The Currency Exchange Rate Oversight Reform Act of 2011, a bill designed to pressure China into...


The Currency Exchange Rate Oversight Reform Act of 2011, a bill designed to pressure China into ending its currency manipulations and let the renmimbi rise, passes procedural hurdles in the Senate and is likely to come up for a final vote later in the week. Critics of the legislation say it risks alienating one of our biggest trading partners - not to mention one of the largest holders of U.S. debt.

Comments (10)
  • bkpark
    , contributor
    Comments (331) | Send Message
     
    And why exactly do we want to start a trade war at the brink of a global economic slowdown---and, perhaps more importantly, why are we determined to repeat the mistakes of Great Depression?
    3 Oct 2011, 07:29 PM Reply Like
  • Papaswamp
    , contributor
    Comments (2241) | Send Message
     
    because history repeats itself…repeatedly...
    3 Oct 2011, 07:53 PM Reply Like
  • Bouchart
    , contributor
    Comments (1134) | Send Message
     
    Will this bill pressure Bernanke into ending his currency manipulation?
    3 Oct 2011, 07:53 PM Reply Like
  • twice
    , contributor
    Comments (89) | Send Message
     
    Bernanke has done nothing compared to China. Do you know China has a larger money supply than the US? Even though the US economy is more than twice the size of China's?

     

    I agree that 'protectionism' is normally bad policy, because it is hard to undo when economy becomes healthy, but the notion that protectionism was any significant catalyst for the Great Depression is not really compelling, when there was already a collapse in trade because of a global collapse in demand. Really, this isn't even protectionism, but fairness.
    3 Oct 2011, 10:27 PM Reply Like
  • Reel Ken
    , contributor
    Comments (6582) | Send Message
     
    Just looking for a scapegoat to blame our economic woes on. Same old, same old .....
    3 Oct 2011, 08:13 PM Reply Like
  • inthemoney
    , contributor
    Comments (997) | Send Message
     
    Honestly, US Congress at work reminds me kids playing with matches. As kids we loved making things blow up.
    3 Oct 2011, 08:44 PM Reply Like
  • Tony Petroski
    , contributor
    Comments (6356) | Send Message
     
    "Critics of the legislation..."

     

    Name them.
    3 Oct 2011, 09:58 PM Reply Like
  • sean.parmelee
    , contributor
    Comments (791) | Send Message
     
    I have to agree with Tony here. There is a kind of "stealth editorializing" in SA market currents from time to time. Nothing unreasonable about this particular one, but here and in general, opinions should be sourced to noteworthy, outside commentators.
    4 Oct 2011, 01:30 AM Reply Like
  • lewis3232
    , contributor
    Comments (7) | Send Message
     
    Im sure China is really worried about this bill !!!!! It's embarrassing.
    3 Oct 2011, 10:24 PM Reply Like
  • jaympatel1
    , contributor
    Comments (2) | Send Message
     
    China holds our debt since they are paid in dollars. As such, where else are they going to store the money? They are not interested in buying shares in our companies as much as they are protecting the money they have. What else are they going to do with the money, invest in Eurobonds through currency conversion. Similar to the job creator mentality. People do not create jobs to help others, the create jobs attempt to pay the lowest wages and keep as much as they can for themselves. With the tax rate being held at the Bush created, Obama passed lows for the job creators, now they must find an additional 4% return to invest that money. It is all about self interest. In this case, the US self interest. Is China going to stop creating cheaper goods to export? Or simply stop trading with the US? The answer is obvious to me. More expensive Chinese goods will be replaced by another country's cheaper goods, or potentially bring jobs back to the US.
    5 Oct 2011, 03:46 AM Reply Like
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