President Obama gave some good rhetoric after the G-20 meeting.
“It is undervalued,” Obama said of the yuan, speaking to reporters in Seoul after the meeting concluded. “And China spends enormous amounts of money intervening in the market to keep it undervalued.”
In case you missed it, China had a record surplus on trade.
China said Wednesday its trade surplus expanded sharply to 27.15 billion U.S. dollars in October from September's 16.88 billion U.S. dollars, making the October figure the second highest this year after July's 28.73 billion U.S. dollars.
China's exports rose 22.9 percent in October from a year earlier to 135.98 billion U.S. dollars, while imports increased 25.3 percent to 108.83 billion U.S. dollars, the General Administration of Customs (GAC) said in a statement on its website.
Dylan Ratigan did quite a segment on China, spattered with facts and Economist Peter Morici's never ending China tirade rants (justly warranted!).
For the first 10 months, China's trade with the EU, the country's largest trade partner, grew 32.9 percent year on year to 388.42 billion U.S. dollars.
Trade with the United States climbed 29.8 percent to 310.71 billion U.S. dollars during the January-October period. China-Japan trade totaled 239.28 billion U.S. dollars, up 31.3 percent year on year.
China is slated to be the world's largest economy by 2012. That's our manufacturing base, helping China, not the United States, become the world's dominant economy. Meanwhile the G-20 is beating up on the U.S. claiming the Fed is trying to devalue the dollar. Bottom line these countries want our jobs and are quite upset the minute the United States tries to do anything to get balanced trade.
Next week the U.S. China Economic and Security Commission will release their annual report. Should be a doozie and this commission goes in depth, so watch for it. (We'll be writing an overview on the reports findings).
Will the United States finally grow a pair and confront this never ending economic war against the United States through currency manipulation and stealing our jobs? Bear in mind, the U.S. is not only up against the world, but also up against our powerful multinational corporations, many which have more financial power than entire countries.