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Thread: China Targeted in Bill on Currency Manipulation

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    China Targeted in Bill on Currency Manipulation

    WASHINGTON — A bill that would give the U.S. government the power to impose economic sanctions on China and other countries found to be manipulating their currencies to gain trade advantages has won approval from a key House committee.

    http://www.google.com/hostednews/ap/...XssjwD9IEIGJG0
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    China does manipulate there currency but only problem is we are borrowing money from them and they basically own us.

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    I wonder want the response from China will be. Maybe they will calls Geithners bluff and do a raise of the stakes. Either by buying less Americans bonds and therefor threaten the US finances or demand an increase in rent payments. America could of course default in return, but without a willingness to slash a lot of spending that is unlikely to happen. I think China has the upper hand in this one.
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    I am not rooting for china but the united states put themselves in this position of massive debt. It is like a individual getting another credit card after already going through 10 of them. Sooner or later you have to pay your debts.

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    Currency Manipulation

    Currency manipulation is a serious problem in the Globalized Trade Network that has been establised by "Free Trade" advocates. The problem is, it was not dealt with sooner, but what does one expect from a once Republican dominated Congress that was and is in the pocket of Foreign Lobbyists and ideological moribund "Free Marketers and Free Traders". That created the massive "Offshoring and Outsourcing" mania that has occured in the last twenty years to "lower cost production venues" such as China (somewhat based on Currency Manipulation and the expoitative use of Global Labor Arbitrage). As for this piece of current "Economic Reform" Legislation, it's all too little, too late and once out of Committee, it faces an uphill battle by entrenched Foriegn Lobbyists in the guise of "Free Trade, Free Market" Republicans. These people are not about to bite the hand that feeds them. Even if it means condemning the Nation to economic collapse and poverty.

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    As much as I detest China, and view their rise as a serious threat to the world, it should be said that they're unlikely to pull a power play over this bill, even if enacted. And if they did, they'd lose in a big way. Sure, they can call in the bills, but we can default and then impose a trade and investment embargo. We'd get hurt, but they'd simply collapse.

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    Quote Originally Posted by Joe McCarthy View Post
    As much as I detest China, and view their rise as a serious threat to the world, it should be said that they're unlikely to pull a power play over this bill, even if enacted. And if they did, they'd lose in a big way. Sure, they can call in the bills, but we can default and then impose a trade and investment embargo. We'd get hurt, but they'd simply collapse.
    Heck yes they'll lose, we have to take every strategic advantage we can get against those scheming Marxist bastards. It sounds just like them to try and manipulate currency at a time like this, as they're preparing to conquer Africa.
    "What is done out of love always takes place beyond good and evil." Friedrich Nietzche

    "Virtue - all virtue - is knowledge."
    Socrates

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