U.S. President Barack Obama on Tuesday urged a reluctant China to let its yuan currency rise in value at a summit where strains over trade between the two giants crept into proclamations of goodwill.
With the U.S. unemployment rate at 10.2 percent, one of Obama’s top priorities during his three-day trip to China is pressing Beijing over the huge trade imbalance between the two countries, a move he believes would pave the way for greater U.S. export opportunities.
“A regulated Yuan is half of our money problems, as an artificially low value drives our manufacturing there.”
I’d say it’s a bit less than half of the problem. Most of the problem is zero regulation in China which allows baby formula without milk, the severe contamination of a city with lead waste, etc., etc. combined with manufacturing wages of $5/day, airline pilots who earn $760/month, etc.
When Americans can accept that sort of thing, manufacturing will return.
When this this blog become a haven for right-wing crack-pots? John, good luck with that subscription model. I’m outa here.
#20 That’s funny, in a way, but not completely true in reality. What you thinking of is the golden rule; he who has the gold, makes the rules.
http://www.chinahush.com/2009/10/21/amazing-pictures-pollution-in-china/
Excellent analysis:
http://www.marketwatch.com/story/the-other-side-of-the-dollar-2009-11-18
@Winston
The cost of fast economic growth.
A great article on the US-China import-export relationship and how it will NOT be changing any time soon:
http://robertreich.blogspot.com/2009/11/obama-china-and-wishful-thinking-about.html
#26 My point in providing that link was to reinforce my previous statement that manufacturing would not return to the US until Americans were also willing to tolerate that level of pollution (which would be never unless there is a total systemic collapse).
If you don’t think all that crap in Wally’s China-Mart is helping the Chinese to economically ruin this country, you have your head so far up your ass your seeing things out of republican eyes. With the advent of Bush the budgets debt went from a negative 300 billion in two short years to over two trillion. Hey it isn’t ancient history, wake up you simple bastards and start thinking about getting a political party that is neither Obama’s or Cheney’s.
Gilherme is becoming a troll