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Economy
US Treasury delays China currency report
2010-04-04
As Gomer Pyle would say "Surprise, surprise, surprise!"
The US Treasury is delaying by several months a report on whether China manipulates its currency, the yuan.
It's not like nobody knows that the answer is yes. Yes, China manipulates its currency. Now you needn't wait for the report. Happy?
Treasury Secretary Tim Geithner said he would delay the report, which was due out on 15 April, until after a series of high-level international meetings.

The decision may improve US relations with China but could upset some American lawmakers.
We owe them a lot of money, so deliberately upsetting them would be... unwise. Perhaps if we could somehow manage to owe them less, say by cutting the budget to 2008 levels?
It is no secret that the US believes China keeps the yuan artificially low, harming the US economy. But saying that in an official report is a different matter. It would set off a chain of events that could eventually result in unilateral US sanctions against Chinese products and could damage relations between the two countries.

Pressure on Iran

Mr Geithner justified pushing back his report to the US Congress by saying he would use upcoming events, including a G20 meeting and a US-China summit, to try to encourage the communist superpower to change its currency position.

Branding China as a currency manipulator at this stage would cause headaches for the US administration. Chinese President Hu Jintao is due in Washington later this month for a nuclear summit, and the US is expected to push hard to sign China up to sanctions against Iran over Tehran's nuclear programme.

But the US government is under pressure from its own lawmakers to take a tougher line on China's currency. A number of members of the US Congress believe the low yuan - which has been pegged to the dollar for nearly two years - is directly affecting their local economies.
Posted by:tipper

#7  Compare Chin's YUAN wid PAKISTANI DEFENCE FORUM [www.wallstats.com USG = ALLFED Budget Poster > USDOD-VS-NON-DOD] > THE US OF A FEDERAL BUDGET: WHERE DOES THE MONEY GO!?

POSTER includes AVG US CITIZEN $$$ CONTRIBUTION TO FED BUDGET PER PERSONAL INCOME RANGE.

* RIAN > RUSSIA'S BLACK SEAS FLEET TO LOSE ALL OF TS WARSHIPS BY 2015?
Posted by: JosephMendiola   2010-04-04 21:13  

#6  Treasury Secretary Tim Geithner said he would delay the report, which was due out on 15 April

Geithner seems to have trouble with that date, doesn't he?

Well, it just goes to show the policies of administrations up to and including this one have left us in a position of weakness in regard to China. If we were dealing from a position of strength we would have called a spade a spade a long, long time ago and let the Chicoms bitch about it all they want. It makes me furious. We've been sold down the river.
Posted by: Abu Uluque   2010-04-04 17:42  

#5  They are contemptuous of the citizens serfs they serve service.

FIFY.
Please, no applause and definitely no money. The IRS sees all!
Posted by: AlmostAnonymous5839   2010-04-04 17:38  

#4  I wish that Treasury had to issue a statement that China was affirmatively not a currency manipulator, and back it up with empirical evidence.
Posted by: Perfesser   2010-04-04 17:24  

#3  This is what everyone on the right has come to HATE about Washington, especially this administration. They simply feel they are above following the rules, or obeying the law. Report due to Congress on the 15th, gee, it's inconvenient, so lets not do it. Jobs numbers look weak, lets essentially lie and pad them with temp census workers. Healthcare Reform legislation actually a massive tax that will increase the deficit and full of unmantioned other rules, don't release the bill till the last seconds, and cause the CBO to doublecount Social Security cuts so the numbers appear to balance and "reduce" the deficit with 10 years of taxes and 6 years of program.
They are contemptuous of the citizens they serve. The see themselves as a priviledged, exempt, superior ruling class for the peasants.
And now that Oblahblah finds the smoldering anger and public complaints growing too loud, he tells the peasants to "Tone it Down".
Who the F*ck does he think he is and we aren't?
Now this latest 17 minute ramble when challenged by a citizen who had the audacity to say we are over-taxed. It feels an awful like the preening narcissist simply couldn't believe the peasant dared to challenge him, and felt compelled to demonstrate with the vastness of knowledge that he was being masterful in his ruling of his kingdom.
What a jackass, and God help the Republic!
Posted by: NoMoreBS   2010-04-04 16:49  

#2  Odd that we can delay this but not that vote on Armenian genocide that Turkey is griping about.
Posted by: gorb   2010-04-04 16:47  

#1  What about our AAA bond rating? Is that in jeopardy?
Posted by: Alaska Paul   2010-04-04 15:05  

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