This page has been archived and commenting is disabled.
House Passes Legislation To Somehow Revalue Chinese Yuan
Just because somehow it is the Yuan's fault that America has exported its entire manufacturing industry over the past 30 years to lower cost countries, our idiot leaders have decided to take the next big step toward an all out trade war. The House of Idiot Representatives has approved legislation designed
to combat the manipulation of currency by China that results in
unfavorable trade conditions for the United States. As CNN reports, the
legislation, which authorizes the Commerce Department to impose duties
on imports from countries with undervalued currencies, passed by a vote
of 348 to 79. Somehow, because it was framed as a "jobs issue", everyone in Congress went full retard and confirmed they have not the first clue about how Economics actually works. But yes, please revalue the Yuan: the next thing will be exploding prices at Wal Mart, which have so far successfully masked the fact that the US has been exporting staple product inflation. We wonder how those same "workers" on whose behalf this law was allegedly passed will feel when their bill anywhere is double what it used to be... Not to mention that their currently unemployed status will certainly not have changed.
More from CNN:
"We can talk, or we can act. International trade is a high stakes, cut-throat business, and every time we simply talk, the other side acts, and every time they act, an American loses a job," said Rep. Xavier Becerra, D-California.
China said this year it would allow its currency, the renminbi, to trade in a wider range against the dollar. But the currency, also known as the yuan, has scarcely appreciated since then, inflaming critics who charge the undervalued renminbi helps steal U.S. manufacturing jobs.
The House vote caps years of frustration for lawmakers as the United States has continued to shed manufacturing jobs, and promises of reform from the Chinese have failed to result in policy changes.
The legislation now moves to the Senate. Sen. Charles Schumer, a New York Democrat, says the body will act quickly to move the bill to the president's desk.
"We must take decisive action against China's currency manipulation and other economically injurious behavior," Schumer said on Tuesday, noting that the Senate will take up the issue when it reconvenes later this year.
"China is merely pretending to take significant steps on its currency," Schumer said. "This sucker's game is never going to stop unless we finally call their bluff."
But not every member of Congress is convinced, especially after China raised tariffs on U.S. poultry producers earlier this week and accused them of dumping product into the Chinese market.
Our question is what happens when 1.4 billion Chinese pass legislation that the Fed's QE is currency manipulation as well? Does that particular law go hand in hand with the one that states it is now illegal to hold US treasurys (because, of course, Congress realizes that when the dollar falls in value to the Yuan, all those Chinese-held USTs don't really increase in value...)
»
- 11218 reads
- Printer-friendly version
- Send to friend
- advertisements -
dollar bulls 98% today... lol she will tip like everything else
Ordinary folks in China can buy gold at their banks. Funny how that just stopped gold dead in its tracks.
Yes ... China is old school when it comes to PM's, they hung onto silver in the 30's I just think *hot money* has helped push this price up. Not sure what is the true value of most asset's, including gold. But we will soon find out ...
The only thing I own right now is VXX, The only sure thing to me is a rocky road'.
Empty gold machines you mean.
Getting real sick of"cheap"chinese crap.Falls apart by just looking at it.
Have to keep on buying these shit over and over again so it is not really
that cheap.Instead of putting tarrifs on there goods I would like some
minimum quality requerements and safty req as well really dangerous
some of the electronic stuff.Also I do not like to see fellow workers been
treated like slaves.Fck polititions from both side you bunch of incompetent
morrons.Big fan of honest and free trade,what we see now is just a fck joke.
Yeah, that's what we need. More Goddamned government intervention in the economy.
How about we drop the income and corporate taxes, then get rid of government regulations? The jobs will come just a-streamin' back.
Yea,
cause we need THIS in amerika
http://www.chinahush.com/2009/10/21/amazing-pictures-pollution-in-china/
Tmos, you fascist cabin boy, why don't you just take a Loofah on over to O'Reilly's house and finish polishing his knob
And how was pollution during the American Industrial Revolution? Double standards anyone?
>Getting real sick of"cheap"chinese crap.Falls apart by just looking at it.
Then don't buy it.
>Big fan of honest and free trade
>I would like some minimum quality requerements
You've just contradicted yourself. Way to go.
If they were concerned about manufacturing jobs they would bit the bullet and revamp our trade policies. I've studied up in that field a bit and sweat lord is it a convoluted mess. But that actually takes research and political will. This, this is just another drumbeat to our eventual showdown with China. I can only pray it's a cold war and that it will mercifully end when our ponzi game ends.
