Archive | Currency

Brazil warns of world currency war

The following article appeared in the Telegraph.co.uk here. The world is in an “international currency war” as governments manipulate their currencies to improve their export competitiveness, said Guido Mantega, the Brazilian Finance Minister. Mr Mantega’s speech to Brazilian industrial leaders on Monday included some of the strongest comments to date…

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US House Makes Sure Currency Bill Is WTO Consistent

The following article is reprinted from the Steel Business Briefing, which is subscription only. ***** US House Makes Sure Currency Bill Is WTO Consistent September 27, 2010 Steel Business Briefing A US Congressional committee has reworked a piece of currency legislation to make sure it’s consistent with WTO rules. The…

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Tide Turning on China Currency: Opponents Recycling Tired Arguments

The following article by Robert E. Scott, Senior international Economist and Director of International Programs, Economist Policy Institute, appeared in the Huffington Post here. Hearings held last week by the House Ways and Means and Senate Banking Committees marked a turning point in Congressional debate on China’s currency manipulation policies….

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Bill combating China currency to advance

The following article by Howard Schneider appeared in The Washington Post here. House leaders are moving forward with legislation to combat China’s currency policies, adding to pressure from the Obama administration and giving lawmakers an election-year chance to vote on a sensitive trade matter. The House Ways and Means Committee…

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Obama Says China Has Not Done Enough On Yuan

The following article first appeared in Reuters on September 20, 2010. WASHINGTON – President Barack Obama said on Monday that China has not done enough to raise the value of the yuan, keeping up tough American rhetoric on Chinese policy as U.S. lawmakers weigh new legislation to punish Beijing. A…

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DiMicco Calls For ‘Plaza Accord’ Fix For Chinese Currency

Nucor CEO Dan DiMicco last week said that “the world is again in need of a rebalancing, similar to that driven by the Plaza Accord,” as he called upon US Congressional leaders to reinvigorate America’s manufacturing base in a numbers of ways, including putting a stop to China’s currency manipulation….

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Rally With Local Manufacturers Highlights Need for Action

The following article appeared on Congressman Tim Murphy’s site on September 17, 2010 here. Congressman Tim Murphy rallied today with local manufacturers and workers, who are calling for the House of Representatives to vote immediately on Rep. Murphy’s bill to stop the job-killing manipulation of currency markets by China. “Fifteen…

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Some movement from Obama on currency?

Candidate Obama supported the fair currency bill.  President Obama did not, though he did not explicitly oppose it.  The stimulus and other legislation has either failed or stabilized things as much as they are going to…. depending upon your point of view. The House is moving on currency.  Levin supports…

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Ag organizations support currency reform

Last week, we saw some business groups controlled by multi-national organizations release a letter opposing any effective remedy on currency.  Some food and agriculture related groups were on that letter… those controlled by multinational agribusinesses. Also, Adrian Smith (R-NE) and Lynn Jenkins (R-KY) testified before the Ways & Means Committee…

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Robert Rubin concerned about China trade surplus

The powerhouse circle of Dem leaning economists have often said that the China trade surplus is not a problem, but really a reflection of disparate savings rates.  Of course they are wrong. The powerhouse circle of Republican leaning economists have often said that trade deficits don’t matter, manufacturing does not…

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