Trade War with China
[From Christian Science Monitor, 17 Sept. 2010] "The storm
clouds gathering over America's trade relations with China darkened this week,
prompting some observers to warn of a coming trade war between the world's two
largest economic powers.
As Treasury Secretary Timothy Geithner openly criticized China for keeping its currency undervalued, angry congressmen urged legislation that would punish China for artificially boosting its exports. Adding to the threatening drumbeat, Washington lodged two new complaints against China at the World Trade Organization (WTO), charging that "China is breaking its trade commitments to the United States and other WTO partners," according to a statement by US Trade Representative Ron Kirk. These are all signs that major imbalances in world trade -- where the US has the biggest deficits and China has the biggest surpluses -- "make it inevitable we are going to end up in a messy situation," says Michael Pettis, a professor of economics and finance at Tsinghua University in Beijing. Mr. Geithner spoke more clearly than ever before about US frustrations with the snail-like pace of Beijing's moves to strengthen the value of its renminbi (RMB) currency.
"We are concerned, as are many of China's trading partners, that the pace of appreciation has been too slow and the extent of appreciation too limited" he said. "We would have to see a very substantial change over time for that judgment to change." Since Beijing stopped tying the RMB to the US dollar last July, the Chinese currency has increased in value by about 1.5 percent. Some congressional critics of Beijing have claimed that the currency is overvalued by as much as 40 percent. Geithner cautioned, however, against taking any steps that could spark retaliation from one of America's most important trading partners.
Skepticism that a stronger RMB would reduce trade deficit
Some American economists say that boosting the value of the RMB, which would make Chinese exports more expensive abroad and US imports cheaper here, would help shrink the US trade deficit with China.
But the Chinese government warned against outside efforts to accomplish that. Foreign Ministry spokeswoman Jiang Yu said Thursday that "pressure cannot solve the issue. Rather, it may lead to the contrary." Leading Chinese economists have also cast doubt on US critics' reasoning. At a conference Tuesday, Ding Yifan -- an economist with a think tank that advises the Chinese government -- warned that Washington would be unwise to touch off a trade war with its fastest-growing export market. Nor is it clear that even a large appreciation in the value of the RMB would reduce the US trade deficit with China, argues Xiang Songzuo, deputy head of the International Monetary Institute at Beijing's Renmin University. In the three years before Beijing pegged its currency to the US dollar in July 2008, the RMB gained more than 20 percent against the dollar, he points out, "but the US trade deficit with China did not decrease. It increased. "A policy of currency appreciation will not be of significant value to the US," he insists.
Still, China 'reluctant' to enter a trade war
Even so, Prof. Xiang says, "Chinese leaders would be very reluctant to enter a trade war" with the United States. "America would also lose from such a war, but China worries more", he adds. That, he says, is because although Beijing is trying to derive more economic growth from domestic consumption, China's economic performance is still heavily dependent on its export sector. "Export industries employ so many people, and a drop in exports would mean a rise in unemployment which could cause very serious social unrest," Xiang argues. 'Social stability is Chinese leaders' top priority, and the way to achieve it is fast economic growth to keep people working.'"Ford, Peter. "Why some economists see a looming US-China trade war." Christian Science Monitor 17 Sept. 2010: N.PAG. MAS Ultra - School Edition. EBSCO. Web. 8 Nov. 2010.
Should America hold China responsible for shoddy products? Should we regulate trade in our own favor? What would happen if we stopped buying from China for a brief period of time? Should America use her power and might in a trade war? Neh. 5:2–11, Hab 1:1-17, 2:1-10
"We do not seek to contain China's rise..." ~ Barack Obama
Response to comment [from a Messianic Jew]: "[A]merica no longer is in charge of itself."
[Key banker is skeptical about Fed plan by Patrick Danner]
"San Antonio — The Federal Reserve's plan to rejuvenate the economy by buying
$600 billion in Treasury bonds might be the "wrong medicine," the Fed's top
official in Dallas warned Monday in San Antonio.
Richard Fisher, president and CEO of the Federal Reserve Bank of Dallas, whose district includes Houston, said he could envision this second round of Fed purchases leading to a weaker dollar, "super ordinary inflation," financial speculation and accelerating the transfer of wealth to the rich "from the "poor and the worker and the saver."
"The remedy for what ails the economy is, in my view, in the hands of the fiscal and regulatory authorities, not the Fed," Fisher said in a speech to members of the Association of Financial Professional.
