Someone needs to tell him the Chinese tariff on imported American cars is not 200%. Its 28% He streatched the numbers to fit his screed.

You are simply selecting facts to prove your points and conveniently leave out anything that challenges them. Gutierrez in other remarks has roundly denounced Chinese discriminatory trade practices and piracy of U.S.-origin software. As for the WTO, decision-making is by consensus. The WTO has put in a number of rules that favor LDCs, including exemption from tariff cuts (China is not an LDC).

As far as expanding overseas, it’s not a U.S. monopoly. Former Chinese President Jiang Ze Min initiated the zouquchu policy for Chinese firms nearly a decade ago. Same motivations.

The U.S. simply wants a level playing field with China on trade and investment. You agree to do something, you carry it out. Is that so unreasonable?

(as far as U.S. firms closing in China is concerned, yes, and they are going to lower cost areas such as Vietnam. )

So I guess you don’t invest in companies that operate in China? You don’t profit from Chinese exploitation of workers by shopping at WalMart?

The hypocrisy of conservatives who demand cheap labor costs so they can maximize profits or dividends for themselves, while complaining about illegal immigration or China is just astounding.

For example - ChinaBank was founded 90 years ago in Manilla by a Manilla-based family, and owned today by their descendants, Peter Dee and Gilbert Dee. ChinaBank recently bought Manila Bank and merged, of course their calligraphy is everywhere.

Folks from the China mainland have been involved in the islands of the Pacific for a long, long time and many generations.

The US monopolize ? And other world powers do not want to corner the markets? With the mergers and acquisitions in the last 30 years - how many corporations are completely American anymore?

When those preferred Europeans (Royal Dutch Shell) and China, are “forced” to clean up the US mess in Iraq after Obama “ends the war” - will the US “left” be content buying their energy supplies from Beijing?

Anyway,the WTO was founded to meet US needs and only for the US and you have to play by Americans rules. I’m glad that China is not playing blindly by the rules (to US heart’s content).In fact it was a WRONG decision for China to join the WTO since they are not well-experienced in world trading and China’s market is still very young.80% of Chinese (and non American international managers)who understand business thinks US is just using China to make money and to penetrate Chinese market with the plan to monopolize the market and ultimately the consumers.However, Chinese prefer to do business with Europeans and other non American entities.China insiders noticed that more JVs and contracts were given to Europeans and more Chinese businesses are being opened outside of US. If you think that American companies are closing in China , think about it, it doesn’t take that long before they are replaced by non US companies. Getting into China business isn’t easy, the competition is very tough and being asked by Chinese to replace a departing American company felt like gift from heaven b/c they will make it easy for a new company and they even will take care of it so as to keep their natives employed. If Americans have negative attitudes towards Chinese, I would say the feeling is mutual and what’s sad is China has nothing to lose.If you travel around S-E Asia ( I’m in fact doing it now) China’s muscles are everywhere.From Chinese products to business establishments to big banks adorned with Chinese calligraphy, they are everywhere.In Philippines for instance, Chinese banks (or owned)are just everywhere (70%).It was in ChinaBank where I went to change my $ bills (the tellers are young and gorgeous).

Two of the major WTO rules that China violated are 1) they didn’t open their markets to U.S. products as agreed (there’s currently a 200% tariff on American cars sold in China), and 2) they didn’t allow their currency to float as required by WTO rules - instead artificially pegging it to 20% below the dollar and thus insuring that China’s products are ALWAYS cheaper in the USA than domestic products.

Funny how you failed to mention that. China is in violation of its WTO agreement. China is ILLEGALLY keeping its currency low so it can suck wealth out of western nations. We would never put up with this from any other nation because it’s killing our economy. We won’t do anything about it because China has threatened us with nuclear war if we do not acquiesce to their terms.

But like the good little leftist that you are, you failed to mention THOSE realities. Like all good liberals you see only that which fits the preconceived view that you want to hold, rather than seeing FACTS.

I hope you enjoy fighting the Chinese on U.S. soil because that is the next step in China’s plan: once they have all our wealth and manufacturing, they will come for our land. And they will not hesitate to use nuclear weapons on us.

You’d better wake up and fast instead of being an apologist for the Communist China that you so obviously love so much.

