Re: [MLUG - DISCUSSION] Feingold's comments on China and the U.S. re: Tibet

["Jim Locke" <EMAIL:PROTECTED>]

On Mon, Apr 7, 2008 at 1:07 AM, Mike Miller <EMAIL:PROTECTED> wrote:

On Sun, 6 Apr 2008, Jim Locke wrote:

http://www.thenation.com/blogs/thebeat?bid=1&pid=307126

I found this story refreshing.  It's good to see some are willing to speak out on China (the government). I find it completely unacceptable we are so intertwined with China regarding trade and debt.

China has massive power over our economy:

http://www.cbsnews.com/stories/2008/04/04/60minutes/main3993933.shtml

  China holds half a trillion dollars in US Treasury bonds. For that
  reason economist Navarro says they have us over a barrel. If they dont
  like our behavior, he says all, they have to do is dump all their U.S.
  investments. Its known as the financial nuclear option.

  "What would that do? That will cause interest rates to spike. Mortgage
  rates to spike. Inflation to spike. The dollar to go through the floor.
  The stock market to go into chaos," Navarro said. "We would be in deep,
  deep, deep trouble."

  "The nuclear option, financial nuclear option is Chinas pulling all its
  money out of U.S. treasuries,"

I guess there are good reasons for them not to do it, but I don't like the feeling of knowing they have that kind of power.

Didn't know most of that (the level of financial ties we had with them).  Does CBS archive 60 minutes broadcasts, anyone know?  I'd like to see that episode.

Of course I don't expect the status quo to change much very soon.
I believe Bush 43 has said before to the effect anyone supporting or harboring terrorists is also an enemy.
Kind of puts us in a strange position, doesn't it?

It's high time we practice what we preach if we want to continue supporting
countries that align more with our stated values.
Unless we are really just in it for the money and cheap products, then it
would be nice to say so.

Right -- I think you've discovered one of the central problems of life. Sometimes lying pays so well that people feel they can't afford to tell the truth.  But politicians discovered the value of lying a very long time ago and I guess we can now think of it as a time-honored tradition.  In this way they have their cake and eat it too.  They aren't going to start telling the truth (i.e., practicing what they preach) any time soon.

Mike

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-- 
- Jim Locke.
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