China has been so blatant in their currency manipulation that even Democrats are proposing legislation to punish them to try and rectify the situation. If you ask Barack Obama though, they’re as pure as the driven snow.
Just weeks after Hu Jintao kicked in the door of the oval office and explained to Obama what the new world order really means, the Treasury Department has officially cleared China of accusations of currency manipulation. The accusations centered around the fact that China keeps the Yuan artificially undervalued, thereby making exports cheaper and making it impossible for American companies with higher operating costs to compete. They cleared them, but at the same time acknowledged that what they were saying was untrue.
According to Timmy the tax cheat’s department, China’s behavior didn’t rise to the level of currency manipulation, but progress toward allowing the yuan to appreciate was “insufficient.” In other words, they’re crooked, but we aren’t going to do anything about it.
Well, the treasury may not do anything about it, but Barack Obama certainly is. He personally shoveled jobs over to China while Hu Jintao was here. Agreements worth billions were signed that would benefit China, while helping to create jobs in the United States. Yeah, I don’t know what that means either. Executives from top American companies don’t know what it means either. Companies such as GE couldn’t wait to get their audience with Hu to ship even more jobs out of the United States. As a reward for taking advantage of the manipulated Yuan, GE CEO Jeffery Immelt was christened a top economic advisor to Barack Obama. That should tell you alot about what Obama’s economic plans actually are. Spread the wealth.
The trade deficit with China is so severe, every report that comes out is another trade gap record broken. We can expect that to continue with Barack Obama. In all fairness, this was one of George Bush’s economic philosophies as well. Maybe not for the same reasons, but the approach is exactly the same. So far, the only ones in Congress making any noise are a few Democrats. Yes, that’s how much trouble we’re in. Tell a Republican about this and you’ll get a lecture on free trade. We’re in trouble, and we’ve been in trouble for a while. Hopefully, one of my many posts on China will hit a nerve somewhere and start a chain reaction that will result in something-anything being done to remedy the situation. Trade gap $50 billion for November. In one month. Just throwing that out there…
I don’t know what more we can expect while China holds so many of our IOUs. Obama is so far over his head. He really doesn’t have a clue.
Or, this could be his spread the wealth social justice plan. Either way, it’s destructive to the U.S.
Meanwhile they are going to open up banks here in the U.S. I would not even want to imagine how this works… too big to fail? How much razzle dazzle behind the scene with the Fed.
Yeah, and I saw your article about the bid for defense contracts as well. Talk about a 1-2 punch…
More Cloward-Piven, anyone? Barry is following the “destroy this country from as many angles as possible” plan.
He doesn’t understand that punishing success has failed every time it’s been tried. He thinks “leveling the playing field” is the fair thing to do. Of course, to do that he has to be unfair to those that are prosperous. Fail.