VP Biden on China and Trade Policy….

Oh Noes!!! Biden was alone with a reporter and they talked about currency, trade and China, oh dear Gawd!!

Smoot-Hawley is already raising its protectionist head in the stimulus and now Joe is talking to our banker..good grief…

Read an EXCELLENT post on the Great Depression and Smoot-Hawley by Anthony Edwards at The Filter, their chart on the drop in global trade below:

plummeting-world-trade1

Highlights from Reuters by way of interview with NBC reporter John Harwood:

The United States will insist China play by international trade rules, but will not move unilaterally to keep out China’s exports, Vice President Joe Biden said on Thursday.

“The policy of this administration is to say to China — which occasionally the last administration was reluctant to do — ‘you’re a major player on the world scene economically and you’ve got to play by the rules that everybody else plays by,'” Biden said in an interview on CNBC.

-snip-

So we’re going to be, in that sense, blunter with the Chinese about ‘you’re in the deal, you play by the rules,'” Biden said.

Oh good! BIDEN is going to be MORE BLUNT with our largest trading partner and the buyer and holder of all our debtr, which incidentally we are printing like it’s going out of style to send out all these stimulus funds…I feel nauseous…

U.S. Treasury Secretary Timothy Geithner angered China last week when he told senators at his confirmation hearing that China was manipulating its currency.

So what’s happening back at the ranch while Biden is talking about China..

President Barack Obama is expected to contact his Chinese counterpart soon and assure Beijing that Washington is not seeking a “currency war” a lawmaker closely involved in U.S.-China issues said on Thursday.

Representative Mark Kirk, co-chair of the U.S.-China Working Group, said he and others in the bipartisan congressional group were told by administration officials that “the president will undercut the anti-currency message pretty directly.”

“My understanding is today or tomorrow there will be an Obama call to Hu Jintao in which the talking points are basically that the president will commit that we are likely not to have a currency war,” the Illinois Republican said.

-snip-

BUT- ” The White House declined to comment.” Apparently they forgot to tell Joe…

Have they read the State Dept. Diplomatic History on this??

In the decade after the end of the First World War, the United States continued to embrace the high tariffs that had characterized its trade policy since the Civil War. These were enacted, in part, to appease domestic constituencies, but ultimately they served to hinder international economic cooperation and trade in the late 1920s and early 1930s.

Message to Joe, to quote T’Pau, (and really have been waiting to do so since the 80s, HA! ): ‘don’t push too far, your dreams are china in your hand’ and he is a bull in the shop dudes…

Sing it T’Pau!

Don’t push too far
Your dreams are china in your hand
Don’t wish too hard
Because they may come true
And you can’t help them
You don’t know what you might
Have set upon yourself
You shouldn’t push too hard, no no
Don’t push too far
Your dreams are china in your hand
Don’t wish too hard
Because they may come true
And you can’t help them
You don’t know what you might
Have set upon yourself

Advertisements

January 29, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Entertainment, Finance, Music, Obama Administration, Politics, Wall St.

4 Comments

  1. Market Mover Monday: Smoot-Hawley rises from the grave and TOTUS to ‘admonish’ and ‘push’ for his regulatory scheme today… « Moderate in the Middle replied:

    […] TOTUS starting a trade war. At whose behest?? LABOR OF COURSE!!! Good grief! Our previous post on Smoot Hawley here …China indicated Sunday it would restrict U.S. imports of chicken and auto products after […]

    Like

  2. Market Mover Thursday: Team Obama Budget Presser…Healthcare funding via new additional tax increases in 2011…. « Moderate in the Middle replied:

    […] ie Smoot-Hawley talk tariffs and tax increases on sources of production….our previous posts here and here The Obama administration will announce a 10-year, $634 billion reserve fund Thursday aimed […]

    Like

  3. Stimulus Update: Democrats Bend on Buy American Amendment… « Moderate in the Middle replied:

    […] WTO and Trade Agreements ain’t it? Sheesh. MiM previous post on Smoot Hawley and Protectionism here…. The House Ways and Means Committee’s Democratic staff and aides to Senate Majority Leader […]

    Like

  4. » VP Biden on China and Trade Policy…. replied:

    […] Inverted Umbrellas wrote an interesting post today onHere’s a quick excerpt Oh Noes!!! Biden was alone with a reporter and they talked about currency, trade and China, oh dear Gawd!! Smoot-Hawley is already raising its protectionist head in the stimulus and now Joe is talking to our banker..good grief… Read an EXCELLENT post on the Great Depression and Smoot-Hawley by Anthony Edwards at The Filter, their chart on the drop in global trade below: […]

    Like

%d bloggers like this: