Skip to comments.Obama Can’t Say the Word “China”
Posted on 08/09/2011 6:40:36 PM PDT by bruinbirdman
There is no doubt this has been a tumultuous year, said President Obama on Friday as he began his speech at the Washington Navy Yard by talking about the American economy. Weve weathered the Arab Springs effect on oil and gas prices, the Japanese earthquake and tsunamis effect on supply chains, the extraordinary economic uncertainty in Europe. And recently, markets around the globe have taken a bumpy ride.
Each of the events he mentioned lowered growth in America, yet all of them were marginal and temporary. If we want to start a meaningful conversation on the topic, there is one word he needs to utter: China.
Xinhua also had this to say: China, the largest creditor of the worlds sole superpower, has every right now to demand the United States to address its structural debt problems and ensure the safety of Chinas dollar assets.
Theres no question the United States must reduce its debt load, but at the same time it is issuing its demands, Beijing is making it hard for us to implement necessary adjustments. China, after all, maintains predatory policies designed to take advantage of Americas open economy. So, for instance, the Chinese central government fixes the value of the renminbi at an artificially low level to stimulate Chinese exports and impede imports. It has also been systemically violating its World Trade Organization obligations, especially by blocking imports.
The result of these policies is that China has persistently run large merchandise-trade surpluses against the United States. Last year, for instance, that surplus amounted to $273.1 billion, the largest deficit the U.S. has ever had with any country.
Washington has, for years, been trying to get Beijing to permit more balanced trade and stop buying dollar-denominated obligations, but Chinese officials have refused to take good
(Excerpt) Read more at blogs.forbes.com ...
So Ol’bummer speaks at the Navy Yard? During business hours? Many of Washington’s MOST EXPENSIVE government employees work there. I’m sure that this essentially shut down all of the govy work in that part of DC all day. GEEZE! Good job there, Ol’Bummer.
Ah yes. He has the China Syndrome...
There is plenty Obama can do to offset China. First, he can stop spending which will stop China from having a safe haven for their US dollars. Second, he can take his shackles off of the economy to allow our business to compete against China. Our "China" problem is in fact an "Obama" problem.
Geithner's meeting below