Question by Original American: America Takes Steps to Confront China on deliberately undervaluing currencies, but one stands in the way?
The Senate voted to open debate on a bill that calls for U.S. tariffs on imports from countries with deliberately undervalued currencies, prompting an angry rebuke from China.
Many economists say China holds down the value of its yuan currency to give its exporters an edge in global markets.
Many of the world’s top economic policy-makers have long urged China to allow its currency to strengthen as a way to help fix the imbalances in the global economy that have been blamed for contributing to the financial crisis of 2007-09.
In an argument that has gained traction with U.S. unemployment stuck above 9 percent and as 2012 elections draw near, supporters of the bill say that if the yuan were allowed to rise, U.S. exports to the fast-growing Chinese market would increase, cutting an annual trade gap of more than $ 250 billion and creating jobs in the United States.
But Top Republican in Congress is Opposed to it.
The strong misgivings of House of Representatives Speaker John Boehner were the first clear sign the currency legislation might fizzle out, as similar bills have done since lawmakers began targeting China’s yuan policy in 2005.
“I think it’s pretty dangerous to be moving legislation through the United States Congress forcing someone to deal with the value of their currency,” Boehner told reporters.
“While I’ve got concerns about how the Chinese have dealt with their currency, I’m not sure this is the way to fix it.”
Why is John Boehner Waving the White Flag to the Chinese?????
http://news.yahoo.com/senate-takes-first-step-china-yuan-bill-001119095.html
Best answer:
Answer by sound_of_the_silenced3
The United States has no business criticizing anyone about manipulating its currency.
The Federal Reserve has been doing it for 100 years.
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Tags: America, China, Confront, Currencies, deliberately, stands, Steps, Takes, undervaluing
Sir John of Orange is in big business’ pocket.
They tell him what to do, and when to do it.
Next question.
Look in the mirror