Main China Daily Xinhua Pens Epic Anti-US Tirade, Bashes America As Source Of All Global Financial Ills

You thought China was going to take this weekend's endless bashing by Obama, telling it to grow up and act as "an adult", lying down? You thought wrong. China main daily publication Xinhua has just released possibly the most scathing anti-America editorial via Liu Tian, to ever see the very public light of day. "For the United States, it should put its house in order before chiding others. Since the onset of U.S. subprime crisis in 2007, it was the country's domestic economic problems that triggered a disastrous financial crisis that swept the world. Excessive spending for many years has added up debts. Meanwhile, traditional strong industries such as finance and auto were devastated by the crisis, pushing up unemployment. In face of such serious domestic problems which probably could trigger a new global economic tsunami, many U.S. politicians seemed only to care about how many votes they could get, without having a single thought about what kind of the global responsibilities the country should take. Thus it should come as no surprise that the angry "Occupy Wall Street" protesters are calling for an end to the political tricks in Washington." Ball is in your court president Obama: it is now your turn to piss off your biggest creditor (at least until QE3 ends) even further.

From Xinhua, Liu Tian

Scapegoating others no answer to U.S. economic woes

In a replay of scapegoating China for the economic woes of America's own making, U.S. President Barack Obama claimed Sunday that Beijing has "still not done enough" to revalue its currency.

"There has been slight improvement over the last year but it hasn't been enough," he commented on the exchange rate of the yuan against the U.S. dollar at a news conference after the Asia-Pacific Economic Cooperation (APEC) economic leaders'
meeting in Honolulu, Hawaii.

But he failed to mention the fact that the yuan has already appreciated by about 30 percent against the greenback in the past six years.

In international trade, every country is supposed to exert its competitive edge. China does have an advantage in labor costs when it comes to the trade with the United States. But it's puzzling that when Washington keeps complaining about its trade deficit with China, it refuses to sell hi-tech products to China, in which America has an edge.

To many, the U.S. obsession in the issue of yuan exchange rate is just another puzzle. Based on the facts over recent years, it's evident that forcing the yuan to appreciate will only result in massive bankruptcy of Chinese small- and medium- sized companies, and still leave the problem of U.S. trade deficit unsolved.

Chinese President Hu Jintao told Obama on Sunday that appreciation of the yuan won't help Washington solve its problems such as trade deficits and unemployment. In fact, China's exchange policy is responsible, said Hu.

At a CEO summit of the APEC, Hu also pledged China will give equal importance to import and export and focus more on increasing import while maintaining a stable level of export.

This will probably spur the U.S. exports to China which may also create jobs in the United States.

For the United States, it should put its house in order before chiding others.

Since the onset of U.S. subprime crisis in 2007, it was the country's domestic economic problems that triggered a disastrous financial crisis that swept the world.

Excessive spending for many years has added up debts.

Meanwhile, traditional strong industries such as finance and auto were devastated by the crisis, pushing up unemployment.

In face of such serious domestic problems which probably could trigger a new global economic tsunami, many U.S. politicians seemed only to care about how many votes they could get, without having a single thought about what kind of the global responsibilities the country should take.

Thus it should come as no surprise that the angry "Occupy Wall Street" protesters are calling for an end to the political tricks in Washington.

Squeezing China, especially on the yuan, is an old trick in the run-up to U.S. presidential election. Such a tactic of scapegoating others may attract some voters' attention, but is definitely no answer to America's real problems.

Comments

[grok]

yeah but how would the US do that?  by printing more money?  and then what, we just keep running deficits and print the money to fund it?  Come on there is no way out other than matching gold reserves to external debt on a per country basis and getting back to hard money.  It's not fair to some/a lot of the people of all of those countries, but there is no political solution to this that can be characterized as fair... and every time we go back to fiat systems some of the members start stepping out of line, and then the others do the same to try to get back on an even footing.  It's all bullshit, no one from competing nations will ever trust each other to not violate the rules of balance, it will ALWAYS DEVOLVE without some kind of external, physical, inherently uncheatable framework that serves the function of money.  As far as I know, there is only one thing that comes close.

[surrational]

Obama is lying though, I don't think there will ever be any serious action on China. Our government likes outsourcing our jobs to India and China, drives up corporate profits and pretty obvious they could give a shit about the people. Just more of the usual BS to get the sheeple thinking he gives a damn.