Obama to China: Behave like "grown up" economy

Source: Reuters

By Matt Spetalnick and Doug Palmer | Reuters – 2 hrs 11 mins ago

HONOLULU (Reuters) - President Barack Obama served notice on Sunday that the United States was fed up with China's trade and currency practices as he turned up the heat on America's biggest economic rival.

"Enough's enough," Obama said bluntly at a closing news conference of the Asia-Pacific Economic Cooperation summit where he scored a significant breakthrough in his push to create a pan-Pacific free trade zone and promote green technologies.

Using some of his toughest language yet against China, Obama, a day after face-to-face talks with President Hu Jintao, demanded that China stop "gaming" the international system and create a level playing field for U.S. and other foreign businesses.

"We're going to continue to be firm that China operate by the same rules as everyone else," Obama told reporters after hosting the 21-nation APEC summit in his native Honolulu. "We don't want them taking advantage of the United States."

Read more: http://news.yahoo.com/apec-leaders-seek-firewall-against-europe-crisis-003311439.html

Obama says China has not moved quickly enough on yuan.

US President Barack Obama has said that China is not doing enough to allow its currency to rise in value.

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Earlier on Sunday, the 21 Apec member nations agreed to increase trade to bolster global growth.

However, Mr Obama warned that China's currency policy distorted global trade.

The US President said most economists agreed that China's currency is undervalued by between 20 and 25%.

http://www.bbc.co.uk/news/business-15715675

Part of it is Bush's fault for generating huge "free trade" incentives which resulted in billions saved for the corporations, billions more in the Chinese government's pocket, and the average Joe back home left home on the job. I also think that due to the recession, a dollar in the US is overvalued (again we have Bush to blame).

Obama does have a point though when he says the Chinese need to "grow up" in regards to their economy. Right now their government is more like a bully who wants to always get things his way and then throws a tantrum when he doesn't. They use unethical trade practices and violate copyright, too. Personally I boycott China anyhow but it's more for the human rights violations.

comments on their finances? Perhaps if he'd demand that they pay the expense of humane working conditions, things would begin to balance out in a more succinct way.

...Americans work longer hours for increasingly less compensation and economic security. Increasing American exports by making them more competitive in the Chinese market will help to stabilize our economy somewhat.

Which is that Obama is focusing on the elite issues again instead of the human ones.

to move American Manufacturing OUT of America

China is merely the Whore accepting Wall St's Greedy Johns

China is the madam and the Chinese people her slave whores. And the madam is laughing at USA and at it's whores.

if their currency rises the 20% to 25% most analysts feel is correct, everyone in China gets a real raise in purchasing power. They resist because the devalued currency keeps their labor cheap. They also resist because if their currency is market valued suddenly Chinese labor is more expensive for manufacturing using than US industrial robots. It already is so to some extent, the change Pres. Obama is speaking of would make this consistent across a broad sweep of industries.

People first, which will cause the value of Chinese labor to increase, etc, etc, etc.

nt

But what do I know?

he's trying to cut them a new asshole when he doesn't even investigate our own banking problems?

Now I've heard it all.

Maybe he has something up his sleeve.

... to find he's still got an arm up his sleeve after the amount
of "bi-partisan" handshaking he's been doing these days ...

:shrug:

Ugh!

nt

China's military is mission is global domination

of the Bildebergers of the Lateral Commission of the WTF

it is WWIII

and you didn't get the memo