China hurting free market

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Thursday, January 27, 2011


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Read more at the San Francisco Examiner: http://www.sfexaminer.com/opinion/letters-editor/2011/01/

China hurting free market

What do the heads of Goldman Sachs, JPMorgan Chase, Microsoft, Motorola, General Electric, Boeing and the Carlyle Group have in common? They were all at the White House for the state dinner with President Hu Jintao. Earlier, the White House announced $45 billion in new trade deals with China, including a $19 billion deal with Boeing and a package with GE expected to generate more than $2 billion in U.S. exports.

Over the last nine years, the United States has lost about 2.5 million jobs due to growing trade deficits with China, more than a half-million jobs in the last year alone. We’ve lost jobs in every state. We’ve lost jobs in every congressional district in the country.

The problem is that the Chinese are violating many standards of the World Trade Organization — especially currency manipulation. China has spent almost $800 billion in the last year alone manipulating its currency. That makes its products about 40 percent cheaper than they would be on the open market and acts like a tax on U.S. exports to China and everywhere else in the world.

Ted Rudow III, MA





Read more at the San Francisco Examiner: http://www.sfexaminer.com/opinion/letters-editor/2011/01/salt-ponds-development-isn-t-realistic-city?page=0%2C0%2C0%2C1#ixzz1CG717SQR