Bill Punishing China for Currency Manipulation Moves Closer to Senate Vote

Full story: Fox News

The Senate on Monday weighed whether to punish China for undervaluing its currency and taking away American jobs.

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Genie Janie

Woodbridge, VA

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#1
Oct 3, 2011
 

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THAT'S a hypocritial laugh considering OUR OWN FED CURRRENCY system has done the same thing for years and is STILL doing it.
If that's not proof the inmates are running the assylum, I don't know what is.
Gunthrie Jenkins

Lombard, IL

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#2
Oct 3, 2011
 

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It's time to pull all our assets out of China. If they refuse to play by the rules, let's take our ball back home and leave them in isolation. Meanwhile we should arrest Van Jones and George Soros for Treason.
THATS TRUE

New York, NY

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#3
Oct 3, 2011
 

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Genie Janie wrote:
THAT'S a hypocritial laugh considering OUR OWN FED CURRRENCY system has done the same thing for years and is STILL doing it.
If that's not proof the inmates are running the assylum, I don't know what is.
QFT!

Quoted For Truth!
Out of well frog

Spring Hill, FL

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#4
Oct 3, 2011
 

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Whose rules? Be honest to ourselves...we have been playing our rules over the world. Now we taste our own medicine. Get out of your well, frog and see the large sky.
Out of well frog

Spring Hill, FL

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#5
Oct 3, 2011
 
At last, we have a few honest Americans around...we might have hope yet.

“I'm From the USA, 5 Years Here”

Since: May 10

Haungshi, China

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#7
Oct 3, 2011
 

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Every time I see someone say or post, "don't buy Chinese products" I chuckle. The slogan, buy America is great, but all it is is a slogan with very little validity.

I surmise, in order for the USA to compete in today's manufacturing markets, we'd have to give up 2/3rds of our wages and most of our benefits. The American people saddled with a high cost of living could never accept that. If we did, then the banks would collapse from foreclosures and loan defaults, our auto industry would fold, our food industry and distribution would be in similar straights, even Wal-Mart would collapse because no one could afford anything they sell. That is the short term. The long term is a depression so deep it will take us at least a decade to climb out of. Probably much longer.

So we have to be patient, we have no choice. Because as the dollar becomes worth less on the international markets and the RMB goes up in value, the people in China will demand higher wages and more benefits, thus we will be able to compete and manufacturing will come back to the USA.

Or we can make silly demands that have no bases in reality and is only done for political expediency, or we can be honest with our people instead of lying to them, thus creating so much distrust that the people end up marching on Wall Street.

Since: Mar 08

Aliso Viejo, CA

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#9
Oct 3, 2011
 

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For 30 years, Chinese RMB exchange rate vs the dollar has remained stable. It is the Fed's non-stop money printing that devaluated the dollar, making it uncompetitive, while expecting others to pay for the excess.

Since: Jun 10

Guangzhou, China

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#10
Oct 4, 2011
 
Technically the reason it has remained stable, is that the Chinese gov. has locked the value in to the dollar, it is not a real free-floating currency.
Genie Janie

Woodbridge, VA

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#11
Oct 4, 2011
 
Jim Em wrote:
Every time I see someone say or post, "don't buy Chinese products" I chuckle. The slogan, buy America is great, but all it is is a slogan with very little validity.
I surmise, in order for the USA to compete in today's manufacturing markets, we'd have to give up 2/3rds of our wages and most of our benefits. The American people saddled with a high cost of living could never accept that. If we did, then the banks would collapse from foreclosures and loan defaults, our auto industry would fold, our food industry and distribution would be in similar straights, even Wal-Mart would collapse because no one could afford anything they sell. That is the short term. The long term is a depression so deep it will take us at least a decade to climb out of. Probably much longer.
So we have to be patient, we have no choice. Because as the dollar becomes worth less on the international markets and the RMB goes up in value, the people in China will demand higher wages and more benefits, thus we will be able to compete and manufacturing will come back to the USA.
Or we can make silly demands that have no bases in reality and is only done for political expediency, or we can be honest with our people instead of lying to them, thus creating so much distrust that the people end up marching on Wall Street.
That is a factor.
bob barker

