Ben Bernake
U.S. Fed Chief, Ben Bernake, is blaming China for America's financial woes. However, Washington and Wall Street are to blame. Washington and Wall Street dug America into this hole through dishonesty and they are going to have to get the nation out of it with honesty. Stop gouging Americans. Stop stealing people's homes and lifesavings through fraud, scams and ponzi schemes.
Demanding China change the value of its currency, will not work. If you succeed in convincing them to do so, many other nations' businesses will be damaged, as the cost of goods from China that they use and resell, will have risen, lowering global profits.
There are other things to take into consideration. The Chinese cost of living is much lower than that of America. They can live a quality lifestyle on less money, as things are more inexpensive in China, from rent to automobiles. One can get a haircut in China for $2.
Barack Obama
Another aspect of the equation is the average American will not work for the wages Chinese do and can afford to, due to their lower cost of living. For example, in U.S. terms, living in Atlanta is much less expensive than dwelling in New York City. Atlantans do not earn as much money, but their cost of living is lower than people living in New York City.
The Chinese population of 1.3 billion people is also much larger than America's of 305,000,000, causing them to have a greater output of goods. More hands are making more things. It's that simple. This same feature has helped India as well. How does the Obama Administration suggest one fixes that? The answer is you don't, as that is the respective population of each nation and their cost of living. You need to stop looking abroad to what they are doing and focus on America and where the nation needs to go to move forward.
As stated before, Obama attempting to devalue the U.S. dollar to beat China in the trade game, will not work in restoring the economy or America to the status of top exporter. The ball game has changed and you are not adapting, but stagnating and complaining. What worked then, will not work now. The Obama Administration has been distracted from the goal of repairing the economy, taking too many shortcuts and risks, such as printing up massive sums of money, rather than cutting debt and producing more products.
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