China state media slam Obama over currency remarks

[bfdd]

http://www.google.com/hostednews/af...ocId=CNG.e7097baaf0cac3cf07a994d1d9ba8139.2a1

I don't really feel like posting any quotes from this article, I'm just dumping it here for you guys to read. The title of the thread is the title of the article. I personally think China is calling it right. We gave them a bum deal in forcing them to buy our debt with our currency, now they're being smart and loaning that currency out to other nations. The Western world gets bitchy because it's going to some regime they don't approve of no strings attached, wah. The Chinese just want to do business, we used to want to do business too now we're to busy trying to fuck each other over another dollar. We've gotten pretty pathetic and I think it's starting to cloud our minds with regards to the Chinese. We shouldn't view them as a huge threat. Yes we need to bring back certain manufacturing sectors back to the USA so we don't have to rely on them so much, but we should totally be playing the game more like the Chinese and not pushing this retarded "status quo" we have now.

 

[zsdersw]

Yeah, well, China has its own spending problems to keep at bay: http://www.nytimes.com/2011/07/07/b...ns-countrys-economic-boom.html?pagewanted=all

 

[Craig234]

In other news, Republicans start to see China in a good light.

 

[LegendKiller]

http://www.google.com/hostednews/af...ocId=CNG.e7097baaf0cac3cf07a994d1d9ba8139.2a1

I don't really feel like posting any quotes from this article, I'm just dumping it here for you guys to read. The title of the thread is the title of the article. I personally think China is calling it right. We gave them a bum deal in forcing them to buy our debt with our currency, now they're being smart and loaning that currency out to other nations. The Western world gets bitchy because it's going to some regime they don't approve of no strings attached, wah. The Chinese just want to do business, we used to want to do business too now we're to busy trying to fuck each other over another dollar. We've gotten pretty pathetic and I think it's starting to cloud our minds with regards to the Chinese. We shouldn't view them as a huge threat. Yes we need to bring back certain manufacturing sectors back to the USA so we don't have to rely on them so much, but we should totally be playing the game more like the Chinese and not pushing this retarded "status quo" we have now.

So you listen to Chinese state media but not logic?

We didn't "force" China to do anything, let alone buy debt. They wanted to peg the Yuan to the dollar in order to legitimize their currency and stabilize it against the USD. By doing so they pegged it at a low rate to make their goods more competitively priced than they otherwise would have been. Because of that they gained a trade surplus with the US, in other words, they send us stuff, we send them stuff, they pay USD for our stuff, we pay USD for their stuff, but, in the end, they end up getting more USD than they give back.

This surplus of USD has to go somewhere. Either the Chinese can sell it, trading into a different currency, say the Euro, or they can invest it in USD denominated assets. One way or another, the USD would get dumped onto the international markets. Eventually, the USD would have too large of a supply, depressing the USD price. Naturally, this would also depress the Yuan (fixed FX rate), making Chinese goods less competitive. China can't have that, so they give us back the USD in the form of buying our assets. A country with a natural trade surplus would eventually lose competitve pricing advantages through a stronger currency (relative to an over-supplied one like the USD), they counter this by depressing the Yuan to keep it pegged at a low rate. This keeps our goods less competitive and theirs more.

Naturally they can't prop up our hard asset market, Japan learned that lesson in the 80s/90s, so they prop up our financial asset market by buying USTs. This guarantees that the US economy can't take off while keeping us limping along.

You see, in order to keep the peg, China ******************MUST*************** buy USD assets, otherwise internal inflation in China would take off, their goods would become less competitive, and their manufacturing sector would falter, destroying their nascent ascent into a 21st century internally based consumtive market. This could also lead to an overthrow of the Chinese government, young, unemployed, educated pissed off workers are something that they cannot afford.


China is stuck, they stuck themselves. They decided to twist the international trade markets to their advantage by pegging the Yuan. This robbed millions of jobs from the US and the resulting tens, or hundreds, of billions in tax receipts which would have reduced our debt burden and grown our economy.

But go ahead, listen to the Chinese state news.


Edited for typos.

 

[Moonbeam]

I am sure if China attacked San Francisco with nuclear weapons and Obama asked for a declaration of war it would be voted down in the house and filibustered in the Senate. Republicans are America's scum, small minded, bigoted, insular, rural and uneducated pricks and those who feed on them.

