Guest views are now limited to 12 pages. If you get an "Error" message, just sign in! If you need to create an account, click here.

Jump to content
Sign in to follow this  
RVDinar4MyFamily

Lawmakers: U.S. should crack down on China

Recommended Posts

Lawmakers: U.S. should crack down on China

By Charles Riley, staff reporterJanuary 14, 2011: 4:58 PM ET

NEW YORK (CNNMoney) -- Two members of Congress circulated a letter amongst colleagues on Friday that accuses China of consistent violations of international trade law, and warns the behavior will no longer be tolerated.

Reps. Mike Michaud, a Maine Democrat, and Thaddeus McCotter, a Republican from Michigan, plan to send the letter to President Obama.

25Email Print G-20 nations at a glance

The move comes as the White House prepares for the first visit of Chinese President Hu Jintao to Washington during the Obama administration.

Michaud and McCotter see the visit as a golden opportunity for President Obama to press China on trade issues.

"My colleagues and I want President Obama to convey to President Hu that we will no longer turn a blind eye to their consistent violations of international trade law," Michaud said in a statement.

Trade pressures between China and the United States have been growing, with U.S. Treasury Secretary Timothy Geithner saying in a speech earlier this week that China needed to do more to address the trade gap and U.S. complaints about an undervalued Chinese currency.

The yuan problem isn't going away

The Chinese government has been accused of keeping its currency, the yuan, pegged to the dollar, in order to keep its exports cheap. That theme is echoed in the letter.

"[China's] currency is manipulated by as much as 40%, and its low value helps China to maintain its status as the world's biggest exporter," the letter says.

The letter also alleged that China is taking illegal action in the paper and rare earth material industries, in violation of their World Trade Organization commitments.

0:00 /2:11GM hits it big in China

"China's disregard for its WTO membership directly hurts the U.S. economy and impedes our ability to recover from the economic downturn," Michaud said.

In September, the House took aim at China, and approved legislation that would authorize the Commerce Department to impose duties on imports from countries with undervalued currencies.

That legislation died in the Senate, but underscores the concern of elected U.S. officials over Chinese trade policy.

http://money.cnn.com/2011/01/14/news/economy/china_congress/index.htm?section=money_latest&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_latest+%28Latest+News%29

Share this post


Link to post
Share on other sites

Lawmakers: U.S. should crack down on China

By Charles Riley, staff reporterJanuary 14, 2011: 4:58 PM ET

NEW YORK (CNNMoney) -- Two members of Congress circulated a letter amongst colleagues on Friday that accuses China of consistent violations of international trade law, and warns the behavior will no longer be tolerated.

Reps. Mike Michaud, a Maine Democrat, and Thaddeus McCotter, a Republican from Michigan, plan to send the letter to President Obama.

25Email Print G-20 nations at a glance

The move comes as the White House prepares for the first visit of Chinese President Hu Jintao to Washington during the Obama administration.

Michaud and McCotter see the visit as a golden opportunity for President Obama to press China on trade issues.

"My colleagues and I want President Obama to convey to President Hu that we will no longer turn a blind eye to their consistent violations of international trade law," Michaud said in a statement.

Trade pressures between China and the United States have been growing, with U.S. Treasury Secretary Timothy Geithner saying in a speech earlier this week that China needed to do more to address the trade gap and U.S. complaints about an undervalued Chinese currency.

The yuan problem isn't going away

The Chinese government has been accused of keeping its currency, the yuan, pegged to the dollar, in order to keep its exports cheap. That theme is echoed in the letter.

"[China's] currency is manipulated by as much as 40%, and its low value helps China to maintain its status as the world's biggest exporter," the letter says.

The letter also alleged that China is taking illegal action in the paper and rare earth material industries, in violation of their World Trade Organization commitments.

0:00 /2:11GM hits it big in China

"China's disregard for its WTO membership directly hurts the U.S. economy and impedes our ability to recover from the economic downturn," Michaud said.

In September, the House took aim at China, and approved legislation that would authorize the Commerce Department to impose duties on imports from countries with undervalued currencies.

That legislation died in the Senate, but underscores the concern of elected U.S. officials over Chinese trade policy.

http://money.cnn.com/2011/01/14/news/economy/china_congress/index.htm?section=money_latest&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+rss%2Fmoney_latest+%28Latest+News%29

I have been wondering why the US hasn't been doing this for YEARS~! If China play'd fair, maybe some of our US companys could have a level playing field and keep JOBS here!!!! Where they belong! thanks for the post..... But I don't think Obama has the balls for do very much against China....... And they know this! Just Saying!

  • Upvote 1

Share this post


Link to post
Share on other sites

Slap a tariff on them what are they gonna do?