That's all any if this chaos boils down to is outsourcing. Americans need to start making the sausage. How about disincetivizing Apple from making all their products overseas? Let their precious margins suffer and tax the garbage out if them.
We should give Tremendous tax breaks to companies returning manufacturing home. Make the products here sell them for more cash and strengthen our dollar to buy exports but resorting to using the Chinese like cattle or demented Santa Elves for a Christmas that happens daily is shameful.
So we send the jobs to China= impoverished Americans but we keep the easy credit coming via debt so we can have the Americans buy these products?
These clowns in D.C. Have no idea what they are doing. It's doesn't matter where the Yuan is because we cannot compete manufacturingly and we have nothing to export aside from entertainment. We do not Make anything folks. Unless the goal is to swap places with the Chinese in a decade and become the slave laborers certainly seems like that is the goal.
If I were Governor/ President I would eliminate all sales tax on American made goods or taken down to 1% across the board. Capital gains tax would be nonexistant. Let's get these small business' up and running. Phase out income tax annually and high tarrifs for companies that outsource our futures.
Oh tariffs and a radical change in trade policy would be necessary to bring bank industry no doubt. But it's not actually doable. First good luck getting that by the house, both sides will be bought off. Where it is the blues talking about helping the poor by buying their goods or the reds by saying importing goods for free is right for the market.
Second it will be a short term disaster. That will force America to rapidly cope with having no industry and prices (IE China no longer needing to hold our debt, or Japan for that matter). Naturally people being short term thinkers will get pissed and call for the old way back even though it is killing them.
The sad reality is the only real way to make these changes is after a collapse where we simply will not be able to import and be forced to make the change. We have long crossed the point of no return. The only rebuild that is possible is on the ashes of the old, so the fire must finish gutting us out. Sad but true.
Even sadder is the manufacturing capabilities that we have lost. Short of wooden toys there isn't much "made in the USA" that does not have imported components.
How much cash is Apple (or any other tech co) sitting on, and would it be enough to establish their own factories outside of China?
Dude, Steve Jobs is this big OBot, big dem contrib, don't need the extra money. No one is going to force AAPL to bring work to U.S.
but I'm with you, tremendous tax breaks for companies making stuff here, why keep the tax structure the same as it is now, don't increase taxes in Jan.
Then, with the new magic budget that hasn't been put into place, slash the snot out of all kinds of programs.
Model: try 1920-21 with Silent Cal. Would be a relief in so many ways.
- Ned
(OT-Cal's daughter had a girlfriend who said to Cal: "I bet your daughter that I could make you say more than two words." Cal said: "You lose.").
Bit of a mixed message in your post...
Americans need to start making the sausage.
Agreed.
How about disincetivizing Apple from making all their products overseas?
Are you fucking nuts? How about incentivizing them to make their crap here? Other countries have already done that. Carrots work better than sticks. That is why we don't make sausage any more. How about incetivizing all companies to make stuff here?
This is a pure Congressional political theater. They voted to allow the Executive Branch do "something." Does anyone really think the realpolitik in the WH would take a dump on this matter. Considering what they are doing to the dollar itself through the Fed, the CNY is nothing. Having watched both parties take any China meeting for decades, the House is just pretending to do something against "the Reds." As Marx/Lenin/Mao? said; "The Capitalists would sell you the rope to hang themselves with." When your favorite congressman hits the links, he is telling his drinking buddies to move their factory to China. In their eyes, an American Citizen is no better than an illegal alien or some hapless child laborer trapped in a factory wasteland.
"an American Citizen is no better than an illegal alien or some hapless child laborer" Precisely. This is why my blood ran cold when Bush/Cheney first got elected. I knew they were the ones who would start treating white Americans like the Empire has been treating everyone else in the world forever. We were no longer shielded by our nationality or race.
However, these fucktards in Congress are so stupid, they could stumble us into it anyway.
+
I also find your racism hilarious.
Kali, we have a local radio guy here.
He asks, "just treat me like an illegal alien, I a'int asking for any special treatment."
- Ned
Agreed. Bread and circuses.
I'm missing the bread.
We can't compete on labor prices but we could compete on productivity and innovation and energy if given a chance. We need to abolish the EPA, a flat tax and lower corporate taxes to bring jobs here.
Revaluing the Yuan is a just a protectionist move to insulate and protect the union labor here.