Fisher called on Congress to "incentivize" corporations to "take the kind of risk that expresses confidence in the future that will end up adding cap ex (capital expenditures) domestically and hiring more American workers." Congress needs to figure out the right tax and regulatory regime to accomplish that, he said later in an interview..." Key banker is skeptical about Fed plan
"China will overtake the US as the world’s biggest economy by 2012, or within two years..." Full text China May be Bigger Economy than US within Two Years
[Stephanopoulos interview w/ Donald Trump] Trump:
"...[T]hey're [China] getting away with absolute murder. They're making the
products that we used to make in this country...We're rebuilding China....
...I'd tax China. They manipulate the currency....We tax China, we'll pay off that debt very quickly....
....[D]on't forget, you're talking about trade war....[W]e cannot let the rest of the world beat us up. I mean, we're like a whipping post right now, and we can't let that continue to happen... " Full text
"The makings of a trade war with China...No
one familiar with the Smoot-Hawley tariff of 1930 should relish the prospect of
a trade war with China -- but that seems to be where we're headed and probably
should be where we are headed. Although the Smoot-Hawley tariff did not
cause the Great Depression, it contributed to its severity by provoking
widespread retaliation. Confronting China's export subsidies risks a similar
tit-for-tat cycle at a time when the global economic recovery is weak. This is a
risk, unfortunately, we need to take..." Full text:
The makings of a trade war with China
China does what's best for China. It's time for America to do what is best for America.
"...In late March, Adm. Robert F. Willard, the leader of the United States Pacific Command, said in Congressional testimony that recent Chinese military developments were “pretty dramatic.” China has tested long-range ballistic missiles that could be used against aircraft carriers, he said. After years of denials, Chinese officials have confirmed that they intend to deploy an aircraft carrier group within a few years.
China is also developing a sophisticated submarine fleet that could try to prevent foreign naval vessels from entering its strategic waters if a conflict erupted in the region, said Admiral Willard and military analysts.
“Of particular concern is that elements of China’s military modernization appear designed to challenge our freedom of action in the region,” the admiral said.
Yalong Bay, on the southern coast of Hainan island in the South China Sea, is the site of five-star beach resorts just west of a new underground submarine base. The base allows submarines to reach deep water within 20 minutes and roam the South China Sea, which has some of the world’s busiest shipping lanes and areas rich in oil and natural gas that are the focus of territorial disputes between China and other Asian nations.
That has caused concern not only among American commanders, but also among officials in Southeast Asian nations, which have been quietly acquiring more submarines, missiles and other weapons. “Regional officials have been surprised,” said Huang Jing, a scholar of the Chinese military at the National University of Singapore. “We were in a blinded situation. We thought the Chinese military was 20 years behind us, but we suddenly realized China is catching up...” Full text: Chinese Military Seeks to Extend Its Naval Power
"Yalong BAY, China -- The Chinese military is seeking to project naval power well beyond the Chinese coast, from the oil ports of the Middle East to the shipping lanes of the Pacific, where the United States Navy has long reigned as the dominant force, military officials and analysts say. China calls the new strategy ''far sea defense,'' and the speed with which it is building long-range capabilities has surprised foreign military officials. [Abstract from Publisher]" Works Cited
WONG, EDWARD, and Thom Shanker. "Chinese Military Seeks to Extend its Naval Power." New York Times 24 Apr. 2010: 1. MasterFILE Premier. EBSCO. Web. 28 Sept. 2010.Response to comment [from a "Christian"]: "Yes, we must reject the "free trade" shibboleths of conservatism and work to increase our manufacturing base, by banning outsourcing and tariffing nations that don't allow unions. Like China.
Is that what you mean?
We should not have trade deficits.
Response to comment [from a Christian]: "Actually, China does what's best for the 3% that belong to the Communist Party..."
throws a hissy fit:
[Dollar to Be 'Discarded' by World: China Rating Agency By Ee Sing Wong] "...His
sentiment is also reflected in a strongly worded editorial published by China’s
official Xinhua news agency on Saturday that is widely seen as a thinly-veiled
criticism of U.S. fiscal and economic policies from Beijing.
The editorial called for “international supervision over the issue of U.S. dollars” and the introduction of “a new, stable and secured global reserve currency.”
It also noted that as its largest creditor, Beijing has every right “to demand the United States to address its structural debt problems and ensure the safety of China's dollar assets." Full text: Dollar to Be 'Discarded' by World: China Rating Agency Re 13:17
Response to comment [from other]: “What is a "zipperhead"?”
It sounds provocative.
Aren’t you the one who believes some people
developed along more evolved lines than others?
Christians know we are one race—the human race (Ac 17:26). We also know that a war is coming (Eze 37, 38). Better get on the right side (Josh 24:15).
