April 17, 2006 Volume 13, No. 8
Posted on 04/29/2006 12:51:31 PM PDT by Paul Ross
April 17, 2006 Volume 13, No. 8
|
|
China's Reserves Soar: NAM Says The Time Has Come For China To Re-Value Its Currency
BY RICHARD McCORMACK richard@manufacturingnews.com
It has become "imperative" for the Department of Treasury to declare that China is manipulating its currency, says Pat Mears, director of international commercial affairs at the National Association of Manufacturers. Further evidence of China's manipulation is that nation's growing currency reserves. They have risen to $848 billion, and are now the largest in the world, surpassing those of Japan's at $837 billion. "China's currency reserves are nearing half of China's total gross domestic product," Mears notes. "Rather than tying up that much of its economy in low-interest official holdings -- primarily in U.S. dollars -- China could be using those funds to build internal economic strength. China continues to buy dollars to keep its currency suppressed below market values in order to fuel export-led growth, but it's high time for this to stop. It's distorting global trade flows and distorting China's economy." China's reserves grew $220 billion in the past 12 months. "Not coincidentally, that was the size of its trade surplus with the United States last year," says Mears. The Treasury Department is expected to issue its bi-annual assessment on currency manipulation at the end of April. In previous reports, it has used China's trade data instead of import and export figures from the United States government in its analysis of China's currency. It has refused to label China as being a country that manipulates its currency despite demands from an increasingly agitated and frustrated community of U.S. manufacturers and workers. |
Well, that's certainly true of our government anyways.
This goes beyond negligence and misfeasance in office. These facts needs to be highlighted particularly the abdication of their responsibilities by our own government stressed:
The Treasury Department is expected to issue its bi-annual assessment on currency manipulation at the end of April. In previous reports, it has used China's trade data instead of import and export figures from the United States government in its analysis of China's currency. It has refused to label China as being a country that manipulates its currency despite demands from an increasingly agitated and frustrated community of U.S. manufacturers and workers.
Fyi, Reagan said those were the 10 scariest words.
You're right, albeit he said the same thing a couple different ways at different times.
Sec'y Snow will get back to you - in a few years.
That soon?
I've come to the reluctant conclusion that all of these economic positions have been and are filled by willing quislings. Sell-outs for hire. From Guiterrez at Commerce, to Suzanne Patrick formerly at DOD in Industrial Base Protection, people with no conscience and no integrity. And a Xlintonesque sense of truth...
I know this is way off the subject, but how do we know how many people live in China? I hear 1.3 Billion, but since the country is smaller than the US, most of the West is populated lightly, maybe the estimates are high so as to project a bigger shadow?
That is in fact a good question, but it is often speculated that there are in fact 1.5 billion in China, and the 1.3 billion ( 1,347,633,421) is merely China's own "official" figure.
I can't tell you how we can get a good handle on it's accuracy, or if the Chi-Comms have some kind of political or military stake in either overstating it, or understating it. That would be a project that the CIA would likely enjoy. Doubt we can really tell from orbit...
It's the administration which will come to the cross roads...how bad does it have to get before it abandons its contributors...
Question: Who will make the push to shut China out of the WTO? If you have a name I'd really like to know, because that would be a person/nation that had a whole lot of cajones (and integrity) to put its long-term future in a higher position over short-term gains. I personally do not see any person/country (particularly in the West) standing up to China due to all the nascent opportunities each politician/business lobby/country believes it can tap in China.
Basically this is like illegal immigration .....there is a dearth of people/parties willing to do anything REAL. I may very well be VERY wrong, but I would not hold my breath to any big demands (with teeth) being made of China any time soon.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.