 

[Macamus Prime]

But go ahead, listen to the Chinese state news.

It's simple logic: if it slam's Obama - they are all for it.

Blind hate and rage towards Obama thwarts any resonable and rational thought on the reality of the situation.

Think about it, some of these fingermen oppose socialism and communism - yet praise China in situations likes this, as well as supporting businesses who ship their production over to China for a much lower cost. How can you logically oppose something and support it at the same time?

 

[Atreus21]

So you listen to Chinese state media but not logic?

We didn't "force" China to do anything, let alone buy debt. They wanted to peg the Yuan to the dollar in order to legitimize their currency and stabilize it against the USD. By doing so they pegged it at a low rate to make their goods more competitively priced than they otherwise would have been. Because of that they gained a trade surplus with the US, in other words, they send us stuff, we send them stuff, they pay USD for our stuff, we pay USD for their stuff, but, in the end, they end up getting more USD than they give back.

This surplus of USD has to go somewhere. Either the Chinese can sell it, trading into a different currency, say the Euro, or they can invest it in USD denominated assets. One way or another, the USD would get dumped onto the international markets. Eventually, the USD would have too large of a supply, depression the USD price. Naturally, this would also depress the Yuan (fixed FX rate), making Chinese goods less competitive. China can't have that, so they give us back the USD in the form of buying our assets.

Naturally they can't prop up our hard asset market, Japan learned that lesson in the 80s/90s, so they prop up our financial asset market by buying USTs. This guarantees that the US economy can't take off while keeping us limping along.

You see, in order to keep the peg, China ******************MUST*************** buy USD assets, otherwise internal inflation in China would take off, their goods would become less competitive, and their manufacturing sector would falter, destroying their nascent ascent into a 21st century internally based consumtive market. This could also lead to an overthrow of the Chinese government, young, unemployed, educated pissed off workers are something that they cannot afford.


China is stuck, they stuck themselves. They decided to twist the international trade markets to their advantage by pegging the Yuan. This robbed millions of jobs from the US and the resulting tens, or hundreds, of billions in tex receipts which would have reduced our debt burden and grown our economy.

But go ahead, listen to the Chinese state news.

Thumbs up.

 

[ElFenix]

But go ahead, listen to the Chinese state news.

if we had reps i would give you some

 

[chucky2]

I am sure if China attacked San Francisco with nuclear weapons and Obama asked for a declaration of war it would be voted down in the house and filibustered in the Senate. Republicans are America's scum, small minded, bigoted, insular, rural and uneducated pricks and those who feed on them.

Not really. No enemy of the US would ever attack SF, it'd be counterproductive to whatever their cause was. Why attack the US where you've likely got lots of mind f*cked supporters?

 

[bfdd]

lol what the fuck? I post something and I side with China, now Republicans are coming around to China? Well one, I've never really been super hard on China and two I'm not a Republican. Also, yes I will read Chinese state ran media and use it as a piece to fit into the puzzle. You don't think we have been dealing shady with the Chinese? You don't think we say a bunch of bullshit propaganda? It goes both fucking ways and I see the Chinese actually making shit, actually trying to do things, while we bitch and moan about every little thing. Constant infighting and nothing ever getting done. You can talk shit on the Chinese all you want, but we've been the ones trying to keep a slave not them.

Also, I didn't post this because they "slam Obama" I posted it because it's prudent news to our relationship with China. You fucking small minded fools can't think for a moment that one person might not really give a flying fuck for your partisan non-sense? I am not registered with any major political party, I find the idea of groups and parties horrendous and believe they create a weaker human. Group think is more dangerous than ignorance.

 

[LegendKiller]

lol what the fuck? I post something and I side with China, now Republicans are coming around to China? Well one, I've never really been super hard on China and two I'm not a Republican. Also, yes I will read Chinese state ran media and use it as a piece to fit into the puzzle. You don't think we have been dealing shady with the Chinese? You don't think we say a bunch of bullshit propaganda? It goes both fucking ways and I see the Chinese actually making shit, actually trying to do things, while we bitch and moan about every little thing. Constant infighting and nothing ever getting done. You can talk shit on the Chinese all you want, but we've been the ones trying to keep a slave not them.