Darwin's Plantation: Evolution's Racist Roots
Response to comment [from a “Christian”]: “[S]he's a racist and a liar...”
Aren’t you the one who believes that some monkeys are more special than other monkeys?
Darwin's Plantation: Evolution's Racist Roots
Response to comment [from other]: “What is a Zipperhead?”
Response to comment [from a “Christian”]: “Wrong. It isn't a term for a communist. It is a slur for Asians...”
We fought against
Response to comment [from other]: “You don't even know what the words you use, mean.”
Response to comment [from a “Christian”]: “I don't know why I even try to discuss things with you. You can only be willfully ignorant if you think zipperhead isn't a racial slur for Asians.”
You’re projecting again (Eze 33:31; Mt 23:3).
Probably your own
beliefs about Asians (Luk
Did somebody not cook the
Response to comment [from an atheist]: “…[J]ust being a troll…”
Stop stalking me.
Response to comment [from a “Christian”]: “You respond to this but of course you ignore the request for a citation.”
Response to comment [from other]: “Show me a source stating that "zipperhead" has to do with dead communists rather than those of Asian descent...”
Dead Asian communists
“Was he talking to communists or Asians?”
In the movie?
Sidebar: We’ll call you a zipperhead when you join them.
Response to comment [from a “Christian”]: “I have no negative beliefs about Asians…”
Would you like me to believe you?
“I just know what the term you used means and how it is used.”
Are you a member of the thought
police? Eccl 10:2
Response to comment [from a “Christian”]: “And you do realize that the term as used in that movie is about Asians, not communists, right?”
Opening a history book
wouldn’t kill you.
“She probably thinks there's no difference Count...”
I hope he’ll take
Response to comment [from a “Christian”]: [Are you a member of the thought police? Eccl 10:2] “No. Maybe the vocabulary police…”
Silence the critic?
“I'd love to see you go to China or North Korea and call a group of people zipperheads.”
Would you like communism in Amerika?
Response to comment [from a “Christian”]: “And the movie used the term correctly...”
Is it correct to call every Asian
a zipperhead regardless of his/her political view?
Response to comment [from other]: “'Zipperhead' isn't a name directed at or associated with communists but is in fact a racial slur.”
Take it up with Flukeman.
Response to comment [from a “Christian”]: [Silence the critic] “No. It's about using the correct terminology…”
Who decides what the “correct
terminology” is? Eze 28:1-2
Response to comment [from other]: “They did get it right in Gran Turino…”
“…The character was referring to Asians in a derogatory manner…”
The main character did not
distinguish between assimilated and non-assimilated Asians. He called them all
Clint Eastwood is a handsome guy.
“Since when do racists 'distinguish' between assimilated and non assimilated people to broadcast their ignorance and prejudice?...”
Why would a racist die for a people group he hated? Jn 15:13
“Have you even seen this film?”
Yes. Have you?
Response to comment [from other]: “Recommended reading: Racist America…”
Response to comment [from other]: “…Do you detest racism and racial slurs?”
Racism is wicked (Ac 17:26). Do you think Harry Truman was
an anti-Semite? He used the term "kike". "Harry Truman sometimes used the term
"kike" in private conversation, but it was he who went against the advice of his
entire State Department and recognized Israel's existence as soon as Israel was
declared a state..." Full text:
Reid Punished by Liberal Preoccupation with Private Comments
by Dennis Prager
Put Left-wing Speech Control in the Cross Hairs by Dennis Prager
Response to comment [from a “Christian”]: “My history isn't the problem here.”
Response to comment [from other]: Why would a racist die for a people group he hated? Jn 15:13
[Why would a racist die for a people group he hated? Jn 15:13] “By the time he does that he no longer holds those views! At that point he wouldn't be calling them 'Zipperheads' either…”
He was both the
antagonist and the protagonist in the film?
“…[Y]ou somehow missed the characters gradual shift. How is that?”
I’m sure you’re right.
What would your take be on this bit of Americana, limey? Did sweet Becky ask for it?
"You really are little Miss Ignorant aren't you?"
What's this song about, limey? Eye of the Hurricane David Wilcox (MP3"right click and :save target as" to download KBCO version) Think she's got a Jap' bike? Isa 22:13, Ga 5:19, Lk 12:20.
What in the world does this have to do with anything? ...
One more... ...”Kenny Rogers - The Gambler" Mt 6:33
Response to comment [from other]: [He was both the antagonist and the protagonist in the film?] "Yes in a manner of speaking. He was the main lead with deep character flaws who finds a kind of redemption by finally seeing his ignorance and prejudice for what it is..."
