Article

2010-07-06 Economy

China Steel Group Accuses U.S. Lawmakers of Protectionism

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Posted by tipper 2010-07-06 11:49|| || Front Page|| [1 views ] Top

#1 You have to grant them a world class case of gall.
From the people who rig, cheat, steal and subvert everything they touch here, outrage. An we might well enough to fall for it, at least the elected officals already on their payroll.

Posted by NoMoreBS 2010-07-06 13:06|| 2010-07-06 13:06|| Front Page Top

#2 What a bunch of assholes!
Our steel industry lies in tatters because of unchecked foreign steel flooding the market for 20 years.

Go to Steubenville, Ohio and take a drive around town for a few minutes. Protectionism is not the word that will come to mind.

Posted by bigjim-CA 2010-07-06 15:18|| 2010-07-06 15:18|| Front Page Top

#3 bigjim-CA, when the US and China trade, the US pushes little pieces of US paper which costs practically nothing to produce onto China and China pushes goods which costs very little to produce onto the US.
The net result is China has lots of US paper and the US has lots of Chinese goods.
Problem for the Chinese is that they now have too much US paper, so they buy US Government bonds to to get rid of some of it. The US government (politicians really) then go on a Krugmanite Keynesian porkulus binge
An alternative would be for the Chinese to invest that US paper in productive firms (which is actually what Keynes recommended) say along the lines of Toyota etc.
Between the two options, I know which I prefer.

Posted by tipper 2010-07-06 21:04|| 2010-07-06 21:04|| Front Page Top

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