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Politics : American Presidential Politics and foreign affairs -- Ignore unavailable to you. Want to Upgrade?

To: Peter Dierks who wrote (16137)	1/8/2007 9:13:08 AM
From: DuckTapeSunroof	Read Replies (1) \| Respond to of 71588

"The amazing thing is that the UAE held their foreign currency in dollars for so long. It is a testament to the strength of our economy until spendthrifts got control." Actually, I think it's a 'testament' to the fact that oil has always been priced on global markets in dollars --- resulting in a steady influx of dollars for oil exporters over many decades. (However now that there are serious efforts underway by Russia/OPEC to create rival markets in non-dollar currencies, and eventually China will pass the US as the world's largest oil consumer, this condition will change.) "Remember that the Treasury Secretary is trying to get China to reduce the peg fo the Chinese currency to the dollar." 'Tried' and failed, as did his predecessors. China will stick with it's policy of widening it's allowed trading band (devaluing) by 5% per year until, eventually, free float is achieved. (The only thing that could change this, and accelerate a free float, would be to label China a 'trade manipulator' under US law, making tariffs possible, and Bush would likely veto that. Though, even with a veto it might still achieve the desired end-result of a faster move toward free-float, if the over-ride vote came close enough to passing to convince the Chinese that discression was the better part of valor.....)

To: Peter Dierks who wrote (16137)	1/8/2007 9:15:42 AM
From: DuckTapeSunroof	Read Replies (2) \| Respond to of 71588

EU Officials Have Tough Trade Message for White House By Teri Schultz Brussels 07 January 2007 European Commission President Jose Manuel Barroso and other top commissioners are heading to Washington D.C. to urge the Bush Administration to make compromises necessary to successfully conclude the stalled Doha Round of world trade talks. Teri Schultz reports from Brussels. Schultz report - Download 208k audio clip Listen to Schultz report audio clip voanews.com It is not by chance these top European diplomats are starting off 2007 with a visit Monday to Washington D.C. They want a global trade agreement, they want it now and they believe the Bush Administration is standing in the way. The five-year-long "Doha Round" of world trade talks broke down last summer, primarily over subsidies to American farmers, which the U.S. refused to cut to levels agreeable to Europe. Private negotiating has nudged the issue forward. Peter Power, a spokesman for EU Trade Commissioner Peter Mandelson, says the delegation will urge Mr. Bush to make the deal now. "Our pitch to him will be that this is a very important moment, a very important moment that should be grasped," said Peter Power. "Real leadership should be shown and that there is the makings of the deal on the table." The United States has said other countries have not made sufficient concessions to warrant a steeper reduction in agricultural subsidies. Power disagrees. "The U.S. needs to come to the table with a genuine and serious offer in terms of what it can do in this area," he said. " The Europeans are also hoping for support from Democrats now in control of Congress. EU Commission spokesman Peter Power says the commission sees the Democratic Party as friendlier than the Republicans toward liberalizing markets and services worldwide. "It's quite clear that the Democrats are by and large multilateralist," noted Peter Power. "We firmly believe they are genuinely committed to it and it's a question of tapping into that political good will." EU officials say the delegation may meet with the new Democratic leadership ahead of their meeting with the president.