He had a plan which included giving up his life for the
youths of the neighborhood. In preparation for this, he went home and wrote a
with these words:
"...My friend... Thao Vang Lor. On the condition that you don't chop-top the roof like one of those beaners, don't paint any idiotic flames on it like some white trash hillbilly, and don't put a big, gay spoiler on the rear end like you see on all the other zipperheads' cars. It just looks like hell. If you can refrain from doing any of that... it's yours." ~ Lawyer, Gran Torino
"Is that some kind of alien concept for you to understand?"
It's ok. These films don't always translate well overseas.
"A protagonist isn't necessarily some flawless persona..."
He should have left the boy a beanerized Prius with a gay pride bumper sticker.
"The best heroes tend to be those portrayed as actual human beings..."
Now he's a hero?
"So you think Clint's character has undergone no shift at all by the climax of the film then? He's still the same racist as he was at the start? Seriously?"
Why the kneejerk reaction calling people racists?
Eccl 10:2. Do you do this
in social settings?
"Sorry but I'm not wasting megabytes on country music thanks, I can't stand it for the most part and certainly not Kenny Rogers."
There's your problem right there.
You don't know Americans too well, do you? China's rising. Get to know them.
They'll cozy up to you and your communist buddies (Eze 26-28).
Do you like egg-a-rolls and wodka? We had Europe's back for a while but you can
that that is coming to an end.
Too bad about that anti-American strain from the Left in your country.
After America: Get Ready for Armageddon by Mark Steyn
Response to comment [from other]: "Yeesh, I only just read this. Zipperhead?" Come on. Maybe you made a stupid uniformed mistake in using the term, serpenddove, if so, admit it and apologize. We all make mistakes. But defending it? That's just insult upon insult. Crass."
Was it right for America to fight in Korea? How about Vietnam? My answer is an unequivocal yes. How 'bout you?
"...Stop using the term 'zipperhead' now you finally know what it is..."
"...and watch Gran Turino because it's blatantly obvious you haven't actually seen it. Either that or you just couldn't see the point which is probably just as likely."
Do you believe America should have gone to war in Korea and Vietnam?
Response to comment [from a "Christian"]: racist
You forgot: sexist, Islamophobic, xenophobic, homophobic, bigot... You fight global warming. I'll fight evil.
"Global warming is evil so I'm fighting evil too."
Too bad you can't call evil evil. Godless communists should have zipperheads. You would have shot the Americans am I right?
Response to comment [from a Christian]: "I will bite, gotta see the response. No!"
Of course you'd say that.
"Far be it for me to say you're brain dead
It might help if you get your a** out of bed
It twists me inside to see your girlfriend's backside
She get tongue-tied and run.." : ~ What Gives My Son? Ned's Atomic Dustbin (right click, open in new window)
"No answer from you. Thought so."
It was right
to fight against the forces
of communism (2
Thess 2:7), DrBumbly.
Walking Through Syrup Ned's Atomic Dustbin (right click, open in new window)
"If communism came here to our shores, then you'd be right."
Response to comment [from a "Christian"]: "SD seems stuck on auto-spam."
Are you prepared to call communism evil now?
Response to comment [from other]: "Better her spewing out lame spam that her spewing out racist tripe.
lefties love that word "spew" don't you?
What do you think of godless communism?
Would your motto have been get laid
avoid the draft
26:36, 37; Deut.
51:12, 13; Gal.
Swanson, James ; Nave, Orville: New Nave's. Oak Harbor : Logos Research Systems, 1994
Proof please. Ad hominem. Your "racist" card is trite.
"There's a difference between trite and true."
Proof please. Aren't you the one who believes that some monkeys
developed along different lines from other
We believe the Bible. We are one race and one blood (Ac 17:26).
Darwin's Plantation: Evolution's Racist Roots
Four Lies that Ruined the World by Adrian Rogers (mp3 right click, "save target as" to download)
[ Racist card ] "It's not my card; it's yours."
I don't make a habit of calling strangers racists. :hammer:
"I'm very good friends with a few Americans..."
The old "I'm very good friends with a few Americans" trick...
[American friends] "What are you banging on about now?! It happens to be true..."
We have Asian friends, too. One, named Charles, doesn't
mind that we call him "Charlie".
Perhaps you are too thensitive?
"...I fail to see how it's a "trick". I notice you don't address any other aspect at all and just parade your usual smileys."
You're free to use all the smilies you'd like. We'll question your manliness but that's beside the point.
"What the hell are you on?!"
High on life (Eph 5:18).
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Trump to ramp up trade pressure on China with call for probe on Monday
Trade War with China