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Thread: China suggests switch from dollar

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    Re: China suggests switch from dollar

    Quote Originally Posted by American View Post
    -- those that develop their own technology, and don't just steal and copy are the ones that last. The US and Russia did this throughout the Cold War --
    This is OT but you can't really be suggesting we never stole secrets and technology from the Russians and they never stole from us? Certainly I'm guessing they stole more and used more from us than we ever did from them. "Concordski" being a great example.

    Quote Originally Posted by LennyD View Post
    Wow think of that, and how great an accomplishment of our legislators driving us down to #3
    Wouldn't you say industry made the decision to move production to the cheapest labour market available? Anway, industry was only reacting to a demand for cheaper goods anyway. Legislators had very little to do with that. We have a company here in the UK that shipped production of fine embroidered shirts off to India where kids made the clothes for wages of less than a $ a day. There's no way the US or any EU countries could compete at that level - unless the moral argument of child labour was raised.

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    Re: China suggests switch from dollar

    Quote Originally Posted by Infinite Chaos View Post


    Wouldn't you say industry made the decision to move production to the cheapest labour market available? Anway, industry was only reacting to a demand for cheaper goods anyway. Legislators had very little to do with that. We have a company here in the UK that shipped production of fine embroidered shirts off to India where kids made the clothes for wages of less than a $ a day. There's no way the US or any EU countries could compete at that level - unless the moral argument of child labour was raised.
    I

    I understand the basics behind your thinking, but there is a whole lot more to do with this than the cost reductions sought by industry.

    Even though many of those running our corporations may not like to hear it etc their relationship with our legislators and their campaign managers specifically have had a great affect by the changes over time to make it an even larger benefit to move manufacturing out of their home country.

    I will not bore you with too many details (I do not have the time anyhow) but many have continued to enjoy various perks that were offered in years past for different manufacturing companies even though they no longer made anything there etc. This could include property tax reduction or elimination, reduced payroll, state, and federal taxes, and a whole lot more.

    Also there is apparently much confusion on import duties levied in the US for incoming products, as well as certain incentives, and even just how many products hitting our shores are subsidized by the government of the products manufacturer who are selling at insanely low prices in order to open up the markets.

    There are countries that do not pay any duty, but yet others who will see this above 50% on certain products.

    Before I was involved my industry was over 90% domestic manufactured, and now it has been estimated at only 20%. Still many of the products that are being imported are faced with much higher tariffs than others, and some specifically are charged a dumping fee for selling the products of a certain type too inexpensively.

    Would you believe that the UK is among those being hit with fees? Some of those charged to Germany are the highest, and how about that China no matter what (far as I know anyhow) gets a free ride?

    I know those are only two examples, but basically if it is an established country with a quality product and reasonable labor costs they are going to be at a disadvantage to those countries where the labor is irrelevantly low, and it will not only be from the labor costs.

    No matter how you slice it or even spin it you can not deny the fact that our corporations had the wishes and support of our legislators (if not the direct control of them) while sourcing new ways to remain competitive and profitable without having to bear the burden of actually paying for American labor even though this was the very people who needed to be able to buy their products.

    I guess that did not matter much since there was such a large opportunity to take advantage of foreign third world labor costs that they would actually profit more while having to sell to people who had less earnings and buying power before having to find new positions in fast food.

    I hope you were able to follow etc.
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    Re: China suggests switch from dollar

    Quote Originally Posted by American View Post
    Lots more than in Chinese currency that has never ever been a standard because they cheat on its value. The Chinese are really full of **** when you think about it. Let me give you an analogy. The rock bands that have any longevity are those that write their own music. Well the same goes for world powers, those that develop their own technology, and don't just steal and copy are the ones that last. The US and Russia did this throughout the Cold War. China was never a player.
    The bolded part is patently false. Not only are Chinese banks nationalized like in most developed nations, the Chinese yuan is backed by the nation's capital assets. Unlike the United States, China's money is backed by actual stuff, and money isn't simply printed from nowhere by a private company (the Federal Reserve). China's GDP is growing at a rate of 10% per year. This is not artificial growth. It is real, capital growth. It doesn't need to fake its money, its money has all the assets necessary to back it.

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    Re: China suggests switch from dollar

    Quote Originally Posted by American View Post
    Not going to happen.
    It will happen in my lifetime

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    Re: China suggests switch from dollar

    Quote Originally Posted by Orius View Post
    The bolded part is patently false. Not only are Chinese banks nationalized like in most developed nations, the Chinese yuan is backed by the nation's capital assets. Unlike the United States, China's money is backed by actual stuff, and money isn't simply printed from nowhere by a private company (the Federal Reserve). China's GDP is growing at a rate of 10% per year. This is not artificial growth. It is real, capital growth. It doesn't need to fake its money, its money has all the assets necessary to back it.
    Understood, but that does not stop them from manipulating the values.
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    Re: China suggests switch from dollar

    It's almost as if China is secretly controlling the world and our politicians just say the things they need to say to appear on our side. And time is the only thing that will slowly change as we creep into our brave new world *brandishes tinfoil sword
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    Re: China suggests switch from dollar

    Actually, from the standpoint of other nations, a basket of currencies makes good sense, and a number of countries are already doing this. Like the saying goes, don't put all your eggs in one basket.
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    Re: China suggests switch from dollar

    One very important factor in the value of chinese currency is the fickle american consumer. They know that, their factories are closing down by the dozens due to our spending less on non-essentials.
    Even when our economy recovers, there will likely be a large percentage of us who spend less for a long, long time.
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