-----Original Message----- From: lbo-talk-bounces at lbo-talk.org [mailto:lbo-talk-bounces at lbo-talk.org] On Behalf Of uvj at vsnl.com
Eubulides wrote:
> The free market is an oxymoron in legal terms. It's like
> phlogiston, a
> concept that does not refer, yet makes people feel good/bad
> depending on
> their worldview.
"For more than seven years, China has maintained a fixed exchange rate of 8.28 renminbi to the US dollar, which helps to keep Chinese export prices low in dollar terms". Which other currency has a fixed exchange rate in $ terms for seven years?
Ulhas
----------------------------
Good question, but I'm not sure it's relevant to the issues at hand. *Nothing* China is doing violates any international trade treaty 'it' signed or whatever smoke-room filled deals 'it' made with US corp. executives and USTR/Congress/White House officials. What we're seeing from the US Congresspersons is pure whining about decisions that were made before some of them took office; they hate the path-dependency of the policy making process. Anti-temporal anti-logic:
The Government Accountability Office (GAO) today released the following report and testimony:
TESTIMONY
U.S.-China Trade: Observations on Ensuring China's Compliance with World Trade Organization Commitments, by Loren Yager, director, international affairs and trade, before the U.S.-China Economic and Security Review Commission. GAO-05-295T, February 4. http://www.gao.gov/cgi-bin/getrpt?GAO-05-295T