In what is shaping up to be the Mother of All Disastrous G-20 Meetings, Chinese President Hu Jintao has not only told President Obama to go fly a kite when it comes to China’s currency, but he is busy lecturing him about the value of the dollar.
Obama’s two year effort to ingratiate the United States with the world community by showing his humility and eagerness for cooperation is being met with predictable contempt by the jackals who run the world’s dictatorships. The president’s failure to lift the U.S. economy and his drubbing in the 2010 midterm elections have no doubt contributed to the disdain.
Xinhua, the Chinese news agency, has been fed the details of Mr. Hu’s dismissal of his American counterpart.
Hu said that China was firmly determined to push forward reform of the exchange rate formation mechanism, but that the reform would have to be carried out in a good external environment and in a gradual manner.
The U.S. should take concrete measures to relax restrictions on high-tech exports to China, Hu said, and provide a fair environment for competition for Chinese enterprises investing in the United States.
The U.S. also should work together with China to push forward the steady and healthy development of the economic and trade ties, he said.
Hu also expressed China’s concern for the policy of quantitive easing the United States is now pursuing, saying that the U.S. should take the interests of emerging and developing countries into consideration when formulating such policies.
The move by China – one of the world’s most abject cheaters on trade and currency issues – to lecture the United States should be met with a firm response from the Obama administration.
China artificially keeps its exchange rate low so it can sell its crap cheaply around the world and force its citizens to save instead of forking over money for our expensive stuff. The government furthermore supports the thievery of our companies’ technology and the copying and piracy of products we try to sell over there.
Obama, in non-diplomatic language clearly translated into Mandarin, needs to tell the Chinese leadership where to stick it.
And don’t worry, they’re not going to ruin our economy. Contrary to popular perceptions, they hold a relataively small percentage of our debt. And anyway, if we go south, they do too. They understand firm language and actions. Goodwill doesn’t get you to the top of the Chinese Communist Party.