Abolish the EPA. Yes that makes a lot of sense. Companies routinely export work that is either dirty or dangerous to 3rd-world nations that lack worker protections and environmental regulations.
Because you know what, adding safety rails to stairs is fucking expensive. And disposal of toxic wastes. Jesus H Chryst have you ever hauled 15 metric assloads of arsenic silts to a certified containment facility? They want 8 pages of god-damned documentation and way-bills, and you still have to hire a trucking firm with trained god-damned drivers. Like industrialists are fucking made out of money?!? And then just wait, you skip one step or leave even one barrel of methyl-mercury off the list -- you know get in something extra -- and they fine your ass. Here you are, dumping shit in their shitty facility -- because it's the right thing to do, don't get me wrong -- and they shit all over you for one shitty barrel of shit. I've got things to make, and I've got a couple guys standing around sweeping in the yard, because now they have to inspect my entire manufacturing floor because I'm not even supposed to be generating methyl-mercury! I'm an innovator, fuckers!! MeHg is a by-product from a whole new process I developed! I'm making so much money now can't sit comfortably because of this massive hard-on I have all day. So you know what, I'm firing those guys in the yard and exporting my new process to China where they already promised I can dump all the MeHg I want in the ditch across the street that they're going to make into a playground next year anyway. Now that's business-friendly, motherfuckers. We need that shit in the United States of fucking America, yeah. Just bury shit and make money. Fuck I have another hard-on.
Meow!
LMFAO! Great satire.
Yeah. And we need better tariffs, too. And more trade and people barriers, because some of those orpahned Chinese brats that work in the methyl hydrate facility without proper protective gear get all sorts of biological and chemically based diseases that mess up their chromosomes and when the rich American adopt the little slimers then bring 'em back to the Land of the free and the Home of the Brave where they interbreed with the genetically pure and wham, bam, thank you mam, out pop more of those useless Instant Noodle Eater useless genetic mutations that have no other fucking role in life than either to be used for neurological experimentation at Dugway or to become one of the 10,000 TSA agents with Secret security clearances whose job it is to keep illegal Mexicans out of California meaning that our strawberry's become more expensive than gold and none of this shit would-a happened had we kept the fucking jobs right here in the good old US of A.
+
COUGAR nails it all
even sainted GM had to outsource stimulus dollars for the batteries for the VOLT, you know the car that gets, ... FOURTY MILES PER CHARGE ... on South Korean batteries made by a Republic of Korea owned company. Guess GM found a way to outsource the EPA function too. Certainly outsourced the manufacturing function.
- Ned
........Because people are forced to buy iPads from China.
The problem is that the Chinese will counter by selling more treasuries to increase the amount of yuan in circulation thereby devaluing the yuan and offsetting any yuan value raising efforts by the US.
;-)
Main stream Chinese media reported the news without much comment.
Most probably, they (the Chinese government) plan to keep it cool. Not much excitement there.
There is also a possibility that it is too early (it is early morning in Beijing) to tell. But I believe the plan is already in place given that everyone know that the house is going to pass it.
laphroaig..cheers to me for just discovering it. neat drink. i'm getting the 10 or 15 year old next. been hittng this thing mean..so smooth..desperate times never tasted so velvety..and that peat after taste...magic
10 years ago studies by economists were arguing that the Yuan was undervalued by 40% due to its economic advances in the 1990's - saying that 4.5 renminbi to 1 USD was probably a fair valuation of PPP. The Chinese GNP has since grow upwards of 300% since 2000. What honestly would be a fair currency valuation of the chinese Yuan now??
My guess it would be much closer to 2 renminbi : 1 USD. This is the real joke. Our politicians/ economists/ business leaders are at least 10-15 years too late. There is no turning back unless more drastic actions are taken by the powers that be. It ain't going to happen
I'm embarrassed. This is the most asinine thing I've heard in the past 2 hours. I voted these morons in.
What the hell are they so worried about a trade war for? We don't have much for them to slap a tariff on anymore.
Is the word "idiot" being used as a noun or as an adjective in "House of Idiot Representatives"? Either way works.
you get the pun, really should be read as idiot**2 to capture both of your meanings. - Ned
This is definitely a bullish sign for commodity prices as they are going to spike once this legislation is enacted
I thought the Chinese had already beat us to the punch and "junked our dollah".
Jeez, are our rookies (Bazooka Ben & Tinhorn Timmah) sore loosers at being late - or what?
As the CFO of a company that imports product from China for sale in the USA, I can categorically say that our Congress has no idea how the real world works.
Each and every week for the past 6 months, Chinese factories have been raising prices on goods we import. We have no choice but to accept these increases. Why? Because they control the manufacturing - period. Try and find a manufacturer of pencil sharpeners or paper shredders in the USA. Impossible. And if there are one or two manufacturers left, their prices are three times higher than the Chinese prices. We cannot compete against the cheap Chinese labor.
So what happens? Our gross margins get squeezed because the big box boys will not accept price increases. In order to survive, we layoff an employee and the cycle continues until a once viable (and profitable) United States small business is in pure survival mode. We had work for 30 people - now we have 10.
It is getting close the the breaking point where the big box retailers will have to accept price increases. The margin compression cannot last and we have nobody left to layoff. Next step - we close the doors - more US jobs lost.
Eventually, price increases will be accepted by the retailers and then, J6P will see the price increases at the local store level and wham - inflation.
I'm afraid that whatever Congress was trying to accomplish will have the EXACT opposite effect.
>We cannot compete against the cheap Chinese labor.
We should repeal regulations like the minimum wage law (that prohibits two adults from exchanging a certain amount of money for a certain amount of labor), union laws (that give special legal privileges to cartels of employees), anti-trust laws (that make it illegal for companies to cooperate) and a zillion other regulations the government uses to impoverish us and screw the economy into the ground.
>Eventually, price increases will be accepted by the retailers and then, J6P will see the price increases at the local store level and wham - inflation.
No, inflation is an increase in the money supply. The prices of individual goods going up or down does not signify inflation.
>I'm afraid that whatever Congress was trying to accomplish will have the EXACT opposite effect.
China has given us the gift of the ability to purchase yuans and Chinese goods at an artificially low price, and Congress is throwing this gift away. Americans will suffer as a result.
"[We should repeal regulations ... that give special legal privileges to cartels of employees]"
Are you really a doctor? A medical doctor? Maybe we should get rid of licensing doctors too, cause that's how the third world rolls and medical costs are cheaper there. Oh wait, let me guess, you would not be in favor of eliminating regulations that raise the barriers to entry in YOUR profession. You just want to be able to pay your staff less, no?
with no comment whatsoever on your perspective about doctors, you might be interested in the continuing advance of the minimum wage vs. the U/E rate among various age cohorts and ethnic mixes.
Extra credit: describe the effects of continuing increases of federal and state minimum wage on:
- initial unemployment,
- underemployment, and
- underemployment beyond the statutory limit (aka, the end of the conveyor belt No. U-6).
Extra-extr ... nah, I'm doing the soft bigotry thing. That should be enough.
- Ned
I'm not talking about the specific topic of minimum wages, I'm talking about idealistic free markets. Isn't that the supposed reason that we should get rid of minimum wage?
I would like to know if libertarians really believe in free markets as they claim, or if they just believe in some sort of special theory of free markets where just the lower classes (I'm guessing your "bigotry thing") are subjected to the ravages of the free market.
In a way I do wish that you could just enslave your workers, then it would be crystal clear to the populace who really needs to to have the "1920-21 with Silent Cal" used on them (per your comment above). As it stands people with money hide behind hollow theories in order to convince half the population to bend over for them.
You can't buy significant amounts of Yuan to settle purchases. The PRC doesn't allow foreigners to purchase Yuan in large amounts. Some banks offer non-deliverable forward Yuan contracts but there is no way to buy Yuan with dollars and keep them in a Chinese bank (not that you could trust a Chinese bank anyway).
Based upon my experience, if the box stores (read Wal-mart) are not introducing you to some turn key China manufacturer, then you are toast long term. Having supported legions of small business who sold to the majors, the practice is to saddle some regional maker into slimmer margins and once they cry uncle, Wal-mart takes them to China - if they like your product. If you haven't had that meeting yet in Bentonville, think about maxing out your credit, burning your vendors and finding an island. That is the brave new business model.
Good comment!
This is simply a message to Chinese lobbyists to cough up some campaign lolly, nothing more.
Why am I always the last to post a thought? Here goes: the first auction that not only doesn't fail, but goes only so-so - and folks, the jig is up and I mean "Katie bar the door" kind of "up", or, well....down. Its a confidence game now and unless your Canada, New Zealand and/or Australia, you're playin' for all the marbles.
not last ;-)
[ed. add Norway, Brazil, maybe one or two more to your thoughts]
No reason to re value the yaun through legislation, just force every American purchaser to pay double their invoice. That will have the same effect and even give China more money to buy treasuries!! (take some pressure off of Ben)
Wait until the Yuan appreciataes as the Chinese economy becomes more energy intensive . The howls will be that the Yuan is too strong and is driving up commodities prices - which it will
Election season posturing. Toothless legislation. Nothing more.
Activate the Yuan strengthening HFT Yuan beam.
Mr. Smoot and Mr. Hawley are back. These idiots will rue the day they did this. It is over now.
The Smoot-Hawley Tariff was more a consequence of the onset of the Great Depression than an initial cause. But while the tariff might not have caused the Depression, it certainly did not make it any better. It provoked a storm of foreign retaliatory measures and came to stand as a symbol of the "beggar-thy-neighbor" policies (policies designed to improve one's own lot at the expense of that of others) of the 1930s. Such policies contributed to a drastic decline in international trade. For example, U.S. imports from Europe declined from a 1929 high of $1,334 million to just $390 million in 1932, while U.S. exports to Europe fell from $2,341 million in 1929 to $784 million in 1932. Overall, world trade declined by some 66% between 1929 and 1934. More generally, Smoot-Hawley did nothing to foster trust and cooperation among nations in either the political or economic realm during a perilous era in international relations.
The Smoot-Hawley tariff represents the high-water mark of U.S. protectionism in the 20th century. Thereafter, beginning with the 1934 Reciprocal Trade Agreements Act, American commercial policy generally emphasized trade liberalization over protectionism. The United States generally assumed the mantle of champion of freer international trade, as evidenced by its support for the General Agreement on Tariffs and Trade (GATT), the North American Free Trade Agreement (NAFTA), and the World Trade Organization (WTO).
"The United States generally assumed the mantle of champion of freer international trade, as evidenced by its support for the General Agreement on Tariffs and Trade (GATT), the North American Free Trade Agreement (NAFTA), and the World Trade Organization (WTO)."
To support free trade should only take a single sentence. Entering into thousand-page agreements is the opposite of free trade.
It is not free trade to join the WTO and then retaliate against other nations for their use of subsidies, i.e. their willingness to give us gifts in the form of artificially cheap products.
It looks like we are following history again and this time it will be different. This time we have little manufacturing, most of the people don't live on farms and most of the people in the US including the govt. have little or no savings. So when this depression gets into full bloom, we will have lots of green paper and hyperinflation to keep us company. Along with your neighbor that will be in the same tent city that you will be in. These idiots have destroyed our nation and our economy because they wanted to be rich. Well when the hammer comes down they will finally see what the US will look like, a 300 million person third world.
The Smoot-Hawley Tariff was more a consequence of the onset of the Great Depression than an initial cause.
Current posturing is emulating Smoot-Hawley.
Ergo we are in a depression
Hmm. Upcoming events, Nov. FOMC meeting, Dec. "Tell us where the money went" disclosure, This Trade thing, The Chinese response....
Looks to be an interesting Nov, Dec to me.
Ok so I have a trade for China - we will reduce our spending & begin to work through our financial issues on ONE condition - China agrees to accept everyone in the legislative, judicial, & executive branches of the US government - they can do WHATEVER they would like to them - with ONE exception - NO RETURNS ACCEPTED! Good Lord saves us from OUR GOVERNMENT -
China makes the move and flips off the US House.:
"USD/CNY closed yesterday at 6.6868 but the Chinese officials are ignoring this and have set the official mid-rate at 6.7011."
http://www.forexlive.com/135908/all/china-thumbs-its-nose-at-white-house...
So, the correct corse of action, let the flow of dollars to China continue, and let them loan them back to us, forever? What will stop it, a lower dollar...
Senate was dismissed to Local affairs a long time ago.
