CHINA FLOATS, AMERICA SINKS

Baltimore Chronicle ^ | July 22, 2005. | Greg Palast

[USFRIENDINVICTORIA]

"China won't join NAFTA or CAFTA or any of those free-trade clubs. In China, Chinese industry comes first. And it's still, Mssrs. Friedman, the Peoples’ republic. Those Wal-Mart fashion designs called, chillingly, "New Order," are made in factories owned by the PLA, the Chinese Peoples' Liberation Army. "

China has been a member of the World Trade Organization since late 2001. It tried to gain admission for neigh on 20 years prior to being admitted. As part of the WTAO requirements, China drastically lowered tariff and non-tariff barriers to trade. China's strongest growth has occurred since WTO membership.

The economic analysis in this article is less than juvenile -- but, to be fair, economic theory is open to debate. However, even the simplest facts are, well not facts.

[facedown]

Or Milton Friedman. Or Thomas Friedman.

From the sublime to the ridiculous.

[USFRIENDINVICTORIA]

WTAO = WTO

[JerseyHighlander]

Read up on the steel industry consolidation. Reads like they're pulling the plug on the rampant speculators, but swinging the pendulum way over to the command and control side of things.

http://today.reuters.com/investing/financeArticle.aspx?type=mergersNews&storyID=2005-07-20T051150Z_01_SHA268889_RTRIDST_0_MINERALS-CHINA-STEEL-FACTBOX.XML

[rlmorel]

We're Doomed! Doomed, I tell you!

[Captainpaintball]

Thought you were a troll until I checked your membership date.... I don't care, I still think you are a troll.

If you were being serious...You are a hopelessly brainwashed, overly sensitive, hysterical douche.

Oooh, Oooh!! I don't like what someone says about my Lord and Savior, Jesus W. Bush!!! I can't intelligently answer the article because I have no working mind of my own, so I'm going to look up this guy's information and see if he is a Democrat troll!!!

If you were being sarcastic, I apologize. But this kind of idiocy aggravates me to no end.

[USFRIENDINVICTORIA]

Good point. I wasn't trying to say that China plays fairly -- just countering the lie that it never wanted to be part of any trade agreements. The WTO cuts "less developed" countries a lot of slack.

BTW, even in very open economies, there is considerable government regulation regarding standards, etc. Chinese steel has long been poor quality -- they've competed on cost alone. There are greater profits to be made from high-quality product.

[TexasTransplant]

Liberals Dream "America Fails"

or

China floats 5% of their Yuan and the Libs Rejoice!

[ThermoNuclearWarrior]

We should only have free trade with free and developed nations.

[hedgetrimmer]

We should only have free trade with free and developed nations.

Even some "free traders" admit that true "Free trade" can only happen when their is a community of similar economies participating.

However many are not able to give up the pretense that you can conduct "free trade" with communist governments.

[nopardons]

bttt

[processing please hold]

Thought you were a troll until I checked your membership date.... I don't care, I still think you are a troll.

Very uncool thing to say.

[processing please hold]

Hi. :-)

I keep bumping into you.

[nopardons]

Hi! :-)

Easy thing to do on FR. LOL

[processing please hold]

Yep.

[ARCADIA]

However many are not able to give up the pretense that you can conduct "free trade" with communist governments.

The only thing the free traders have demonstrated is their lack of moral fortitude and their willingness to sell out the country. If their values could be packaged and sold we would find them dumped in the discount bin at the local Walmart. They don't care if their kids have to grow up under the constant threat of China's guns so long as they can buy that discounted pair of tennis shoes today. If later in life, their kids choose to repay them in kind, it will be well deserved.

[nopardons]

>:-)

[shakespeare_101]

Just a note...Greenspan was asked about this issue and stated while there would be an impact it would be minor in nature and he supported China floating its currency. I am not an economics major, but I trust Greenspan's opinion before the author's.

[nopardons]

I'd trust just ANYONE's opinion over the author of this wretchedly biased article. :-)