Also, I didn't post this because they "slam Obama" I posted it because it's prudent news to our relationship with China. You fucking small minded fools can't think for a moment that one person might not really give a flying fuck for your partisan non-sense? I am not registered with any major political party, I find the idea of groups and parties horrendous and believe they create a weaker human. Group think is more dangerous than ignorance.

This is what I find humorous about somebody like you. You think you have all of the answers and everybody is a "small minded fool". You think you've fit the "puzzle" together with this blatantly bullshit hack piece, yet you have not one iota of logic or data to back yourself up. Face it, you don't know fuck-all about this, your "puzzle" is nothing more than a jumble of crap.

China isn't "producing" anything of value, they are stealing everything they can, from IP to drugs to jobs from the west. They are con artists and ripoffs while they debase their currency to fuck the west by producing the same shit they stole at far cheaper rates than the west can produce them. And why? Because they don't have to pay for R&D, ignore our copyrights/patents and then undercut our pricing through currency and labor manipulation. Meanwhile, blind partisan hacks such as yourself love being raped by a centrally planned communist government hell-bent on raping you and you don't even care, it's not even rape, it's just willfully spreading and letting them take it. Then you think that this "free market" tripe is the best way to go, but your simplistic and naive perspective on life doesn't take into account the fact they are screwing you.

Here's a hint sparky, they don't give a shit about your "free market" mentality. They don't give a shit about "free trade". They only care about manipulating every single thing to their advantage and only your stupidity and those of your fellow Wal Mart shoppers are allowing them to do it. You tout them as "doing things", as having a better system. Sure, they have a better system, a better system of FORCING their people to march to their drum beat while they FORCE us to take it up the tailpipe with no lube. That's your fucking "free market".

This is what I've always found dismaying about people like you. You think that we'd all just "get along" if we had a "free market", well I'll tell you what chuckles, their "get along" is making sure that not only is it no lube, but it has splinters too.

Your "group think" is nothing more than that you've swallowed from China, that they are benevolent and it's all our fault.

I'll leave you with this.


http://upload.wikimedia.org/wikipedia/commons/b/bc/1_RMB_to_US_dollar.svg

That's what they do. You may claim we are manipulating, but it's only in response to the last 30 years of them fucking us. Enjoy your McJobs.

 

[halik]

This is what I find humorous about somebody like you. You think you have all of the answers and everybody is a "small minded fool". You think you've fit the "puzzle" together with this blatantly bullshit hack piece, yet you have not one iota of logic or data to back yourself up. Face it, you don't know fuck-all about this, your "puzzle" is nothing more than a jumble of crap.

China isn't "producing" anything of value, they are stealing everything they can, from IP to drugs to jobs from the west. They are con artists and ripoffs while they debase their currency to fuck the west by producing the same shit they stole at far cheaper rates than the west can produce them. And why? Because they don't have to pay for R&D, ignore our copyrights/patents and then undercut our pricing through currency and labor manipulation. Meanwhile, blind partisan hacks such as yourself love being raped by a centrally planned communist government hell-bent on raping you and you don't even care, it's not even rape, it's just willfully spreading and letting them take it. Then you think that this "free market" tripe is the best way to go, but your simplistic and naive perspective on life doesn't take into account the fact they are screwing you.

Here's a hint sparky, they don't give a shit about your "free market" mentality. They don't give a shit about "free trade". They only care about manipulating every single thing to their advantage and only your stupidity and those of your fellow Wal Mart shoppers are allowing them to do it. You tout them as "doing things", as having a better system. Sure, they have a better system, a better system of FORCING their people to march to their drum beat while they FORCE us to take it up the tailpipe with no lube. That's your fucking "free market".

This is what I've always found dismaying about people like you. You think that we'd all just "get along" if we had a "free market", well I'll tell you what chuckles, their "get along" is making sure that not only is it no lube, but it has splinters too.

Your "group think" is nothing more than that you've swallowed from China, that they are benevolent and it's all our fault.

I'll leave you with this.


http://upload.wikimedia.org/wikipedia/commons/b/bc/1_RMB_to_US_dollar.svg

That's what they do. You may claim we are manipulating, but it's only in response to the last 30 years of them fucking us. Enjoy your McJobs.

Someone else had a better chart - USDCNY and Chinese GDP over the last 30 years.

