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New GOP Lawmakers Want Action on China Currency

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posted on Jan, 17 2011 @ 12:32 AM
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New GOP Lawmakers Want Action on China Currency


www.foxnews.com

Chinese President Hu Jintao's high-profile visit to Washington this week comes as newly elected Republican lawmakers are itching to act against what they see as an undervalued Chinese currency that is costing American jobs.

But they could run into resistance from their own party. In fact, Congress may be less likely to pass legislation on the issue than it had been last year, when both chambers were under Democratic Party control. A bill to give U.S. companies a means of challenging what the..
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posted on Jan, 17 2011 @ 12:32 AM
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This is a multi-faceted subject, from what I've read on it so far.

It is, in part, an effort to suggest a division inside the GOP because of the Tea Party. We could hold a discussion solely on the topic of demonizing the movement, and honestly, I haven't been too impressed with the results of the election. I hold dismal expectations for their ability to legislate the way the populace wants them to.

Secondly, it is about China's increasing ability to do whatever it wants outside US Control. I see this, overall as a good and bad thing. It is bad, because we have allowed ourselves to get to the point that China can dominate the US without consequence. It is good because the general population will have to admit that the elected officials have strayed far from what they were sent to Washington to do, and there will be increased pressure to do right by their promises.

I hope to start seeing impeachments, criminal indictments and a general positive shift in Washington toward freedom and liberty while still maintaining the structure of our government.

www.foxnews.com
(visit the link for the full news article)



posted on Jan, 17 2011 @ 07:05 AM
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reply to post by sbctinfantry
 




I think it's laughable that our politicians want to control a different sovereign nation's currency and monetary policy. Why would China listen to us? Is our system worthy of admiring, or learning from?


Hu also offered a veiled criticism of efforts by the U.S. Federal Reserve to stimulate growth through huge bond purchases to keep down long-term interest rates, a strategy that China has loudly complained about in the past as fueling inflation in emerging economies, including its own. He said that U.S. monetary policy "has a major impact on global liquidity and capital flows and therefore, the liquidity of the U.S. dollar should be kept at a reasonable and stable level."

Hu's responses reflect a China that has grown more confident in recent years—especially in the wake of the global financial crisis, from which it emerged relatively unscathed.


If anything, we should take a few lessons from them.



And, our politicians are upset because China's exports are so CHEAP...something good for buyers all around the world.


That is likely to disappoint Washington, which accuses China of unfairly boosting its exports by undervaluing the yuan, making its products cheaper overseas. The topic is expected to be high on U.S. President Barack Obama's agenda when he meets Mr. Hu at the White House on Wednesday.



So, China likes to export at low prices, and curb inflation.

End result, very soon the dollar will not be the 'dominating world currency'.

...he[Hu] called the present U.S. dollar-dominated currency system a "product of the past" and highlighted moves to turn the yuan into a global currency.



I like Ron Paul, and he has made the case for currency competition here in America. He sees the flaws and knows that we need a change. If we don't have competition here in America, where the best system would win out over time, there is world competition and the Fed monopoly monetary policy is failing.
edit on 17-1-2011 by BenIndaSun because: (no reason given)





 
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