In 1993 we tore down our version of the wall and no one noticed and here
http://www.answers.com/topic/american-cyanamid
is the rinsed vesion
===============================
There are still two related categories of Genuine Globalists: Internationalists, whose ranks are filled with "political bureaucrats" whose activities include "forging legal agreements and pacts between nations and, increasingly, between blocs of nations" and Transnationalists, "money men and company men who operate at a certain rarefied level" Genuine globalists, unlike Provincial and Piggyback globalists, have their own institutions to advance their agenda: financial institutions like the International Monetary Fund (IMF), trade agreements like the General Agreement on Tariffs and Trades (GATT), and international political organizations like the United Nations. The efforts of the Genuine globalists are also aided by the increasing homogeneity of global popular sub-Saharan Africa. The power of these genuine Western globalists is not to be gainsaid; Bill Moyers’s finding also that "just about a dozen or fifteen individuals made day-by-day decisions that regulated the flow of capital and goods throughout the entire world" The globalist tripod of trade, finance, and security is largely due to its dependence on the hegemony of the United States. I have not retired yet and Congress is http://www.opensecrets.org/ so wake up.
http://econ.bus.utk.edu/november%20newsschool.pdf
As for today the game it is in the 4th quarter to your to your Liberty.
The true genius of Marxism was its thoroughgoing materialism, and that therefore the true enemy of Marxism was not any particular social class, but the Christian culture that united manager and worker in one civilization. Gramsci’s subtle strategy, therefore, was not to foment proletarian revolutions, which are unlikely to appear, but to "Marxize the inner man"
The seal is in the forehead Kids.
Damn the Chinese for lending us all that money to wage wars all over the world, have enough money to provide ample unemployment checks, subsidize green technology, have enough for Social Security and allow us to work in shiny office buildings pushing paper.
Pot calling the kettle black?
Well worth the read, tears up some preconceived notions:
All QE2, All the Time
Why QE Doesn't Work
By Ed Yardeni
BULLET POINTS: (1) Fed study buries textbook money multiplier. (2) The Treasury's lap dog. (3) Kohn's exit speech admits Fed is clueless. (4) In 1988, Bernanke questioned money multiplier model. (5) The fiscal multiplier is also baloney. (6) The administration's stimulators are jumping ship. (7) Profitable companies, not bloated governments, create jobs. (8) No double dips in Earnings Month. (9) Double dip in consumer sentiment. (10) No recovery in housing industry.
http://www.safehaven.com/article/18355/all-qe2-all-the-time
In the past, many civilizations were governed priestly classes that justified their exalted positions by performing elaborate rituals intended to bring rain, promote good harvests, bring about the end of winter and the return of summer, and so forth.
Now we are ruled by elites who perform elaborate rituals intended to stimulate the economy, create jobs, increase competitiveness, and so forth. The overall pattern remains the same, but the rituals have become much more expensive and destructive. Consider that a rain dance might be a waste of time, but at least it doesn't do any long term damage. And it might even be enjoyable for the participants.
But we are still recovering from the housing bubble caused by Congress' previous attempt to overstimulate the economy. Congress scares me a lot more than the Chinese.
+1
In the case of the Mayans, there were also blood sacrifices. Lots of them, in fact.
The Yuan giving Congress the middle finger!
@ Bananamerican...
NO, DOG SHiiT.
Schumer's a slick cunnt and knows full well EXACTLY what hes doing. He sees the economic/ fiscal situation in the US falling apart, and they are striking out at China because they feel the searing heat of whats coming over the next 18 months, and they know they will need that common enemy real bad. This is a cokksucker's legislation-- any self-respecting country doesnt give a fcuk who pegs to it's currency. If China wants to bitch out and peg thats there prerogative. When you are a strong and self-respecting nation, you produce and , export and import with no regard for other nations' currencies. If the import is too expensive you dont buy it. If they dont wanna pay the price of your export you dont sell it. ANY INVOLVEMENT IN THE CURRENCY OF ANOTHER NATION IN THE MANNER OF THIS LEGISLATION SHOULD BE A VERY VERY BIG RED FLAG TO THE PEOPLE OF AMERICA THAT THE C***SUCKERS THEY WERE FOOLISH ENOUGH TO ELECT FEEL THE HEAT OF THE DOMESTIC ECONOMIC PROBLEMS THAT ARE COMING. THEY ARE NOW ANTAGONIZING ANOTHER NATION PURELY TO DISTRACT FROM THE RUIN THAT THEIR MISDEEDS AND INCOMPETENCE HAVE AND WILL INCREASINGLY BRING. Schumer: "China's manipulation of their currency is the boot on the neck of the American people." Me: "No, Bitch, yours is the boot on the neck of the American people!" ... SCHUMER FEELS THE HEAT AND HIS FLINGING OFF A NON-SENSICAL-IN-ALMOST-EVERY-WAY PIECE OF LEGISLATION TO PRESERVE HIS POWER, PERIOD. This stuff would only pass as acceptable among a nation of morons. Either way, BIG BIG red flag. Rocky Raccoons got a post below from Yardeni about the stimulus-pushers jumping ship. Chuck is damning the torpedoes prancing up to the bow and stepping up the charge against the chinese and at the same time all of america.