 

[Gardener]

lol what the fuck? I post something and I side with China, now Republicans are coming around to China? Well one, I've never really been super hard on China and two I'm not a Republican. Also, yes I will read Chinese state ran media and use it as a piece to fit into the puzzle. You don't think we have been dealing shady with the Chinese? You don't think we say a bunch of bullshit propaganda? It goes both fucking ways and I see the Chinese actually making shit, actually trying to do things, while we bitch and moan about every little thing. Constant infighting and nothing ever getting done. You can talk shit on the Chinese all you want, but we've been the ones trying to keep a slave not them.

You should move there.

 

[bfdd]

lols, of course it's a back and forth. I don't think they're not trying to screw us either, I just see it as a reaction to constantly being screwed by outside influences. I don't think China is a saint, but ignoring what they say and how they perceive things is ignorant. I don't think I have all the answers, I just think the Chinese have a better grasp on moving forward than the USA does currently, that could change, but people would rather try to instigate a trade war.

The average Chinese citizen makes less money than the USA citizen, yet has less debt and saves more. Though we should continue our practices because they're working out great.

 

[Schadenfroh]

Ahh, state media, makes NBC and Fox News look fair and balanced...

 

[bfdd]

btw bitching about stealing ip and jobs? IP is bullshit anyways, owning an idea? please that's some fucking bullshit and we all know it. now you bitch about stealing jobs? more like we LET THEM TAKE THEM, big fucking difference. we said "here have these jobs" and they were more than welcome to oblige. Waah, blame China for these problems instead of taking responsibility.

 

[soccerballtux]

So you listen to Chinese state media but not logic?

We didn't "force" China to do anything, let alone buy debt. They wanted to peg the Yuan to the dollar in order to legitimize their currency and stabilize it against the USD. By doing so they pegged it at a low rate to make their goods more competitively priced than they otherwise would have been. Because of that they gained a trade surplus with the US, in other words, they send us stuff, we send them stuff, they pay USD for our stuff, we pay USD for their stuff, but, in the end, they end up getting more USD than they give back.

This surplus of USD has to go somewhere. Either the Chinese can sell it, trading into a different currency, say the Euro, or they can invest it in USD denominated assets. One way or another, the USD would get dumped onto the international markets. Eventually, the USD would have too large of a supply, depressing the USD price. Naturally, this would also depress the Yuan (fixed FX rate), making Chinese goods less competitive. China can't have that, so they give us back the USD in the form of buying our assets. A country with a natural trade surplus would eventually lose competitve pricing advantages through a stronger currency (relative to an over-supplied one like the USD), they counter this by depressing the Yuan to keep it pegged at a low rate. This keeps our goods less competitive and theirs more.

Naturally they can't prop up our hard asset market, Japan learned that lesson in the 80s/90s, so they prop up our financial asset market by buying USTs. This guarantees that the US economy can't take off while keeping us limping along.

You see, in order to keep the peg, China ******************MUST*************** buy USD assets, otherwise internal inflation in China would take off, their goods would become less competitive, and their manufacturing sector would falter, destroying their nascent ascent into a 21st century internally based consumtive market. This could also lead to an overthrow of the Chinese government, young, unemployed, educated pissed off workers are something that they cannot afford.


China is stuck, they stuck themselves. They decided to twist the international trade markets to their advantage by pegging the Yuan. This robbed millions of jobs from the US and the resulting tens, or hundreds, of billions in tax receipts which would have reduced our debt burden and grown our economy.

But go ahead, listen to the Chinese state news.


Edited for typos.

+1

Confused though, how would a devalued yuan (pegged to USD) decrease their competitiveness? Wouldn't their goods be even cheaper?

 

[soccerballtux]

This is what I find humorous about somebody like you. You think you have all of the answers and everybody is a "small minded fool". You think you've fit the "puzzle" together with this blatantly bullshit hack piece, yet you have not one iota of logic or data to back yourself up. Face it, you don't know fuck-all about this, your "puzzle" is nothing more than a jumble of crap.

China isn't "producing" anything of value, they are stealing everything they can, from IP to drugs to jobs from the west. They are con artists and ripoffs while they debase their currency to fuck the west by producing the same shit they stole at far cheaper rates than the west can produce them. And why? Because they don't have to pay for R&D, ignore our copyrights/patents and then undercut our pricing through currency and labor manipulation. Meanwhile, blind partisan hacks such as yourself love being raped by a centrally planned communist government hell-bent on raping you and you don't even care, it's not even rape, it's just willfully spreading and letting them take it. Then you think that this "free market" tripe is the best way to go, but your simplistic and naive perspective on life doesn't take into account the fact they are screwing you.

