Maybe he's bringing them some new techno gadget? April 8 (Bloomberg) -- U.S. Treasury Secretary Timothy F. Geithner embarked on a previously unscheduled trip to China as the world’s third-largest economy weighs letting its currency appreciate.
How does any nation compete with slave like labor? Does China tax citizens for national healthcare? Massive entitlements?
Geithner left India for a closed-door meeting with Chinese Vice Premier Wang Qishan in Beijing today, Treasury spokesman Andrew Williams told reporters in Mumbai. Geithner stopped in Hong Kong en route for talks with local leaders.
Congress is demanding Geithner label China a currency manipulator for keeping the value of the yuan at about 6.8 to the dollar, which some U.S. lawmakers say gives unfair advantage to Chinese exporters. His trip comes four days after he postponed an April 15 deadline for a semiannual review of the currency policies of major U.S. trading partners.
“The U.S. administration was understandably concerned that we were headed toward a very slippery slope,” said Stephen Roach, chairman of Morgan Stanley Asia Ltd., in a Bloomberg Television interview yesterday. “If we had held to the April 15 deadline, and gone out with a currency manipulation verdict on China, that could have unleashed a very dangerous chain of events.”
How can the working class in America, straddled with paying for massive entitlements, illegal immigration, and now Obamacare compete with workers that make like $.05 per hour?
U.S.-China relations have been strained by U.S. weapons sales to Taiwan, President Barack Obama’s meeting with the Dalai Lama in February and the shutdown of Google Inc.’s Internet search engine in mainland China. “It appears both sides have taken a step down,” said Marc Chandler, global head of currency strategy at Brown Brothers Harriman & Co. in New York.
All this concern about Google's profits? What about jobs begin lost on Main Street?On April 3, Geithner said meetings over the next three months will be “critical” to bringing policy changes that lead to a more balanced global economy.
Exactly how is that global economy balanced? High taxes on workers? Somehow, Obamatax seems to benefit only the rich. If you have money you will keep it, and it you're working to make money, you'll give it all to Obama for redistribution.
Big global players, Wall Street alumni seem to hold out their money buckets, and Obama stuffs them with cash. Americans get locked into perpetual debt.
Will IndyMac and OneWest be the Obama template for special interests?“Countries large and small, countries around the world, have a huge interest in making sure that growth in their countries comes more from domestic sources,” he said in an interview yesterday on Bloomberg Television in Mumbai. “So that’s what’s at stake, that’s what we’re trying to generate support for around the world.”
Except, if you're American. Obama will continue to send billions to stimulate foreign business, workers, and global players. A few examples - the green energy grants, oil loans for Brazil and Soros interests...
more here -
http://www.bloomberg.com/apps/news?pid=20601087&sid=azWGUPg63pgY&pos=3Sorry, no jobs for Americans. Just perpetual debt, taxation, and poverty.
jmho