La Porte, IN

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#12
Oct 4, 2011
 

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Jim Em wrote:
Every time I see someone say or post, "don't buy Chinese products" I chuckle. The slogan, buy America is great, but all it is is a slogan with very little validity.
I surmise, in order for the USA to compete in today's manufacturing markets, we'd have to give up 2/3rds of our wages and most of our benefits. The American people saddled with a high cost of living could never accept that. If we did, then the banks would collapse from foreclosures and loan defaults, our auto industry would fold, our food industry and distribution would be in similar straights, even Wal-Mart would collapse because no one could afford anything they sell. That is the short term. The long term is a depression so deep it will take us at least a decade to climb out of. Probably much longer.
So we have to be patient, we have no choice. Because as the dollar becomes worth less on the international markets and the RMB goes up in value, the people in China will demand higher wages and more benefits, thus we will be able to compete and manufacturing will come back to the USA.
Or we can make silly demands that have no bases in reality and is only done for political expediency, or we can be honest with our people instead of lying to them, thus creating so much distrust that the people end up marching on Wall Street.
Jim, first off I must tell you that I have great appreciation for chinese people, land and culture. I'm not a hater nor a "china basher". I don't work for the C.I.A or the US gov't. My ideas are my own. Can you say the same?
When you say the dollar is becoming worthless and the RMB becoming powerful you are saying the opposite of the truth. RIGHT NOW the dollar is the most plentiful currency on the planet. It is the most widely traded currency on the planet. the dollar is the main currency of many latin american countries and a few african countries and is accepted in dozens of other countries. the dollar is the most widely used currency on every world stock and commodities exchanges. The RMB is accepted in one country (even taiwan and hong kong have their own currencies). Foreigners cannot change RMB to any other currency within China unless at the airport (where the rate is horrible) or through the black markets. Even countries like Vietnam and Thailand do not accept RMB and they are your neighbours.
Jim, when you talk about what is to come like it is what is already happening you sound delusional and a bit goofy.
Think about this well.
WJB

New York, NY

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#13
Oct 4, 2011
 

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As a result;

http://www.google.com/search...
smallville

Shanghai, China

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#15
Oct 4, 2011
 

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Gunthrie Jenkins wrote:
It's time to pull all our assets out of China. If they refuse to play by the rules, let's take our ball back home and leave them in isolation. Meanwhile we should arrest Van Jones and George Soros for Treason.
Just go. We already think foreign companies have too much share in some important areas such as car-making or wholesales. It is time to kick out some or at least be more selective. Actually China has a more open market than many other so-called open market countries. There are many areas that foreign companies have 50%-80% shares.

You think we are going to miss you? You think you are irreplaceable? I am regret that I had a GM car before. I will not choose USA-brand car again, next choice will be Volvo because Volvo sold to China, and I am still waiting pure Chinese car makers to upgrade. Rightnow pure Chinese car makers still concentrating on low or low-middle class cars which can not match my demand.
smallville

Shanghai, China

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#16
Oct 4, 2011
 

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Before, China domestic market was very limited and generate low profit while USA market was big and generate relatively big profit. But now is changing rapidly. No one denies that USA market is still important. But, the share is declining year by year. Soon, USA market share in China's export will be below 15%.
Genie Janie

Woodbridge, VA

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#17
Oct 4, 2011
 

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So much for friendly trade. Our politicians manage to muck up a lot. Ignorance of economics and common sense doesn't help either.

