2 replies to this topic

[Tor]

I am not sure of the bretton woods, but i read somewhere it was a gold standard of some kind which prevented the dollar from freely floating and devaluing accordingly. Isd this right? I think the yuan being kept pegged low, prevents the dollar from devaluing properly. To allow an appreciating yuan is a significant event imo as regards the dollar. Please forgive my ignorance on this subject, but at least I know I'm ignorant on it!!! Know what you know and know what you dont know. China, Congress to air differences on yuan: Paulson By Glenn Somerville Reuters Wednesday, May 2, 2007; 3:13 PM WASHINGTON (Reuters) - U.S. Treasury Secretary Henry Paulson said on Wednesday he intends to put U.S. lawmakers face-to-face with top Chinese officials later this month to discuss their differences over soaring trade deficits. Speaking to the Peterson Institute for International Economics, Paulson suggested the experience would benefit both sides by driving home the degree of U.S. unhappiness over a deficit with China that widened to a record $233 billion last year. Reagan in the White House in 1981. His leather-bound diaries were edited by Douglas Brinkley. (Michael Evans - AP) SEE FULL COLLECTION Feedback In Today's A Section » More in Today's Print Edition Save & Share Article What's This? DiggGoogle del.icio.usYahoo! RedditFacebook "There is a clear sense of frustration with China in political circles and in a number of industries throughout America," Paulson acknowledged ahead of May 22-24 talks scheduled with a delegation that will be led by Chinese Vice Premier Wu Yi. Paulson is being pushed by members of Congress, who have threatened legislative action to force China to let its currency rise in value in hope that will slow imports and told by Beijing that it cannot move faster for fear of destabilizing its economy. The former Goldman Sachs chief said he personally thought there was limited gain to be made in shrinking the trade deficit through currency reform and that it made more sense to concentrate on boosting U.S. exports. SPEED IT UP But Paulson said China should move more rapidly toward the broader set of reforms that are needed to allow market forces to play a greater role in setting the value of its yuan currency, also called the renminbi, rather than managing its value against the dollar as Beijing now does. The upcoming Washington talks are the second round of a so-called strategic economic dialogue initiated in Beijing in December. Pressure is also building on Paulson, who has made China his No. 1 priority, to show results and he evidently wants to expose Chinese officials to the source of it. "I happen to think it's a big positive that the Chinese will be here when Congress is in full session," Paulson said, because it will provide an opportunity for Vice Premier Wu to visit Capitol Hill. "Wu Yi is a very persuasive woman, she's a force of nature," Paulson said, adding she could "go up and behind closed doors talk with some of the key committees and leaders up there." PUSHING FOR CHANGE The United States has launched two cases at the World Trade Organization claiming that Beijing was not doing enough to punish those trafficking illegal copies of films and music and that its restrictions on entertainment imports violated trade rules. Paulson noted that both Washington and Beijing want "tangible results" from their talks that can serve as "signposts" for progress. It is anticipated that China will place orders for billions of dollars worth of U.S. goods in coming weeks, but Paulson said he thinks U.S. lawmakers will not be easily placated unless China allows its currency to appreciate. "Clearly there is not just a possibility but the likelihood of legislation," he said, making clear that he opposed such action. "I believe that legislation that makes it more difficult for people to trade with us actually hurts us." Paulson also said China has "recognized the principle of flexibility" for its currency and said it has been "appreciating very slowly," but added it should speed up the move while its economy is booming because it will be easier to do so in that situation.

[JAP]

Paulson is a criminal and should be in jail along with the rest of the PPT.

[Cirrus]

Paulson is a criminal and should be in jail along with the rest of the PPT.

Chill out...buy gold/silver/US ag land and wait 15 years. Eventually you'll be right and make a fortune. Until then, 'systems' do what's in their best interest. Don't have an opinion, just analyze facts and their most logical outcome.