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Written by Stumo
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Tuesday, 16 October 2007 |
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The Obama campaign website has nothing on trade. So we have to glean from his public comments. His economic advisor does not take trade deficits seriously. Not a good sign.
Also, Obama co-sponsored a currency bill that has ineffective remedies, leaving me wondering how serious he is on the matter.
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Written by Stumo
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Tuesday, 16 October 2007 |
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John Edwards' campaign website
has these words on trade. It's pretty comprehensive. I
picked the best stuff. There are some weasel words, some remedies
I would change and some bromides, but overall pretty good. Leo Hindery, Jr. is his economic advisor, and convened the Horizon Project, and obviously had significant influence on this policy position. (Read more).
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Read more...
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Written by Stumo
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Tuesday, 16 October 2007 |
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Here is John Edwards website pronouncement on ag antitrust:
Creating Fairness for Family Farmers: Edwards recognizes that the
rules are stacked against family farmers. He supports the strict
enforcement of laws against anticompetitive mergers, unfair pricing,
and country-of-origin laws. He will enact a strong national ban on
packer ownership to stop the spread of large corporate hog interests
and create a national moratorium on the construction and expansion of
hog farm lagoons. To help family farmers he will also limit farm
subsidies to $250,000 per person, close loopholes in payment limits,
and expand conservation programs.
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U.S. loses cotton subsidy fight |
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Written by Stumo
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Tuesday, 16 October 2007 |
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The U.S. lost on cotton subsidies against Brazil at the WTO. I'm an agnostic on the policy wisdom of cotton subsidies.
Can anyone tell me when the U.S. won a WTO ruling? The
European hormone beef case perhaps. But what other case(s)?
The US Trade Representative says we win a lot. But the Adminstration calls a lot of things a "win," when it is not a win.
Industry publication Manufacturing News says that we have lost 40 of 47 cases, and are the world's biggest WTO loser.
The World Trade Organization has ruled against the United States
in 40 of 47 cases... That number is "astounding," according to Robert
Lighthizer, a partner in charge the international trade group at the
law firm of Skadden Arps Slate Meagher & Flom. The United States
"has suffered disproportionately from the problems with the WTO dispute
settlement system, having been named as a defendant in far more cases
than any other WTO members."
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Palley- Triangular Trouble: the Euro, the Dollar and the Renminbi |
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Written by Stumo
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Tuesday, 16 October 2007 |
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Copyright Thomas I. Palley
For
the last several years the euro has been appreciating steadily against
the U.S. dollar. Given the Chinese renminbi and other East Asian
currencies are pegged to the dollar that means the euro has been
appreciating steadily against all. This spells trouble for Euroland,
and it suggests European policymakers should join with the U.S. to
address the global problem of under-valued currencies.
The euro has now appreciated approximately seventy percent relative to
its historic low against the dollar, set on October 26, 2000. This
appreciation has been economically justified given Europes large trade
surplus with the United States. That surplus peaked in 2005 and is now
gradually coming down as the Euro appreciates, which is the exactly how
a market based global economy is supposed to correct international
financial imbalances.
Some in Europe are beginning to raise red flags regarding this
appreciation, but the reality is it is still within the bounds of
reasonableness. Though the euro has appreciated seventy percent against
its historic low, it has only appreciated twenty percent relative to
its January 1999 introductory parity. (Read more).
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Read more...
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