Here's a hint sparky, they don't give a shit about your "free market" mentality. They don't give a shit about "free trade". They only care about manipulating every single thing to their advantage and only your stupidity and those of your fellow Wal Mart shoppers are allowing them to do it. You tout them as "doing things", as having a better system. Sure, they have a better system, a better system of FORCING their people to march to their drum beat while they FORCE us to take it up the tailpipe with no lube. That's your fucking "free market".

This is what I've always found dismaying about people like you. You think that we'd all just "get along" if we had a "free market", well I'll tell you what chuckles, their "get along" is making sure that not only is it no lube, but it has splinters too.

Your "group think" is nothing more than that you've swallowed from China, that they are benevolent and it's all our fault.

I'll leave you with this.


http://upload.wikimedia.org/wikipedia/commons/b/bc/1_RMB_to_US_dollar.svg

That's what they do. You may claim we are manipulating, but it's only in response to the last 30 years of them fucking us. Enjoy your McJobs.

+1 to this minus the personal fuss in it. In my many-years-long search of economics knowledge, bfdd, I have come to the same conclusion as LK. He is right.

 

[soccerballtux]

http://www.google.com/hostednews/af...ocId=CNG.e7097baaf0cac3cf07a994d1d9ba8139.2a1

I don't really feel like posting any quotes from this article, I'm just dumping it here for you guys to read. The title of the thread is the title of the article. I personally think China is calling it right. We gave them a bum deal in forcing them to buy our debt with our currency, now they're being smart and loaning that currency out to other nations. The Western world gets bitchy because it's going to some regime they don't approve of no strings attached, wah. The Chinese just want to do business, we used to want to do business too now we're to busy trying to fuck each other over another dollar. We've gotten pretty pathetic and I think it's starting to cloud our minds with regards to the Chinese. We shouldn't view them as a huge threat. Yes we need to bring back certain manufacturing sectors back to the USA so we don't have to rely on them so much, but we should totally be playing the game more like the Chinese and not pushing this retarded "status quo" we have now.

I don't really get the reasoning behind this article.

Instead I would highly recommend this blog:
http://mpettis.com/
for Chinese economics theorizing. This is the 3rd and definitely not the last time I will recommend Michael.
Nobody of clout, especially over there, listens to state run shenanigan drivel, other than to use it to interpret their leaders' sentiment and motives.

 

[Dari]

btw bitching about stealing ip and jobs? IP is bullshit anyways, owning an idea? please that's some fucking bullshit and we all know it. now you bitch about stealing jobs? more like we LET THEM TAKE THEM, big fucking difference. we said "here have these jobs" and they were more than welcome to oblige. Waah, blame China for these problems instead of taking responsibility.

LK is right and you are wrong. Deal with it.

 

[LegendKiller]

btw bitching about stealing ip and jobs? IP is bullshit anyways, owning an idea? please that's some fucking bullshit and we all know it. now you bitch about stealing jobs? more like we LET THEM TAKE THEM, big fucking difference. we said "here have these jobs" and they were more than welcome to oblige. Waah, blame China for these problems instead of taking responsibility.

Sorry chuckles, in a world where mere ideas can cost billions to research, why would you research them if you can't make money off of them? We didn't "let" them take anything, we allowed them to manipulate the currency for 30 years because people like you look the other way.

 

[halik]

btw bitching about stealing ip and jobs? IP is bullshit anyways, owning an idea? please that's some fucking bullshit and we all know it. now you bitch about stealing jobs? more like we LET THEM TAKE THEM, big fucking difference. we said "here have these jobs" and they were more than welcome to oblige. Waah, blame China for these problems instead of taking responsibility.

WAT? Are you 12?

 

[Dari]

WAT? Are you 12?

He's probably a commie.

 

[Nebor]

He's probably a commie.

Nah, he's against OWS.

 

[LegendKiller]

Nah, he's against OWS.

I think he's just confused. Likely still in college, if not HS. Otherwise it's a shame that he doesn't realize much. Not sure what else to think of him, except for willfully ignorant.