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Currency manipulation bill introduced in Senate

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posted on Sep, 23 2011 @ 09:44 AM

As part of a bipartisan group, U.S. Sen. Bob Casey (D-Pa.) introduced legislation aimed at addressing China’s currency manipulation.

Casey and other Pennsylvania lawmakers, along with manufacturing groups, the steel industry and labor groups, have been pushing for the U.S. government to take a stronger stance against China’s currency manipulation. These critics contend that China’s policy devalues its currency against the dollar which allows Chinese products to undercut U.S. goods.

Unless something dramatic in the world changes we are stuck with the system of free-trade. This is not a defeatist attitude but more of a realist one. Yet just because we cannot reverse the course of globalization entirely that began in the 1940s it does not mean we have to just sit back and take everything which is handed to us either. This legislation I see is our way of taking back the issue to reverse the course of mass exodus from ours shores of manufacturing companies and reducing the enormous trade imbalance that is now sitting between $550 and $600 billion a year.

China is a currency manipulator; if we practiced free-trade where rules were enforced for both sides to follow they would not be a free-trade partner. They will do everything in their power to attract jobs, nothing wrong with that they are an individual country trying to survive in this social Darwinist world. But at the same time we cannot sit back and ignore our problems domestically and around the world that have been harming us since the 1980s. For we too must look out for number 1, America should be fighting just as hard for every job that China is fighting for and we should not have to do that by implementing slave labor because we do not want to enforce fairness in our trade policies.

Pat Buchanan also discusses the trade issue in his new post here: Whose Country Is It, Anyway?

U.S. corporate executives leapt at the opportunity to close plants here and relocate abroad. This explains the 50,000 factories that disappeared in the Bush decade and the 5.5 million manufacturing jobs that vanished.
Our $6 trillion in trade deficits in the Bush decade stimulated economies all over the world, just not our own. Indeed, the most successful economies of the last decade were China and Germany. Not coincidentally, they were the world’s two largest exporting countries.

posted on Sep, 23 2011 @ 10:02 AM
Only a few politicians care about this country and the people anymore. This bill won't go very far because the politicians that the corporations bought will do as their told and kill it. And then they will say we need to give them more tax breaks because they are job creators. They just leave out what country they are creating jobs in.

posted on Sep, 23 2011 @ 10:19 AM
It's funny how so many people get China's currency manipulation wrong, most U.S officials say it hurts the U.S and helps China, but the truth is it's the other way around.....
edit on 23-9-2011 by Rockdisjoint because: (no reason given)


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