Tuesday, March 13, 2007
China Currency Coalition
Every once in a while, I like to give a plug to the China Currency Coalition. They sure seem to be fighting an uphill battle (although I'm baffled as to why their point of view isn't making itself in the eyes of the public and legislators).
Their basic premise is that Chinese currency manipulation is unfair. Well, of course it is. It's also illegal under various statutes and international obligations. I'm no lawyer, so I'll leave that one to the lawyers.
I can tell you this. Currency manipulation was rampant during the second world war war, and it was used as a weapon of war. That's pretty serious. So why don't we take these things seriously now?
Their basic premise is that Chinese currency manipulation is unfair. Well, of course it is. It's also illegal under various statutes and international obligations. I'm no lawyer, so I'll leave that one to the lawyers.
I can tell you this. Currency manipulation was rampant during the second world war war, and it was used as a weapon of war. That's pretty serious. So why don't we take these things seriously now?
Labels: china, currency, manipulation
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I suppose we do. But cheap is an interesting concept.
Is "cheap" the up-front costs or the total cost? In Europe now, car manufacturers are forced by the governments to take back their cars at end of life and pay all the disposal costs, including the costs to render harmful chemicals harmless. Now suddenly "cheap" includes "disposal costs" and obviously bad decisions from years ago are being undone.
The true costs of Chinese steel products are being paid by Chinese steel workers and coal miners, sometimes with their lives. Workplace safety in Chinese factors is poor, and China has the worst coal mine accident record in the world. When we buy these products, we effectively have their workplace safety issues on our hands.
People no longer buy blood diamonds, because of the human suffering that went into them. Is this any different?
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Is "cheap" the up-front costs or the total cost? In Europe now, car manufacturers are forced by the governments to take back their cars at end of life and pay all the disposal costs, including the costs to render harmful chemicals harmless. Now suddenly "cheap" includes "disposal costs" and obviously bad decisions from years ago are being undone.
The true costs of Chinese steel products are being paid by Chinese steel workers and coal miners, sometimes with their lives. Workplace safety in Chinese factors is poor, and China has the worst coal mine accident record in the world. When we buy these products, we effectively have their workplace safety issues on our hands.
People no longer buy blood diamonds, because of the human suffering that went into them. Is this any different?
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