U.S.: China not manipulating currency

[sabra]

http://www.businessweek.com/ap/financialnews/D8HH4FVG0.htm?campaign_id=apn_home_down&chan=db


U.S.: China not manipulating currency

The Bush administration on Wednesday announced it would not brand China as a country that was manipulating its currency to gain unfair trade advantages.

The decision came in spite of growing pressure in Congress to take punitive action to deal with a U.S. trade deficit with China that hit a record $202 billion last year.

Treasury Secretary John Snow did say he was "extremely dissatisfied" with the pace of China's currency reforms.

[hadrons]

1. sorry Snowjob, Wal-Mart says otherwise ....

[Selatius]

2. China owns our asses

Together, Japan and China financed roughly 40 percent of the national debt. We depend on Chinese manufacturers now for many of our goods. They're in a position of power; we're in a position of weakness. The more money we keep borrowing, the more we're hanging ourselves with the noose China gives us.

[Inland]

3. The hope for a quick fix to trade deficits out the window. Shitty news.

It means that there really is a problem in our essential economic behavior, not currency fiddling.

[Lefty48197]

4. Just how f*cking STUPID are the members of the Bush administration?

China is NOT manipulating their currency? They tied their currency to ours for several years, prohibiting the value of their currency from reaching it's true market value. THAT'S not currency manipulation? If the value of their currency had been allowed to rise to it's proper position, relative to the value of the dollar, then we wouldn't have lost so many manufacturing jobs to China. Walmart loves the Chinese currency manipulation, so the right wingers won't do anything about it. What a bunch of f*cking morans they are.

[cliss]

5. Stupid idiots in Washington.

I just read an article recently that said that "the United States has a code of conduct for each country, and it's different for each and every one."

Can you imagine that? This is the height of dysfunctional behavior. We need to have standards, and they need to be applied to EACH AND EVERY COUNTRY, regardless of who they are.

This is going to come back and haunt them.

[w4rma]

6. I'm so glad Republicans are more intrested in protecting China rather than

America. :sarcasm:

[0007]

11. The only thing the Republicans are interested in is making

money for themselves. They'll do anything legal or illegal to obtain their dreams. Including selling out America.

[NewJeffCT]

7. sure, they're not manipulating their currency

They're keeping it basically frozen at the level it's been for years.

[TheCrankyOne]

8. If this keeps up

America is toast! How long do you think it takes to learn how to speak Chinese?

[TrogL]

9. HEE HEEE HAAA HAAA

you've GOT to be kidding

:rofl::rofl:

[Ilsa]

10. Wink-wink, nod-nod. eom

[mom cat]

12. As the dollar slides, China will be worth a lot less.