THE FINANCIAL TSUNAMI

The Next Big Wave is Breaking
Fannie Mae Freddic Mac and US Mortgage Debt

by F. William Engdahl

The announcement by US Treasury Secretary Henry Paulson together with Federal Reserve chief Bernanke, that the US Government will bailout the two largest guarantors of housing mortgage debt—the Fannie Mae and Freddie Mac—far from calming financial markets, has confirmed what we have said repeatedly in this space: The Financial Tsunami which began in August 2007 in the relatively small “sub-prime” high risk US mortgage securitization market, far from being over, is only gathering momentum. As with the Tsunami which devastated Asia in wave after terrifying wave in December 2004, the financial Tsunami we are witnessing is a low-amplitude, long-wave phenomenon of trillions of dollars of financial securities being unwound, defaulted on, dumped on the market, far from being over, is only gathering momentum. As with the Tsunami which devastated Asia in wave after terrifying wave in December 2004, the financial Tsunami we are witnessing is a low-amplitude, long-wave phenomenon of trillions of dollars of financial securities being unwound, defaulted on, dumped on the market. But the scale of the latest wave to hit, the collapse of confidence in the two Government-Sponsored Entities, Freddie Mac and Fannie Mae, is a harbinger of worse to come in what will be the most devastating financial and economic catastrophe in United States history. The impact will be felt globally.

The United States economy is in the early phase of its worst housing price collapse since the 1930’s. No end is in sight. Fannie Mae and Freddie Mac, as private stock companies, have gone to excesses in leveraging their risk, most as many private banks did. The financial market bought the bonds of Fannie Mae and Freddie Mac because they bet that the two were “Too Big To Fail,” i.e. that in a crisis the Government, that is the US taxpayer, would be forced to step in and bail them out.

The two, Fannie Mae and Freddie Mac, either own or guarantee about half of the $12 trillion in outstanding US home mortgage loans, or about $6 trillion. To put that number into perspective, the entire 27 member states of the European Union in 2006 had an annual GDP of slightly more than $12 trillion, so $6 trillion would be half the GDP of the combined European Union economies, and almost three times the GDP of the Federal Republic of Germany.

In addition to their home mortgage loans, Fannie Mae has another $831 in outstanding corporate bonds and Freddie Mac has $644 billion in corporate bonds.

Freddie Mac owes $5.2 billion more than its assets today are worth meaning under current US “fair value” accounting rules, it is insolvent. Fair value of Fannie Mae assets has dropped 66% to $12 billion and may as well go negative next quarter. As the home prices continue to fall across America, and corporate bankruptcies spread, the size of the negative values of the two will explode.

On July 14, symbolically the anniversary of Bastille Day, US Treasury Secretary Paulson, former chairman of the powerful Wall Street investment bank Goldman Sachs, stood on the steps of the US Treasury building in Washington, a clear attempt to add psychological gravitas, and announced that the Bush Administration would submit a bill proposal to Congress to make taxpayer guarantee of Freddie Mac and Fannie Mae explicit. In effect, in the present crisis it will mean nationalization of the $6 trillion agencies.

The bailout by Paulson was accompanied by a statement by Bernanke that the Fed stood ready to pump unlimited liquidity into the two companies.

The Federal Reserve is rapidly becoming the world’s largest financial garbage dump as for months it has agreed to accept banks’ Asset Backed Securities including sub-prime real estate bonds as collateral in return for US Treasury bond purchases. Now it agrees to add potentially $6 trillion in GSE real estate debt to that.

However, the disaster in the two private companies was obvious as far back as 2003 when grave accounting abuses in the two companies were made public. In 2003 then President of the St. Louis Federal Reserve, William Poole publicly called for the US Government to cut its implied guarantee of Freddie Mac and Fannie Mae claiming then that the two lacked capital to weather severe financial crisis. Poole, whose warnings were dismissed by then Fed Chairman Greenspan, called repeatedly in 2006 and again in 2007 for Congress to repeal their charters and avoid the predictable taxpayer cost of a huge bailout

As financial investors warn the Paulson bailout is not a bailout of the US economy but a direct bailout of his Wall Street financial cronies. What until recently had been the largest bank in terms of loans outstanding, Citigroup in New York, has been forced to raise billions in capital from Sovereign Wealth Funds in Saudi Arabia and elsewhere to remain in business. In its May announcement, Citigroup’s new Chairman Vikram Pandit announced plans to reduce the bank’s $2.2 billion balance sheet of liabilities. However, he never mentioned an added $1.1 trillion in Citigroup “off balance sheet” liabilities which include some of the highest risk deals in the US real estate and securitization era it so strongly backed. The Financial Accounting Standards Board in Connecticut, the official body defining bank accounting rules is demanding tighter disclosure standards. Analysts fear Citigroup could face devastating new losses as a result with value of liabilities exceeding the bank’s $90 billion market value. In December 2006 prior to the onset of the Tsunami crisis, Citigroup had a market value of more than $270 billion.

.