America is China’s biggest customer. They sell us everything but sliced bread. Whoops, they sell us that too. We have news, they are criminals that lie and cheat in the commercial market. There are plenty of other nations we can purchase goods from. We think it is time for America to take China to the tool shed.
The Chinese government has no honor. They even cheat with under aged girls in the Olympics. They steal from Americans when they market fraudulent stocks on our market and rob our young athletes.
China is not an ally. They are not a trade partner. They are a Communist country that has used slave and child labor for decades to undercut US labor and destroy American jobs. The US has conceded this loss in American jobs to keep inflation down by importing cheap Chinese goods. Meanwhile, the Chinese government, thriving on the slave labor of their citizens, has raked in a massive amount of money based on their exports. They used that money to invest in the Treasury bills of the country they were robbing, the United States. Now they are trying to use it as leverage worried about their treasury investment.
It is said by some that the Chinese “are being hurt more than anyone else by the mismanagement of the dollar” One such individual is William Overholt, an expert with Harvard University’s Kennedy School of Government. He is either a liar or completely misled. China has benefited for decades by exporting to their primary market, the US.
China wants a currency hedge and a guaranteed investment as though they were investing in a 2% savings account in a bank with no FDIC insurance. No one else in the world gets this. Currency losses are currency losses and currency risk is what it is. And internationally, as governments world wide deal with the financial crisis, how does China respond? Wang Qishan, a top Chinese financial official and vice premier stated China’s rejection of calls for it to provide part of its $2 trillion in foreign reserves to an IMF bailout fund.
In other words, when things are going well, China is willing to take all the benefits, but when everyone else is trying to save the world economy of which China has become the chief beneficiary, they will take a Mulligan.
Everyone in the world economy shares the burden during hard times and reaps the rewards in the good. China is trying to claim that in a bad economy, only we should suffer. This is the Chinese attitude.
If China wants to stop investing in American debt, let them stop in a bad economy and see what happens to their original investment. Otherwise, they should cough up the same amount of suffering everyone else does. And in the meantime learn to play fare in trade, the Olympics and the investment community. Otherwise, we need to tax or reduce trade with the Chinese more urgently than we need to worry about our consumption of fossil fuels. We are letting a Communist country govern our future because we buy goods from them that steal jobs from our own.
Some call that free trade, but we see it as very expensive trade used to hide the true inflation in America.