The GOP Fears China, Too
Today, former Massachusettes Gov. Mitt Romney said that he thinks China's rise presents a threat to the world. According to The Hill's Blog, Romney's exact words were, "I think they [China] are a great threat to the stability of the world long-term."
He delivered these remarks on the conservative talk radio Laura Ingraham's show just a day after Indiana Gov. and possible presidential candidate hopeful Mitch Daniels said, "we have got to fix our own problems. The Chinese are not our biggest problem, at least not at present."
The Hill's Blog also reports:
Romney said that he would have rethought China's admission to the World Trade Organization, which had enjoyed bipartisan support at the time. Romney said he would have preferred stronger agreements on currency and intellectual property rights before allowing China membership in the WTO.
Romney's comments further prove that holding China accountable for unfair trade practices is most definitely a bipartisan battle.
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China’s Innovative Way of Skinning the United States!
Mark Twain is credited with an early use of the cliché "more than one way to skin a cat" in A Connecticut Yankee in King Arthur’s Court, as follows: “she was wise, subtle, and knew more than one way to skin a cat, that is, more than one way to get what she wanted”. Thefreedictionary.com defines beggar-thy-neighbor as: an international trade policy of competitive devaluations and increased protective barriers that one country institutes to gain at the expense of its trading partners. Under the guise of fostering ‘indigenous innovation’, the Chinese government has creatively used a non-conventional, subtle version of beggar-thy-neighbor. Its version doesn’t entail the competitive devaluation of its own currency, which would enhance China’s exports and inhibits its trading partners’ exports to China. China’s version perpetrates an over-valuation of the currencies of one or more of its trading partners. This negatively affects all the trade of the pegged trading partner(s), not just trade with China. During the recent period China pegged its currency to the U.S. Dollar, its version of beggar-thy-neighbor was 8 times as damaging to the U.S. economy as what the media refers to as “China keeping it currency undervalued”.
In November 2003, Warren Buffett in his Fortune, Squanderville versus Thriftville article recommended that America adopt a balanced trade model. The fact that advice advocating balance and sustainability, from a sage the caliber of Warren Buffett, could be virtually ignored for over seven years is unfathomable. Until action is taken on Buffett’s or a similar balanced trade model, America will continue to squander time, treasure and talent in pursuit of an illusionary recovery.