"a sucker's game which will only stop when we call THEIR bluff" indeed!
Lord and Masterbater....what congress is doing is sheer demagoguery....
But i welcome it if it means the 1st shot in a long overdue trade war.
China is a command and control economy populated with billions of serfs.
They do NOT engage in fair trade. Many of our oligarchs look at China with great wistfulness wishing they could pillage in a similarly unfettered way I'm sure, but China IS the face of unfettered State capitalism.
For myself and my country I don't give a damn about china or their cheap disposable shit products.
And I don't care if i have to pay twice the amount for a hammer that lasts longer than a month. I do care whether or not THIS country is able to generate decent paying jobs (maybe americans wouldn't spend so much time trolling the aisles of WalMart for "bargains" if they once again did). How will such a scenario be possible unless China is forced to live UP to basic standards of human rights and business practices?
How can we compete fairly with them, when they engage in environmental rapine, slave labor exploitation, indifference to patents, etc?
I guess I'm a little shocked at how many ZH'ers seem to be OK with the U.S going DOWN to China's level.(Are there that many folks with a footprint over there?) We've gone down far enough to suit me as it is. Globalists have flooded the country with illegals and helped ship much of our manufacturing base overseas all in the name of myopic short term greed.
It's the process of corporate globalization that has hollowed out this country and all the wingers at ZH want to do is talk about "socialism"
People who want to maintain this mad global rush to the bottom show the same mentality as 19th century slavers..."How can we be economically competitive without our Nigras!" "You'll have to pay more for yer COTTON!!" "The darkies never HAD IT SO GOOD till we brung 'em here!"...Even Tyler with his " the next thing will be exploding prices at Wal Mart"...OHHH NooooOOOOO. At WalMart the "food" will kill you and you have to buy the frickin' product 2, 3, 4, 5 times....how bout some exploding "quality"? The Corporat ethos is just about played out in amerika. All that could be co-opted was and we are now seeing the fruits of that corruption play out. Too many right wingers here still mistake all this as the result of political corruption...and how can you when BOTH parties have sold out the citizens they ostensibly represent.....it aint political corruption... It's CORPORATE greed that kills. Corporations=The Snake. Politicians=Eve.
Americans have been insulated from so much for so long. Let them FEEL the effects of what's been done TO them....
Let them get pissed off! (this should have happened in '09...i.e. No bailouts.) It's naked lunch time.
Bitch: You are being disingenuous and you know it. How is any of this china's fault. if they make shitty products, then we dont buy from them, period. Same with Mozambique. If Mozambique makes products we dont like, then we say oh shit looks like theres a Mozambique company that makes hammers where the head falls off when you hit the first nail. Then we dont buy from them.
Your shit is 20 IQ points off the mark on this... not because you dont have a decent understanding of the topics, but because you dont see how transparent your attempts to confuse matters are. None of all that shit that you bring up regarding corporatism, globalists matter in this discussion. This discussion is based on how we should not antagonize china over the currency issue. Yes, i see that you agree that the legislation is demagoguery. Now stop trying to hide and be cute like a bitch with the issue, and take the obvious-to-a-moron next step and say that the legislation is completely wrong- headed and hurtful to the american people because it antagonizes another nation unnecessarily. Stop with the distracting side-points-- we are smarter than you here, it doesnt fly. You might as well work for Schumer-- his assistants would be equally unintelligent in their attempts to obfuscate matters which are clear to moderately- superior or very superior intelligences.
Try it again guy. Careful, dont be a pussy this time. I'll see your first false step and call you out on it again.
well, you are funny....
but if i ever see you post again here meat purse, I will personally shit down your neck, tear off your throat and crap on the crepe you ate YESTERDAY morning you four fingered hermaphroditic biznitch dwarf!
too cerebral, bitch
I've been asking the same question. Since when is quantitative easing not a currency manipulation of the worst kind?
They certainly didn't lift a finger when the Swiss or Japanese actively tried to devalue their currencies.
Apparently, its only manipulation when America doesn't agree with you.
errr... ekinomiks are hard
Chart: DX
The Old: "It's the economy, stupid."
The New: "It's nothing but the fuckin' dollar." ( Hint: It's goin' on up.)
http://99ercharts.blogspot.com/2010/09/dx_29.html
CONFUCIUS SAYS...
http://williambanzai7.blogspot.com/2010/09/confucius-says.html
I never did like economists or their castrated prognostications, never did make me any money either. I understand where you are coming from with that whine about "no tariffs," don't make the mistakes of the depression. But is it labor's fault that, just like the case with illegal immigration, corrupt and heartless politicos, bought and paid for in some corporation's pocket, that these oligarchs stealthily allowed everything that the US had worked for since its inception to be shipped to third world countries under the "high-fallutin" economical notion of "globalization?" Is it American labor's fault that they have our nuts in a vise until we're damned if we do, damned if we don't? We are getting to the point where there is nothing left for the middle class in this country. Oligarchs from both "parties" have been fleecing this country for years, so don't come whining to me and wishing for more backhanded central bank manipulations and behind the back payments, politicization to push this bullshit show farther down the road. We need manufacturing jobs back. I'd rather be a business owner than a worker anyway, so ship the jobs from American companies to China, fine, but send me my bonus check in the mail for being one of the millions of hard working Americans whose families allowed these plutrarchs to flourish in the first place.
Same thing with illegal immigration. The oligarchs, probably with help from their republican friends, stealthily allowed illegal immigration to occur en masse, regular citizens had no idea of the influx, no idea that local police could not enforce immigration laws, no idea that millions of anchor babies were being squatted out on this side of the Rio Grande and then promptly signed up for welfare and medicaid. Why on earth would the Republicans be behind that? Ask your local oligarch - cheap labor my friends.
So I won't believe that it's "too late" to take action when we've been collectively "jive talked" by politicians for the past two decades, made to watch footage of water-skiing squirrels while the shit-house burned down around us, until our nuts were firmly wedged in the proverbial vise and the politicians don't even have the decency to be red faced, when glancing over at our predicament, they raise their hands in a gesture of helplessness, "too late now, big mess, guess we'll have us some amnesty."
Spare me.
here here
I read every post, I laughed and I cried and I thought through the pain expressed, then I thought some more. Yes I now know the answer.
Turn around and walk back to August 15th 1971. Turn right, past Nixon, and walk on to a bright future.
There will be implications. you will have to live within your means, wives will be mothers to children,and Husbands work six days, your constitution will be honored. You will drive one car and eat home cooked meals and invite your neighbors to B-B-Qs.You will eat out on Bithdays and holidays as a treat. You will save for a purchase and not have a credit card. You will write letters using correct verse and punctuation. police and school teachers will be honorable. you will have a conversation face to face. Banks will lend only to those people who can prove the ability to repay by showing a savings regime over twelve months. 20% deposit down and no more than 30% main breadwinners wage allowed in repayment. Overtime payments are disregarded but will put fruit on the sideboard. Unions will keep employers honest as the Westminster system demands (an opposition to hold a government accountable). Lobbyist will not exist so no graft is available to sway from good governance. Doing Gods work is left to the Churches and Charities. Levis jeans, good shirts and shoes will have made in America tags. Your military forces will be much smaller and reside at home bases but your 'defensive only ' capabilities will be frightening and sold to the World as best practice.Your army Navy and Air force will only accept stable healthy and educated men and woman who apply as a career. You will know your family doctor. University Tuition will be free. Trades will be taught by Master craftsmen to young men. Lawyers will give good advise. Old age will be revered and sport will be played for sport and not for money.
Well it could happen because it did happen !!!
that's beautiful picture you paint Mental...of a world to work (back) toward
..It occurs to me however (thanks ZH) that it's an impossible dream...
America is gone.
Yeats-"Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity."
We have become a collection of sifted Peoples looking for a paycheck with no particular love for any particular locale....I get it now....and i understand Tyler D. now....
Those words should be carved on stone.
But, it must be a way to hit Chinese goods without harming the poor man.
I guess that even the luxury yachts in Miami are full of chinese electronic crap. And on that crap yacht builders have an huuuge mark up.
However this law will not create even one job. The only effect we are starting to see is a fast approaching to war.
China has begun buying japan debt, sending the yen to the moon and starting a cold war between the two countries.
Washington mandarins are evil and stupid becouse they think they can have some benefit on an exploding local conflict in the East.
The string is becoming overstretched...