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Treasury Secretary-designate Timothy Geithner, who was recommended for confirmation by the Senate Finance Committee (vote: 18-5), has strong words for China. The written statement read, "President Obama — backed by the conclusions of a broad range of economists — believes that China is manipulating its currency." The NY Times points out, "The Bush administration purposely did not use the term 'currency manipulator' to avoid antagonizing the Chinese, even when it was criticizing China’s trade policies." A China-U.S. relations expert tells Reuters "China is going to be extremely unhappy, to say the least. For administration officials, I do not think any one has ever pointed a finger so strongly at China," and a former U.S. Trade official said to Bloomberg, "It opens a Pandora’s box. We need the Chinese to hold onto their Treasury and agency debt." However, Rep. Charles Rangel was on board: "What they can’t work out diplomatically we can work out legislatively. The [Ways & Means] committee has been saying for years [that China has manipulated the yuan’s value.]" China has about $1 trillion of U.S. debt.
Geithner Goes After China
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It's the same media that NEVER mentioned Muslims' hatred of Israel as a possible motive for 9/11.
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"The Bush administration purposely did not use the term 'currency manipulator' to avoid antagonizing the Chinese, even when it was criticizing China’s trade policies."
Of course you're not going to purposely antagonize them else who the f is going to buy all our debts?? Got to have that 52" flat screen and SVU people.
rut roh!
While I'm sure China is manipulating it's currency and I guess it's a bad thing, I have a bigger concern for Mr. Geithner.
Since China owns so much of our debt, can they manipulate our currency? I can't answer that because I'm not much of a finance geek. I did manage to pay my taxes on time, though.
Will we even have a valid currency much longer?
I'm no finance geek either. But from what I've read (from finance geeks), they can manipulate our currency, but it would be to their detriment.
Manipulating their currency?
HA!
Every country has been sinking their currency over the past year. Yet, he points the finger at China? Oooo those slant eyes, Mao loving commies are trying to hurt the US. In the meantime, the ECB and England have almost been racing to see who can debase their currency.
Fuck you, Geithner. I see that the Obama appointees have started where Bush's crew left off. Blame everyone else when the real problem is your Keynesian planning.
Also, probably not a good idea to antagonize the country that is keeping Americans from eating rice and beans and shoe leather.
Exactly. Thank you. What a pig this guy is throwing China under a bus because he doesn't pay his taxes. Scumbag.
All china has to do is sell the debt and we're f'd.
Then again, we're already f'd but it'll just be faster.