US panel lashes out at China | WHAT REALLY HAPPENED

US panel lashes out at China

n a much-anticipated report, the US-China Economic and Security Review commission has accused Beijing of deceptive economic practises, effectively reigniting the two countries' spat over currency and trade issues.

Presenting its findings to the US Congress, the congressional advisory panel has recommended the Obama administration to take tougher actions against what it calls China's policy of keeping its currency undervalued.

On Wednesday, the commission said that China is creating global imbalances and using "market access-limiting practises" that fall outside its World Trade Organisation commitments.

The report added that the Chinese government wants its yuan currency to serve as a more international currency, and that it has continued buying up US debt and has become the single biggest foreign buyer of treasury securities.

"Although the size of China's holdings has raised concerns about the degree of influence China has on the US economy, the lack of alternatives and the potential detrimental impacts on China's economy make it unlikely that China would stop buying US debt or liquidate its holdings altogether," the report said.

Webmaster's Commentary: 

This a petulant President's revenge for not getting what he wanted out of the G20 conference.

China is not to blame for the US's financial woes: our current domestic, foreign, and banking policies have brought us to the place we are now.

China has an enviable surplus: the US government may well collapse, choking under the weight its own deficit.

Jobs have been allowed by this government to be offshored, creating a huge unemployment problem in this country.

Those people who, legitimately, qualified for a mortgage when they got it, but are now without work, cannot keep up the payments, so houses are foreclosed on, and these people are now both jobless and homeless.

You have a situation where he banks have deliberately oversold those mortgages to the point where no one really knows exactly who holds the title.

Obama has continued an endless cycle of costly wars, with the situations in Afghanistan and Iraq going horrendously badly; yet, we are also at war in Pakistan, and soon, Yemen.

The only people actually "winning" in these situations are the defense contractors, who provide mercenaries, supplies and logistics, and the drug lords.

Did the Chinese government do anything to cause any of the above to happen?!? Not at all.

The US government is desperately attempting to deflect blame from the fact that it is US governmental policies which have wreaked havoc on the lives of the American people, not the Chinese government.

Tags:

Comments

SHARE THIS ARTICLE WITH YOUR SOCIAL MEDIA