Since: Jun 10

Guangzhou, China

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#18
Oct 4, 2011
 
bob barker wrote:
<quoted text>
Foreigners cannot change RMB to any other currency within China unless at the airport (where the rate is horrible) or through the black markets.
That is completely untrue, foreigners can change rmb to other currency at a bank, I do it all the time.
Robbie

Edenton, NC

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#19
Oct 4, 2011
 

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Jim Em wrote:
Every time I see someone say or post, "don't buy Chinese products" I chuckle. The slogan, buy America is great, but all it is is a slogan with very little validity.
I surmise, in order for the USA to compete in today's manufacturing markets, we'd have to give up 2/3rds of our wages and most of our benefits. The American people saddled with a high cost of living could never accept that. If we did, then the banks would collapse from foreclosures and loan defaults, our auto industry would fold, our food industry and distribution would be in similar straights, even Wal-Mart would collapse because no one could afford anything they sell. That is the short term. The long term is a depression so deep it will take us at least a decade to climb out of. Probably much longer.
So we have to be patient, we have no choice. Because as the dollar becomes worth less on the international markets and the RMB goes up in value, the people in China will demand higher wages and more benefits, thus we will be able to compete and manufacturing will come back to the USA.
Or we can make silly demands that have no bases in reality and is only done for political expediency, or we can be honest with our people instead of lying to them, thus creating so much distrust that the people end up marching on Wall Street.
Sorry but I don't buy into the fact that the people in China will ask for higher wages. There are so many of them that they are disposible and will be disposed of if they ever tried for higher wages. How many union jobs are there in China or for that matter how many manufacturing jobs pay over $50 a week or a month for that matter. The USA will NEVER compete with Chinas jobs market because it would call for an entire overhaul of our monetary system and corporations to lower their prices to compete---this will never happen, although it would be a good move for the citizens but who gives a sh!t about them..........

“I'm From the USA, 5 Years Here”

Since: May 10

Haungshi, China

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#20
Oct 4, 2011
 

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bob barker wrote:
<quoted text>
Jim, first off I must tell you that I have great appreciation for chinese people, land and culture. I'm not a hater nor a "china basher". I don't work for the C.I.A or the US gov't. My ideas are my own. Can you say the same?
When you say the dollar is becoming worthless and the RMB becoming powerful you are saying the opposite of the truth. RIGHT NOW the dollar is the most plentiful currency on the planet. It is the most widely traded currency on the planet. the dollar is the main currency of many latin american countries and a few african countries and is accepted in dozens of other countries. the dollar is the most widely used currency on every world stock and commodities exchanges. The RMB is accepted in one country (even taiwan and hong kong have their own currencies). Foreigners cannot change RMB to any other currency within China unless at the airport (where the rate is horrible) or through the black markets. Even countries like Vietnam and Thailand do not accept RMB and they are your neighbours.
Jim, when you talk about what is to come like it is what is already happening you sound delusional and a bit goofy.
Think about this well.
I look into the future, you are stuck in the delusional grandeur that everything stays the same, nothing changes.

RMB can be changed in banks in the USA. Rates at airports have always been terrible.
Mirolyuba

Vancouver, Canada

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#21
Oct 4, 2011
 

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Gunthrie Jenkins wrote:
It's time to pull all our assets out of China. If they refuse to play by the rules, let's take our ball back home and leave them in isolation. Meanwhile we should arrest Van Jones and George Soros for Treason.
Ha Ha!
NO JUSTICE NO PEACE

New York, NY

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#22
Oct 4, 2011
 

“I'm From the USA, 5 Years Here”

Since: May 10

Haungshi, China

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#23
Oct 4, 2011
 

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According to the CIA world facts book (available online) we (the USA) send 6% of our exports to China. They in turn send 18% of their exports to us.
In time, as the RMB and Dollar reach parity, those figures will even out, but it will take about a decade or so, based on the fact the RMB has gone up by 30% in the last 6 years.

Therefore, there is no sense in trying to destroy a trading partner, that will do us no good and will hurt us in the long run anyway. Plus, China, being a smart country, if we do that, they have far more power to bring us down to our knees then they do us. But I don't think they will, they'll just move onto other markets and wait for us to come back with our tails between our legs because we will have realized this political gimmick has totally backfired on us.

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