Thursday, February 17, 2011

Santa Cruz Weekly


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What do the heads of Goldman Sachs, jp Morgan Chase, Microsoft, Motorola, General Electric, Boeing and the Carlyle Group have in common? They all attended 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 $2 billion in U.S. Exports. Over the last nine years, the United States has lost about two-and-a-half 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 they are violating many, many standards of the World Trade Organization and the imf that they agreed to when they joined the wto in 2001. For example, 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 product and acts like a tax on U.S. Exports to China and everywhere else in the world. Ted Rudow iii, Menlo Park

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