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發表於 2011-11-15 09:03 AM
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Hey felicity, this is an extract from the Sydney Morning Herald today,' ^* |( s" J9 n$ {% q( C+ V1 K
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No reason to get even closer to Uncle Sam公仔箱論壇! ]. S/ s3 M# r9 {9 o
November 15, 2011. Political editor Peter Harcher., }# E3 v. F. R8 |. M+ @4 y' b9 u
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公仔箱論壇; G0 a1 E3 Z% K8 K' G
 TVBNOW 含有熱門話題，最新最快電視，軟體，遊戲，電影，動漫及日常生活及興趣交流等資訊。, w0 I7 Y' G3 Z* d: o7 v
.......TVBNOW 含有熱門話題，最新最快電視，軟體，遊戲，電影，動漫及日常生活及興趣交流等資訊。1 n6 _4 S- ^% \" j
But the US trade and currency agenda with China is another matter altogether. The wise and far-sighted US policy for the past couple of decades was to work hard to bring China into the global rules-based system. Rather than having a rising giant outside the system breaking the rules, Washington wanted China in the system, playing by the rules.tvb now,tvbnow,bttvb8 b0 P2 B8 W! T) C. [4 W
. {9 ?" X5 V, t! W; t) s5.39.217.76It worked. China signed up to, among other things, the World Trade Organisation. But now the Obama administration is seeking to shift the ground rules, moving the goalposts.TVBNOW 含有熱門話題，最新最快電視，軟體，遊戲，電影，動漫及日常生活及興趣交流等資訊。/ X' Q" U( w3 O$ x, D
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A bizarre contrast presented itself in Hawaii at the APEC gathering at the weekend - the Chinese President, Hu Jintao, argued world trade agreements should be based on the global WTO system, while the US president recruited other countries, including Australia, for his little regional trade sub-group, the Trans-Pacific Partnership.6 m, N4 `( P3 D8 s) U( v" S: x* x
5 Q8 I8 A: D n i) C5 NThe WTO's latest round of negotiations is moribund and the US should be reviving it. Instead, it is rounding up the TPP countries that take all of 6 per cent of US exports. It's insignificant as a trade bloc.公仔箱論壇" J8 y+ ?+ R, | J1 F2 A" P# B
) g0 Q7 b H) G5.39.217.76It's a posse to get China, which is not a member. "It's all about China," says an American trade expert, Bruce Stokes, of the German Marshall Fund in Washington. "The White House is hoping that if this thing gets big enough, China will one day want to join. The hidden agenda is that they will only admit it if China accepts a high standard of policing for its state-owned enterprises."# b+ w G+ _# t& S+ p G
! ~& j* t; J- o# n+ s. A' X4 P* SAustralia signed up to the TPP in the Bush years; it's a done deal. But Canberra should not sign up to the next US agenda item, which is to threaten China over its managed currency, accusing China of currency manipulation to win unfair export advantage.
; h: ~8 W \1 h3 z* x% W6 q8 ~TVBNOW 含有熱門話題，最新最快電視，軟體，遊戲，電影，動漫及日常生活及興趣交流等資訊。
. ^7 @6 {9 G6 R g公仔箱論壇The global rules-based system in no way bans countries from pegging or managing exchange rates. Indeed, the US was the centrepiece of the global fixed exchange rate system until the early 1970s.8 G: i. [1 \) y- O2 \
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And the US has not stopped manipulating its currency; it's just got subtler. One of the aims of the US Federal Reserve in flooding the world with $US1.8 trillion in US dollars in the past three years is to devalue the currency. It's devaluation by hyperliquidity.公仔箱論壇1 D V0 P! u+ D! p; s. ]3 A
3 A* x: c) u, o9 ^! k2 \5 p公仔箱論壇Beijing has allowed the renminbi to appreciate by 30 per cent in recent years against the US dollar. This has solved none of America's problems. The US campaign against China's currency policy is misguided. Australia has remained aloof so far and should remain so, even under the hypnotic power of the high-beam smile of a US president in person.TVBNOW 含有熱門話題，最新最快電視，軟體，遊戲，電影，動漫及日常生活及興趣交流等資訊。; s* V' G, T6 I6 L
& E8 E. h T, ?TVBNOW 含有熱門話題，最新最快電視，軟體，遊戲，電影，動漫及日常生活及興趣交流等資訊。In strategic and military matters and trade and currency matters alike, the world has a deep interest in keeping China in the global rules-based system. If the Americans occasionally lose sight of this in the economic realm, Australia should not abet its lapses. We are an ally, not an accomplice. |
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A little green earthling, living life as if there were no tomorrow. |
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