Snow: Slave of "down-to earth person''
Except the unshakable unilateralism, the disordered style of remarks becomes a common practice in the White House. Congratulations Mr. Treasury Secretary John Snow. No matter at any point, his imitation of Ronald Rumsfeld is approaching to the standards of the relations between the US president and Rumsfeld, according to a signed article by Ge Feng with International Finance News.
For example, just before more than a month ago, he was strongly opposed to the amendment that demands RMB exchange rate must appreciate within six months, saying: "It is a "serious mistake'' for the Senate attempts to force RMB to appreciate because undue haste may destroy the financial system of China. ... "Financial diplomacy'' is the best way to solve this problem''. However on May 18, the treasury secretary threatened to say "The American side hopes China will revalue its yuan and make it more elastic within the coming six months. If China insists in its current RMB peg exchange rate mechanism to US dollar, the United States may take retaliatory measures.''
But the so-called retaliatory measures do not seem to make people fear really. On this issue the consistent attitude of the Chinese government indicates clearly that it will never "submit to any pressure''. With the economics degree of University of Virginia and the law degree of University of Washington Mr. Snow should understand it is the US financial policy and the low deposits of its nationals that is the basic reason for its globally unbalanced trade. And the US trade law he "might'' appeal to can not extend to other countries.
But it is very interesting that Mr. Snow has "swallowed'' what he has said. This affords to show very clearly its set pattern emphasizing on political methods and the market-acted interest groups: exert pressure-- let the public opinion make a show of power--expected increase of appreciation -- idle funds play-up -- expected expansion -- pressure increase.
After all it is very difficult for the US "civilized political system'' not to make the economic question politicize. Though John Maynard Keynes thought that "down-to-earth people think themselves totally free from intellectual circles, but in fact they are usually a slave of some late economist.'' But the Doctor of Economics Snow has become the slave of "the down-to-earth person'' unavoidably now or in other words, he has already become "the down-to-earth person''.
Think about it, Mr. Snow's predecessor, Robert Rubin, chairman of the US Citigroup executive committee, can earn over 10 million US dollars in one year, only by depending on traveling around the world and acting as a lobbyist.
But the "financial diplomacy'' of Mr. Snow is not very thoughtful after all. The cheques that he sent to groups and Wall Street cannot be cashed in eight or nine out of 10. Because his "doing a disservice'' will strengthen the appreciation expectancy of RMB even more, thus stimulating the hot money to flow into our country in a large amount. That is to say the bigger the pressure is, the more unfavorable to the reform of China's exchange rate system. He also said himself, "Undue haste may destroy the banking system of China''.
Mr. Snow cannot consider so many perhaps, because undisguised unilateralism orientation has become the deep things in the bone marrow of all previous US governments. Under the unilateral international order it is difficult to avoid the double standards. It is an ordinary thing that encroaches upon others' interests for their good and goes back on their words.
So it is totally unnecessary to take what the US treasury secretary has said very seriously. Chinese Premier Wen Jiabao has already made it very clear, "The reform of the renminbi exchange rate is an issue concerning China's sovereignty. China, as well as every other nation, has the absolute right to choose exchange rate systems and appropriate levels of the exchange rate that fit into the specific conditions of the country. China will abide by the rules of market economy to advance the reform and will not yield to external pressure as it reforms the renminbi exchange rate mechanism''. Still more, who can conclude what new excuse Mr. Snow will have next month as he has had records breaking his own promise.
By People's Daily Online
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