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Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (74052)	9/16/2010 1:27:38 PM
From: Maurice Winn	1 Recommendation Read Replies (1) \| Respond to of 74559

China works for low pay and collects US$ promissory notes which are likely to be worth not much in future. Americans take delivery of mountains of goods at very low prices. American politicians think that is a problem for Americans. It looks like a problem for the people holding the US$ promises, not the Americans. <WASHINGTON — The Obama administration is moving to take a harder stance on the Chinese government’s trade and currency policies, with anger toward China rising in both political parties ahead of midterm elections. Treasury Secretary Timothy F. Geithner, in separate hearings before House and Senate panels, plans to acknowledge on Thursday that China has kept the value of its currency, the renminbi, artificially low to help its exports and has largely failed to improve the situation as it promised to do in June. “We are concerned, as are many of China’s trading partners, that the pace of appreciation has been too slow and the extent of appreciation too limited,” Mr. Geithner plans to say, according to excerpts of his statement released on Wednesday night by the Treasury Department. The United States brought two cases to the World Trade Organization on Wednesday, accusing China of improperly blocking imports of a specialty steel product and denying credit card companies access to its markets. The move came just hours before House lawmakers demanded action on the currency issue. The renminbi has risen about 1 percent against the dollar since Beijing promised new exchange rate flexibility in June. In his testimony, Mr. Geithner is not expected to rule out declaring China a currency manipulator, a finding that could lead to retaliatory trade measures. The administration has so far refused to take such a step, relying instead on persuasion, though with little success. ... > China a currency manipulator? Of course. Same as the USA. Is Tim Geithner unaware of the huge efforts Big Ben has gone to over the value of the US$? Has he not heard of quantitative easing? Not noticed world record low interest rates for US$? Not heard of the fiscal "stimulus" and umpty $trillion deficit spending? State run fiat currencies by definition are manipulated by the owners of those currencies. All are manipulated. Mqurice