 2009 4:55 PM ESThina complaining that the interest rates are too low and worried that the currency may not be worth much ? Time to tunr the table here. Wonder what China would do if we brought most of the manufacturing home? Who would they sell to ? India ? Europe ? Russia ? Go ahead.
If only we American were smart enough to do so !!
Look today Jow BLoe feels mighty pleased buying a sneaker from WalChinaMart at $2.99 without realizing that he is paying an additional $20 bucks in indirect social costs and opportunity cost! So why not ante up $15 bucks for something made in USA and cut out WalChinaMart and the Chinese so that we can bring some life back in the middle class.
All we have done through our policies / legislation / habits is let a few channels get so big and for the short term funnel most of the money in their pockets at the expense of all the mom and pop stores and each and every one of us.
Cmon America - you can do better than to just design and invent and let other countries do the production!
WAKE UP ...........
SB-632402...
A "pipe dream to get someone in office who is not in bed with the bankers", as DJ-867199 mentioned. Our elected officials are in bed with a lot of folks and organizations, otherwise they couldn't get elected/re-elected. Why would anyone spend $Ms to get elected unless they knew they could make a fortune being in office and "bucking the system" with their special interest friends? All one has to do is look at the legislation additions.
The "pipe dream" extends to the banks not lending to businesses. Further execrating the matter is the Administration, or States, by not providing concessions to businesses for them to remain either within the State or domestically. Take a close look at the Northeastern States. High taxes have forced many of the businesses out. And for the larger corporations, they only see GREEN on the other side of the pond because of the taxes and Federal and State regulations.
However, the President just mentioned the other day that JOBS WAS HIS NUMBER ONE PRIORITY. How many times have we heard him say this same thing on other issues? Same old political rhetoric.
"China has expressed concerns that the falling dollar threatens the value of its existing U.S. holdings." Maybe the Chinese knows more about our economy than do the President's "special" economy advisers and the Secretary of the Treasury. Our dollar value is being threatened from with-in by the same foks who should be protecting it.
Well folks here we are...Now you can tell any story you want back here at home...But when Our President goes overseas, begging for money...and is afraid to look other nations leaders in the eye and say what needs to be said...Well folks here we are...yes it's not all "O"'s fault, but it cannot continue
Mark Zandi, chief economist at Moody's Economy.com, says he expects the Chinese to begin allowing the yuan to rise against the dollar by next spring, at a rate of about 5 percent a year.
The way our dollar has been dropping pretty soon it will be 7 dollars for one yuan, by the way gold is now 1120 per ounce, one yr ago it was 735. Im sure it has nothing too do with our president or our economy though.
#2 - Sun Nov 15, 2009 5:24 PM ESTIt is in both the interest of China and the U.S. for both the yuan and dollar to remain low until the recovery appears to be more sustained. China gets excess dollars from their exports into the U.S. and then turns around and uses those same dollars to buy our Treasury bills to finance our huge budget deficits.
#3 - Sun Nov 15, 2009 5:27 PM ESTyou're correct right now it's a symbiotic relationship.
Its too early to raise the Chinese currency but eventually they will raise it. Soon Walmart (Target, etc. etc.) will raise their prices just like the dollar stores who have changed their signs to read 99cents and above instead of 99cents and less.
When that happens, US will pay more but may not increase their exports enough to match this difference resulting in higher trade deficits which will bring about demands for another round of protectionist measures which will almost certainly hurt US economy more than any other. US printing presses are still number one!
The rising tsunami of dollars and resulting rising stock market is a simple way for US government to fuel some American profits which the three levels of government need in order to increase their tax intakes and reduce their deficits. Expect more money printing worldwide as all the governments see this as an easy way to balance their budgets quickly: i.e. tax inflated profits, tax inflated salaries, tax re- inflated real estate prices, etc. China will protest but US is unlikely to stop its printing press.
#4 - Sun Nov 15, 2009 10:45 PM ESTthe Chinese &Walmart, Target etc won't be able to raise prices to offset the yuan revaluation and Chinese exports and margins will be hurt. thats why it won't happen. china likes things the way they are now.
This is MSNBC speak for...Yes over spending by our Government over the last 30 years is the greatest threat to our nation...and Yes our endless desire for spending money we don't earn has weakened our Nation's position in negotiations with the rest of the world...and yes when we take a trip overseas we arrive with our hats in our hands
#5 - Mon Nov 16, 2009 12:47 AM ESTYou're in Easy Mode. If you prefer, you can use XHTML Mode instead. |
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