If they raised the value of the yuan wouldn't they sell

less but make more per unit? It would be better than

a tariff I bet.

Share this post


Link to post
Share on other sites

Not going to happen until if & when we get our own house under control with our debt. China owns too much of it and is already quckly moving away from buying more. It's hard to tell which will occur first, the collapse of the dollar or China completely refusing to buy more debt. Either way, it's not looking good. We're hardly in a position to demand much from them at this point. :twocents:

  • Upvote 2

Share this post


Link to post
Share on other sites

Just some food for thought about this subject. If the dinar was to RV at $3.80 USD, the 3.7 trillion dinar that the US holds could pay our debt of 14 trillion off. I think we have had some folks in congress know what is about to transpire with this dinar and went on a wild spending spree. Surely this administration will step up and take credit for the dinar the US holds. The part that gets me is I believe our President voted against the war when he was the Senator from Illinois. But with an RV of $3.80 the debt could be paid off.

Some other things I've been looking at is Iraq's budget that has been posted on this site, (not sure if the budget is real) , 13 trillion dinar for defense, amounts to 11.2 billion USD, I have a hard time believing they can take of their borders with that amount of money unless it RV's or they're depending on the US troops to take care of it for them.

I'm not sure how the energy sector will work, but if you're trying to get an infrstructure in place, do they depend on the companies that are coming in to help get the resources out of the ground build their own power generation and that becomes the foundation for power and once these companies have done that do you tie them into a grid? These are just a few things I've wondered about. Adam has talked about opportunities for investing after the RV and my thoughts that infrastructures like power, water, sewage and roads are probably some of the avenues to turn our small investments into huge investments. I'm a simple man but when I invested in this opportunity I started reading some of the post and pondering how all of this works. Maybe you can help me to learn or understand. I look forward to running with the big dogs after the RV.

Willy1der

Share this post


Link to post
Share on other sites

Not just America that has problems with Chinese exports!..... solution?..... check to see were the item is made before you purchase it! We can help level the playing field by being more vigilant!

Share this post


Link to post
Share on other sites

Just some food for thought about this subject. If the dinar was to RV at $3.80 USD, the 3.7 trillion dinar that the US holds could pay our debt of 14 trillion off. I think we have had some folks in congress know what is about to transpire with this dinar and went on a wild spending spree. Surely this administration will step up and take credit for the dinar the US holds. The part that gets me is I believe our President voted against the war when he was the Senator from Illinois. But with an RV of $3.80 the debt could be paid off.

Some other things I've been looking at is Iraq's budget that has been posted on this site, (not sure if the budget is real) , 13 trillion dinar for defense, amounts to 11.2 billion USD, I have a hard time believing they can take of their borders with that amount of money unless it RV's or they're depending on the US troops to take care of it for them.

I'm not sure how the energy sector will work, but if you're trying to get an infrstructure in place, do they depend on the companies that are coming in to help get the resources out of the ground build their own power generation and that becomes the foundation for power and once these companies have done that do you tie them into a grid? These are just a few things I've wondered about. Adam has talked about opportunities for investing after the RV and my thoughts that infrastructures like power, water, sewage and roads are probably some of the avenues to turn our small investments into huge investments. I'm a simple man but when I invested in this opportunity I started reading some of the post and pondering how all of this works. Maybe you can help me to learn or understand. I look forward to running with the big dogs after the RV.

Willy1der

Some very astute observations, nicely done

Budget is real IMO, I believe the budget will probably be apporved at the current rate and will then be amended to show the RV in the form of a rider of some sort.

The 3.7 trillion dinar the US holds is specualtion, we don't have any proof of the US holding those dinar, to me it makes sense the US and other countries, especially those who hold Iraq debt, probably do hold dinar for the purpose of using the dinar to pay off some of its own debt. China holding so much US debt gives them the upper hand right now against the US and IF the US were able to pay off that debt to China, they would lose that edge and one can only specualte what would happen to the value of the Yuan, and I am not even gonna try to figure that one out. China's reported resistance to Iraq RV of their currency (intel rumor and speculation) would make sense if this were the case. China may very well be either seeking a sweet deal for themselves in this being that the would be losing so much in interest from the US becoming debt free from them, OR they are trying to block it all together for as long as possible, because they know they know what will happen if the RV were to pay off the us debt. Besides the Dinar that the US may hold, there is the taxes they will be able to collect from us, the investors who will be paying a pretty penny to them after the RV. This is all just specualtion on my part and like you questions I have of whay will and won't effect the RV.

Share this post


Link to post
Share on other sites
Guest
This topic is now closed to further replies.
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.



×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.