Categorized | China, Currency, Politics

“Who’s Got The Guts To Finally Get Tough On China?”

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Reposted from The Washington Post

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“Who’s Got The Guts To Finally Get Tough On China?”

Matt Miller  |  July 26, 2012  |  The Washington Post

During a critical decade, in other words, we let China eat our lunch.Let me be clear: China’s rise as an economic power is a good thing for the world, and a great thing for the Chinese people. China is not the source of all our economic woes. But China’s brazen currency manipulation and routine theft of American intellectual property has tilted the playing field unfairly against U.S. jobs. We’d have lost jobs as China rose in any event. But these losses have been far larger than they would have been had our leaders not stood idly by as Beijing spent trillions buying dollars to keep its currency (and thus exports) cheap.

Why did our leaders fail to act? The apologists say the geopolitical situation is too delicate for such hardball. We want China to take its place in the community of nations. We don’t want China to implode as it rockets from third world to first. Beijing needs to create zillions of jobs each year lest it face social instability. Let’s cut them some slack, we’re basically told.

Well, yes, but. China’s challenges are real. But so are the challenges facing this nation’s eroding middle class (and the 23 million people seeking full-time work who can’t find it). It suits China’s interests to have American leaders thinking the place is a powder keg that could blow if pushed to reform too quickly.If Brock is right, these rationalizations mean leaders in both American parties have been cowed into abandoning American interests.When the other guy isn’t playing fair, after all, standing up to them isn’t “protectionism” — it’s economic self-defense. Doing nothing in the face of China’s behavior means playing the patsy.

Tim Geithner has occasionally jawboned China over currency values. Geithner also sent a strongly worded e-mail to the Brits onLibor rigging. We know how effective that was.

But the issue may finally be joined. On Monday, the latest step in China’s march to lock up global resource supplies came with state energy giant Cnooc’s record bid for Canadian producer Nexen (a deal U.S .regulators will have a role in reviewing). On Tuesday, Romney, who called China a currency manipulator early on, repeated the charge in his speech to the VFW. He plans on painting Obama as soft on Beijing.

Still, if Romney got rich at Bain in part by tapping China’s unfair advantages, how can he offer himself as the man who can bring China to heel?

Matt Miller, a co-host of public radio’s “Left, Right & Center,” writes a weekly online column for The Post. His e-mail address is mattino2@gmail.com.

5 Responses to ““Who’s Got The Guts To Finally Get Tough On China?””

  1. Joe Brooks says:

    Ridiculous sell off of Western assets to Colonial Red China. How is your Chinese? 问候,被全部售光苦干奴隶! 我们这里在帮助自己,抢夺您瞎和毁坏您的文化。

    “The committee on foreign investment in the United States, headed up by Geithner, has the authority to approve or decline foreign takeovers involving U.S. assets based on national security concerns.

    Approximately 10 per cent of Nexen’s assets are U.S.-based, primarily oil wells in the Gulf of Mexico.”

    http://www.cbc.ca/news/business/story/2012/07/27/nexen-cnooc-us.html

    Chinese translator:
    http://www.worldlingo.com/en/products_services/worldlingo_translator.html

  2. Bob Hall says:

    Steven Capozzola did not write this. He’s incapable of writing something like this. It’s stupid and it’s limp.

    Who asks a question like the title poses?

    The answer, if anybody’s really wondering, is:

    No professional politician “has got the guts to finally get tough on China.”

  3. Bruce Bishop says:

    I have read that China has enough dollars to buy a controlling interest in the entire Dow Jones 30 Industrials, including Exxon-Mobil and Walmart. If they don’t, they will before long.

    http://times247.com/articles/china-gobbling-up-u-s-companies-at-record-pace

    • Tom T says:

      It is Warren Buffet’s story of Thriftville and Squanderville coming true. With our current political leadership we are just frogs in a pot slowly getting cooked.

      Tom T.

  4. Dan says:

    Not only does China manipulate currency,but it also practices protectionism. Matt Miller makes no mention of China’s tariffs on U.S. goods. Matt Miller is,at least,on the right track.

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