Friday, November 12, 2010

G-20 Refuses to Back U.S. Push on China's Currency

      Boy, things do work differently when your country does not have the respect, honor, and yes, even the  might that it once had in the world order.  The Pres has been abroad for a week and what has he accomplished with his overseas mission?  Do we have a trade deal with India?  Will Korea buy our cars? Will China agree to change their way on currency manipulation? Where is his next stop, Japan?  Will we trade our steel and autos with Japan?  Ops, they make the steel and the autos now.  Wheeling and a dealing just ain't what it used to be.
    I will say again, come home and promise to work with the newly elected to fix the problems of your own country and get the people back to work.  While you have been gone, the Dems are already back-tracking on the plan to yes, extend the Bush tax cut to ALL Americans.  You only have two years in office to do the right thing and get the country moving again.             

                                    Please, let my people create jobs.

The dispute over whether China and the United States are manipulating their currencies is threatening to resurrect destructive protectionist policies like those that worsened the Great Depression in the 1930s.
The biggest fear is that trade barriers will send the global economy back into recession. A law the United States passed in 1930 that raised tariffs on imports is widely thought to have deepened the Great Depression by stifling trade.
The G-20 leaders pledged to move toward more market-determined exchange rate systems and enhance exchange rate flexibility. Although directed against China, the statement leaves significant room for interpretation since the language is vague and does not impose any time frame for enforcing a market-determined exchange rate.

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