Holding China to Account!

[Gerald]

The dire state of the world economy reflects destructive actions on the part of many players. Still, the fact that so many have behaved badly shouldn't stop us from holding individual bad actors to account. And that's what Senate leaders will be doing this week, as they take up legislation that would threaten sanctions against China and other currency manipulators. Respectable opinion is aghast. But respectable opinion has been consistently wrong lately, and the currency issue is no exception. Ask yourself: Why is it so hard to restore full employment? Its true that the housing bubble has popped, and consumers are saving more than they did a few years ago. But once upon a time America was able to achieve full employment without a housing bubble and with savings rates even higher than we have now. What changed? The answer is that we used to run much smaller trade deficits. A return to economic health would look much more achievable if we spending $500 billion more each year on imported goods and services than foreigners spent on our exports. To get our trade deficit down, however, we need to make American products more competitive, which in practice means that we need the dollars value to fall in terms of other currencies. Yes, some people will shriek about debasing the dollar. But sensible policy makers have long known that sometimes a weaker currency means a stronger economy, and have acted on that knowledge. Switzerland, for example, has intervened massively to keep the franc from getting too strong against the euro. Israel has intervened even more forcefully to weaken the shekel.

http://www.nytimes.com/2011/10/03/opinion/holding-china-to-account.html?hp



Note: October 2, 2011

[Randomizer]

This smacks of the arsonist accusing the match seller...

[TLAM Strike]

But once upon a time America was able to achieve full employment...
Yes by declaring war on the entire world! (http://eh.net/encyclopedia/article/tassava.WWII)

"Don't got a job son? Well boy have I got a deal for you!"

[Castout]

I'm holding the writer to account for not holding China to account earlier to prevent all this.

It is easy to blame when things go wrong or when you realize things are going wrong.

Playing the blame game now will not help anybody.

The Americans can only have themselves to blame to be honest. Didn't they nod to all the causes of this, all the way to now? So blame yourself. The last thing a desperate time needs are desperate people.

[Skybird]

Na das sagt ja der Richtige... :nope:

It'S becoming a habit by America to accuse others over it's own misled policies and failures. It's the fault of the Europeans who do not will to make as much debts as Washington insists they should. It is China'S mistake that America is not competitive and has pushed forward this globalisation thing without repairing its own tax evasion system and massive structural deficits first. At the same time America embraces some methods that some time ago it would have staunchly attacked: demanding global mass-exproprietation in form of global inflation that comes as the price for the policy of cheap money.

How much times have changed. The Chinese are no holy people, but the US is in absolutely no position to lecture others over fiscal policies, it has none-zero-rien-nada-keine authority left to do so - the rest of the global community still pays for the consequences of the last mess America's superior business and fiscal models have created. If you slammed your past three cars into walls and trees all by yourself, you do not threaten others with sanctions over their driving styles.

[Castout]

For once I agree with Skybird, it's their own policy that's to be faulted. The word as said the lack of competitiveness.

It's a sad thing to see the US becoming this. I would not feel this way for the Soviet nor China. From the sound of their elite it seems they are in a semi panic mode. And Obama position as the president of the United States is not exactly an enviable one considering the circumstances and times.

My worry is the nihilists and the anarchist and the disaffected will band together and create riots on the streets propelling an emergency law.

[Osmium Steele]

My worry is the nihilists and the anarchist and the disaffected will band together and create riots on the streets propelling an emergency law.

Yeah, right. In America?!?! No way that would ever happ... oh. wait...

September 17th, 2011. (http://174.123.69.202/~subsimc/radioroom/showthread.php?t=187911)

Nevermind.

Over a year remains until the next general elections. Plenty of time for those mentioned, with labor union, and tacit administration support to create the crisis required.

Van Jones begins his efforts this weekend. Ohio is the next target.

[Ducimus]

But once upon a time America was able to achieve full employment..
The devil's in the details. See video's in sig.

[the_tyrant]

You know what I am seeing in Chinese forums?

I keep seeing people talking about how the FBI has "information on corrupt Chinese officials' property in the US, and the kids and mistresses in the US"

A slogan I keep seeing is that "the FBI has the commies by the balls"

And this is why the US has the guts to make a move against China.

Me? I think its a ton a BS

[TLAM Strike]

A slogan I keep seeing is that "the FBI has the commies by the balls"

:haha:

That made my day! :salute: