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http://uk.finance.yahoo.com/news/china-tells-eu-to-stop-pressing-on-currency-reuters_molt-9e102e82b963.html?x=0

China tells EU to stop pressing on currency
Juliane von Krapper Reppert-Bismarck, 17:52, Wednesday 6 October 2010
BRUSSELS (Reuters) - Chinese Premier Wen Jiabao told the European Union on Wednesday to stop piling pressure on Beijing to revalue its currency, saying a rapid shift could unleash disastrous social turmoil.
Wen told an EU-China business forum in Brussels that China would implement a reform of its currency regime announced in June, making the exchange rate more flexible, but rebuffed calls from EU leaders for a rapid and substantial appreciation.
"Do not work to pressurise us on the renminbi rate," the premier said, departing from a prepared speech to a business forum on the sidelines of a summit with EU leaders. "Yes, we are going to proceed with the reforms."

The Chinese know how much clout they have and will laugh at the EU's pleas for a currency shift. China wants a low currency to make its tat cheap and EU-made tat expensive. Simple really. They are laughing like banshees as the Euro continues to soar making Chinese goods even cheaper and exports even dearer.

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"Yes, we are going to proceed with the reforms."

Will they ****

And Adolf won't invade Poland - honest guv.

Stop all this appeasement and give him a good kick in the nuts and send him on his way. Horrible little oik.

Juliane von Krapper Reppert-Bismarck

Surely not?

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They don't have as much power as you think they have. You can move factories more easily than you can move or create consumers, as the Chinese "miracle" neatly demonstrates.

This is true. They will kill their prosperity by overdoing it as the Japs did in the 1980's. A lot of nice kit is made in Chia now that used to be made in Japan which has priced itself out of the market. The Chinese will go (are going?) down the same path as they get into the rich living groove and start to pay their workers more as they need more to pay for their HPI. I suspect the US are really playing them like a fiddle while asking them not to throw them into the briar patch.

IN the meantime.......

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This is true. They will kill their prosperity by overdoing it as the Japs did in the 1980's. A lot of nice kit is made in Chia now that used to be made in Japan which has priced itself out of the market. The Chinese will go (are going?) down the same path as they get into the rich living groove and start to pay their workers more as they need more to pay for their HPI. I suspect the US are really playing them like a fiddle while asking them not to throw them into the briar patch.

IN the meantime.......

Apart from the little fact that one was a democracy and is under the control of the world market and one is a communist state that decides its own rules.

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This is true. They will kill their prosperity by overdoing it as the Japs did in the 1980's. A lot of nice kit is made in Chia now that used to be made in Japan which has priced itself out of the market. The Chinese will go (are going?) down the same path as they get into the rich living groove and start to pay their workers more as they need more to pay for their HPI. I suspect the US are really playing them like a fiddle while asking them not to throw them into the briar patch.

It's imperative that the Chinese workforce DOES start to demand more wages and their population becomes more consumer orientated with a higher standard of living. Just as we need to consume less and produce more and accept a diminished standard of living.

Aside from the economic need, do you expect them to live like serfs forever - toiling to produce cheap goods for us and lending us their savings to do so? I don't think that they are going to be happy to do that.

The only question is how clever have they been ... do they have a plan to ensconce themselves firmly as the foremost global economy/power or are they being duped by the Americans who will eventually default (overtly or by massive debasement of the dollar) and then tell them to go swivel when they complain about not being paid what they thought they were going to get for all the goods they gave the yank consumer?

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The only question is how clever have they been ... do they have a plan to ensconce themselves firmly as the foremost global economy/power or are they being duped by the Americans who will eventually default (overtly or by massive debasement of the dollar) and then tell them to go swivel when they complain about not being paid what they thought they were going to get for all the goods they gave the yank consumer?

The real question is how clever can they be when they're running a dictatorship?

Either very or not at all, I suppose. Not great options for citizen-based consumerism.

Yours Sincerely,

Juliane von Krapper Reppert-Bismarck

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It's imperative that the Chinese workforce DOES start to demand more wages and their population becomes more consumer orientated with a higher standard of living. Just as we need to consume less and produce more and accept a diminished standard of living.

They have their own elite over there sucking up most of the wealth and keeping wages down. That plus the fact they have no welfare structure makes it unlikely that chinese mass consumerism will emerge any time soon.

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Apart from the little fact that one was a democracy and is under the control of the world market and one is a communist state that decides its own rules.

It's a popular myth that China is a communist state.

It WAS a communist state, now it is a mature fascist state. It's pretty much what Germany under Hitler or Italy under Mussolini could have turned into were it not for WWII - a single party corporate state.

They decide their rules, and we decide ours, in particular regarding import tariffs ;)

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The real question is how clever can they be when they're running a dictatorship?

Either very or not at all, I suppose. Not great options for citizen-based consumerism.

Yours Sincerely,

Juliane von Krapper Reppert-Bismarck

[/quote

Is a new screen name is in the offing? :D

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This is true. They will kill their prosperity by overdoing it as the Japs did in the 1980's. A lot of nice kit is made in Chia now that used to be made in Japan which has priced itself out of the market. The Chinese will go (are going?) down the same path as they get into the rich living groove and start to pay their workers more as they need more to pay for their HPI. I suspect the US are really playing them like a fiddle while asking them not to throw them into the briar patch.

IN the meantime.......

Too true indeed. We own a "Chinese" company from which we buy our consumables. We can very easily move elsewhere.

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It's a popular myth that China is a communist state.

It WAS a communist state, now it is a mature fascist state. It's pretty much what Germany under Hitler or Italy under Mussolini could have turned into were it not for WWII - a single party corporate state.

They decide their rules, and we decide ours, in particular regarding import tariffs ;)

Congratulations in not being confused by labels, or constrained by contemporary globalist dogma.

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  • 150 Brexit, House prices and Summer 2020

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      • down 5% +
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