End the Denial. Label China a Currency Manipulator
America and China are publicly in denial about currency manipulation. Both officially state that China is not devaluing its currency.
In mid-March, Chinese Prime Minister Wen Jiabao flatly denied that China deliberately suppresses the value of its currency against the dollar, a practice that decreases the price of its exports and increases the cost of American goods imported into China. Similarly, the U.S. Treasury Department, which is required by the Omnibus Trade and Competitiveness Act of 1988 to name foreign currency manipulators in biannual reports, has not in the past decade and a half called out China—including in the past two reports submitted during the Obama administration.
China and America decline to acknowledge what everyone else knows: China suppresses the value of its currency to gain a trade advantage over America. The New York Times reported on the practice in a story published March 14, describing how currency manipulation has worked wonders for Chinese industry while killing American manufacturing. (Click here to tell the Treasury Department to stop denying that China is manipulating its currency.)
CEOs, Union Leader Agree: Manufacturing Strategy Crucial
United Steelworkers (USW) President Leo Gerard will be part of the discussion on CNBC’s “Meeting of the Minds: Rebuilding America” today at 8 p.m. EST.
Defying the popular stereotype, CEOs and labor representatives sat on a panel and largely agreed on major issues confronting industry and working people.
It happened earlier this week as CNBC taped “Meeting of the Minds: Rebuilding America” at Carnegie Mellon University in Pittsburgh before nearly 600 students, businessmen, steelworkers and other trade unionists. Host Maria Bartiromo said the show, which airs today at 8 p.m., was filmed in the Steel City because
It was here that America’s soul was forged.
