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road kill
01-17-2011, 10:40 AM
WORLD NEWS JANUARY 17, 2011

Hu Highlights Need for U.S.-China Cooperation, Questions Dollar

http://online.wsj.com/article/SB10001424052748703551604576085803801776090.html?m od=WSJ_hp_LEADNewsCollection

By ANDREW BROWNE
BEIJING—Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a "product of the past" and highlighted moves to turn the yuan into a global currency.

__________________________________________________ ______

Not good.......

RK

mjh345
01-17-2011, 10:54 AM
Can you blame him?
Try to be objective. I love the U.S.of A but we havent really been very fiscally sound for some time now.

dnf777
01-17-2011, 03:42 PM
I don't think they can devalue the dollar. We are still the world's consumers, and if they dont want our dollars, they're gonna be sitting on a lot of HappyMeal toys in excess inventory.

luvmylabs23139
01-17-2011, 03:55 PM
and if they dont want our dollars, they're gonna be sitting on a lot of HappyMeal toys in excess inventory.


That would make some liberals very happy. Nothing like getting rid of those "evil" happy meals toys by any means.:rolleyes:

dnf777
01-17-2011, 05:07 PM
That would make some liberals very happy. Nothing like getting rid of those "evil" happy meals toys by any means.:rolleyes:

You can have my share. All you want.

depittydawg
01-17-2011, 10:53 PM
That would make some liberals very happy. Nothing like getting rid of those "evil" happy meals toys by any means.:rolleyes:

It is amazing that a Communist country is kicking our ass in the Global economic Wars. I wonder how much their CEO's make????

Franco
01-18-2011, 06:16 AM
I don't think they can devalue the dollar. We are still the world's consumers, and if they dont want our dollars, they're gonna be sitting on a lot of HappyMeal toys in excess inventory.



They don't want to devalue the dollar. It is thier best interest that the dollar remain strong. However, with all the uncertainty of our economy and financial future, the yuen in thier opinion is more stable.

It is also in thier interest in keeping the Yuen undervalued. That is because the the cost of thier workers will remain very cheap and attractive for foreign mfg's and investment.

BrianW
01-18-2011, 09:27 AM
Read down further as well:

Mr. Hu called attention to China's accelerating effort to expand the role of its own currency, describing recent moves to allow greater use of the yuan in cross-border trade and investment—while acknowledging that making it a fully fledged international currency "will be a fairly long process."
China's moves already have spawned a thriving market for offshore trading of yuan in Hong Kong, and are widely seen as first steps toward making the yuan an international currency in line with China's new prominence as the world's second largest economy.

Mr. Hu offered an enthusiastic endorsement of what are officially described as currency "pilot programs." They "fit in well with market demand as evidenced by the rapidly expanding scale of these transactions," he said.

Also from RK's ref'd article

Last week, U.S. Treasury Secretary Timothy Geithner reiterated the U.S. position that a stronger yuan is in China's own best interests, because it would help tame rising inflation that has become a key risk to China's rapid growth, which is underpinning the global economic recovery. A stronger yuan would reduce the price of imports in local-currency terms.

But Mr. Hu shrugged off the U.S. argument, saying that China is fighting inflation with a whole package of policies, including interest-rate increases, and "inflation can hardly be the main factor in determining the exchange rate policy."

Mr. Hu called attention to China's accelerating effort to expand the role of its own currency, describing recent moves to allow greater use of the yuan in cross-border trade and investment—while acknowledging that making it a fully fledged international currency "will be a fairly long process."


Combined with this news from the day before yesterday Jan 16 2011:

Chinese stealth fighter makes first test flight
http://topnews360.tmcnet.com/topics/associated-press/articles/2011/01/16/135219-chinese-stealth-fighter-makes-first-test-flight.htm

China's radar–eluding stealth fighter made its first–known test flight Tuesday, marking dramatic progress in the country's efforts to develop cutting–edge military technologies.
http://imagec14.247realmedia.com/RealMedia/ads/Creatives/TMCnet/varolli-ROSbannersv2-12-3-10//1291389479 (http://oascentral.tmcnet.com/RealMedia/ads/click_lx.ads/www.tmcnet.com/tmcnet/L21/1760557956/Middle/TMCnet/varolli-ROSbannersv2-12-3-10/varolli-ROSadboxv2-12-3-10.html/534b30674a3030316f4e674143326578?http://www.varolii.com/getstartedsms.aspx?vm=banner-3&vc=CC-Q4Aircover-SMSWP-Nov10&vs=slx&utm_source=tmcnet&utm_medium=banner&utm_content=banner-3&utm_campaign=ThatsVarolii)
The test flight comes on the second day of a visit to China by U.S. Defense Secretary Robert Gates, and the normally secretive military made no attempt to hide it

Coincidence? I think - NOT!

The hell with "Happy Meal" analogies, things are changing, quickly, and we don't have the influence we used to in these decisions.