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Old 01-23-2009, 10:32 PM
 
7,020 posts, read 10,126,383 times
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Barack Obama's choice as the next treasury secretary has fired the first shot in what could be a new protectionist battle between America and China.

Tim Geithner told US senators that Obama believes that China has been manipulating its currency, the yuan - an accusation that is likely to hurt relations between the two countries.

In written testimony at a confirmation hearing, Geithner said that "President Obama - backed by the conclusions of a broad range of economists - believes that China is manipulating its currency."

The former head of the Federal Bank of New York went on to tell the Senate finance committee that Obama will use "all the diplomatic avenues open to him" to push for changes in China's currency practices.

Geithner is expected to be officially confirmed in his post by the full Senate within days.


Obama team accuses China of manipulating its currency

Finally, the unfair trade practices and currency manipulation is being called out. Here's hoping that the playing field will finally be leveled. If not, China should be forced to keep their cheap, lead based junk in their own country.
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Old 01-23-2009, 10:50 PM
 
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Yes, their junk and their poison. Just heard today that most of the ingredients in our pharmaceuticals are manufactured in India and China. Defintely another good reason to go holistic if possible. These mercenaries just murdered their own nation's babies with tainted milk. I am so sick and tired of people being so complacent about accepting China's garbage because it is cheaper. I'd rather do without than buy their junk. Fair trade is fine, but free trade is destroying America.
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Old 01-23-2009, 11:15 PM
 
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We don't have much room to complain....
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Old 01-23-2009, 11:22 PM
 
Location: Dallas, TX
31,777 posts, read 24,916,390 times
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Quote:
Originally Posted by JDubsMom View Post
Barack Obama's choice as the next treasury secretary has fired the first shot in what could be a new protectionist battle between America and China.

Tim Geithner told US senators that Obama believes that China has been manipulating its currency, the yuan - an accusation that is likely to hurt relations between the two countries.
...
Good to see someone finally willing to stand up against abuse.China's currency manipulation is old news, and it is about time we had a dialogue.

Last edited by EinsteinsGhost; 01-23-2009 at 11:42 PM..
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Old 01-23-2009, 11:23 PM
 
Location: southern california
55,676 posts, read 74,671,253 times
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i dont think that is a wild accusation.
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Old 01-23-2009, 11:31 PM
 
27,903 posts, read 34,468,932 times
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Default Simple equation.

306,000,000 capitalist vs. 1,500,000,000 communist
$12.5 trillion GDP vs. $4.3 trillion GDP

When Obama get's rid of the federal reserve then he will have some room to complain.
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Old 01-23-2009, 11:34 PM
 
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So if it's wrong to manipulate currency, what's the federal reserve for?
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Old 01-23-2009, 11:34 PM
 
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Quote:
Originally Posted by EinsteinsGhost View Post
I've often wondered if fear (of anything) is the driving force behind a conservative mind and discussions like this enforce my beliefs. You should be proud that finally we have someone willing to stand up against abuse by a foreign country designed to hurt America. China's currency manipulation is old news, and it is about time we had a dialogue. Not only are you supporting abuse, you're undermining America and oppose a stand against it.
I think you misunderstood JDubsMom's post. She was on the side of Obama
and just quoting from the article.
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Old 01-23-2009, 11:39 PM
 
Location: North Carolina
3,397 posts, read 3,007,670 times
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Quote:
Originally Posted by BigJon3475 View Post
We don't have much room to complain....
No, Wal-Mart has no reason to complain. It's the big corporations like Wal-Mart who profit the most from their overseas affiliation with sweat shop labor and bottom dollar(or should I say cent) pricing on products that literally have to be thrown together with whatever materials are available just so they can make a profit. What we need to do is initiate policies that make it more economically sound for companies to bring those production jobs back home to the US. Replacing old tariffs and rebuilding our industrial machine would put vast pressure on companies to come back home and let Americans start making things again. We need a return to the good old days when America was the country exporting the goods. These days, our imports are the only thing that really keep our ports hopping.
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Old 01-23-2009, 11:42 PM
 
Location: New York, New York
4,861 posts, read 6,080,797 times
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Quote:
Originally Posted by Reads2MUCH View Post
No, Wal-Mart has no reason to complain. It's the big corporations like Wal-Mart who profit the most from their overseas affiliation with sweat shop labor and bottom dollar(or should I say cent) pricing on products that literally have to be thrown together with whatever materials are available just so they can make a profit. What we need to do is initiate policies that make it more economically sound for companies to bring those production jobs back home to the US. Replacing old tariffs and rebuilding our industrial machine would put vast pressure on companies to come back home and let Americans start making things again. We need a return to the good old days when America was the country exporting the goods. These days, our imports are the only thing that really keep our ports hopping.
I agree! Great post!
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