Bipartisan action in Washington!
Under the leadership of Senator Stabenow of Michigan and Senator Brown of Ohio, and other senators, on October 11, 2011, the Senate passed a bill related to unfair currency manipulation by China and other trading partners.
Reaction to passage of the bill in the Senate
The Knox article goes on to state: “China repeatedly condemned the proposed bill as it advanced in the Senate, accusing U.S. lawmakers of scapegoating Beijing for their own incompetence, and warning the bill could trigger a trade war.”
Obama and Geithner on the Fence
The issue of China
This is the same mistake made in the 1960s when U.S. manufacturers began to send their manufacturing jobs overseas. If Americans don’t have employment, how are they going to buy the goods made overseas?
Speaker Boehner says the recent Senate action is "dangerous to economic relations with China". He has it all wrong. What is really "dangerous" is having "economic relations with China"!
I say that the only way to save America is to cut all economic ties with China and other countries that don’t buy from us in approximately equal amounts. I predict we will not be successful in getting an adjustment in the value of Chinese currency, or in getting China to reduce or stop the stealing of our technology. These things simply will not happen. But even if they did happen it would not solve the problem of our unsustainably large importing of manufactured goods from all foreign countries.