China / US talks breaking down at G20 2010

As there a lot of posts revolving around China vs the US around I thought some people may be interested in this.
When I was listening to the radio this morning they were talking about talks breaking down between the US and China in the early hours at the G20, I was half asleep (as it was my alarm clock radio) but they seemed to be talking about it for at least a couple of minutes like it was significant.
However when I looked on the News websites I initially couldn't find anything, but I did find this article after some searching on Google News. It may be that the news is new and by the time I write this it's more widespread, but I thought I would make a record anyway.

Leaders agreed to come up with "indicative guidelines" to tackle trade imbalances afflicting world growth.
Tensions had been high between some delegations over how to correct distortions in currency and trade.
Some fear the conflict may threaten global growth.
The disagreement has primarily been between China and the United States.

.................

UK sources say that officials from the UK, France and Russia had to be called in the early hours of this morning after "fractious" negotiations between China and the US broke down in "acrimony".
G20 agree to address currencies

Mmmm... "Trade Imbalance"?

If so many corporations hadn't offshored so much in the first place in pursuit of cheap labour and higher profits, the USA wouldn't have to import so much in the first place.
It's also not really fair to expect China to curb it's economic growth to help prop up the burgeoning US deficits and debt, which is of it's own making.
I rather get the impression the USA is lashing out to try and pass the blame for it's dire financial woes onto others, purely for domestic consumption of course, rather than take any blame itself. Unfortunately for them, I think it's a little too late for that as it's complicity in financial crimes, to protect the equally corrupt banking system, is getting more and more coverage every day. Many people can see quite clearly who is to blame!

money.cnn.com...

China has been buying US dollars and selling yuan for years.. They sell their exports 40% below the true market value and any import wouldn't be practical unless it's just something they have no access to. Obama called them out on it a few times now but 2 days ago China and Russia said WE are the ones manipulating currency.

reply to post by Britguy


The issue the Us has with China is their refusal to comply with conditions they agreed to on their entrance to the WTO. China was suppose to drop their one to one link with their currency to the US dollar. They were also suppose to stop artificially depressing their currency, which creates the trade imbalance in their favor. A few years ago China agreed to allow their currency to gain value on the world market in order to stem the imbalance and comply with the standards set by the WTO.

Instead China has been refusing to do these things, which is severely impacting the US economy. China has stated that its in the best interest of their economy and national security, that its a domestic issue and the US needs to but out.

We run close to 70 billion dollars trade imbalance with China, which as any other country would say, is a detriment to our economy, and creates issues here at home.

As far as cheap labor going overseas, it would be because the Government of China controls pay. Mexico does the same thing when it comes to foreign companies. The only way to rebalance that is for these other governments to establish minimum wages and allow the economy to determine pay based on demand of the product.

All the US wants is fair access to Chinese markets, which they still do not allow. We want their companies to stop stealing trade secrets from the US, making the product in their country, then selling it back to the US as well as their own people, while again refusing to allow fair market access.

Its not to much to ask.

Ya know i just recently ordered four things off of the web two things were from China which i got in a mater of days and the other two things were from America which i have yet to receive and may have to fight one of the owners of the product which was a jacket to get my money back because it's taking so long, so maybe just maybe putting communism/socialism aside which of course is a terrible thing which never works out in the end but just putting that aside maybe the Chinese owners and merchents are more motivated more hard working and more effective which is why so many companys put there trust in them by having them make there products.

Of course it wasen't always this way Americans were the hardest working people on the planet and some still are but maybe when this country got too complacent with being a wealthy society greed crept in and companys sent there jobs over seas because it was cheaper and Japan made the same dame mistake, in the 90's everything was made in Japan and then they got complacent and greedy and shipped there jobs over seas, which they should of saw was a mistake a mile away i mean for god sakes the reason Japan became so wealthy was because they made so many products and to turn around and do the same thing America did....i mean were they blind?


So i'm sure it's only a mater of time before China makes the same mistake and starts shipping there jobs over seas to people who are eager to prove there worth and own there craft and when that time comes i'll be waiting forever for a order i placed from China to get to my house.......sigh....

reply to post by King Seesar


Well.. It's simple really.. Chinese people dedicate their lives to helping society in some way or another.. While the US on the other hand is a capitalist society where the peoples only ambitions are one day being rich so they can do the things they see the top 2% do. But, the only people who benefit from capitalism are the capitalists at the top. The army of labor at the ground level has little to no motivation other than the fact that they could be fired at any moment and there are others waiting to replace them.

Can we not be fooled by the dog and pony show? All these governments are in bed together. They have all agreed on certain things..and now, they have to warm us up to those ideas. While everyone is screaming immigration, and believing that only Mexicans are illegal aliens, the US government is allowing foreigners, from the other side of the ocean, to live freely in America; and no one is the wiser!

I dont think Americans should be worried about the Mexican, they need to worry about the Asian countries. Those are the countries that are going to sink their teeth into the Western world.

This is nothing more than the changing of the guards. China is running the show...and soon, it will show whos in charge! They don't have to 'bomb' the country to shreds, just infiltrate it!

reply to post by AgentSmith


"Some fear the conflict may threaten global growth."

What growth? Growth officially ended in 2008 and is never ever going to return. The leaders are either too stupid to realize this or they know that the world economic paradigm of infinite growth is dead, and need something to blame it on other than reckless spending and energy consumption/waste over the last few decades.

Growth growth growth growth growth..... Thats all I hear from these puppets mouths. There is no more economic growth to be had.

There is a 96% correlation between economic growth and green house gasses. You want growth? You gotta burn energy. Energy that we no longer have!!!!

Wake the fk up you moronic "world leaders", or if you know the truth then tell people out right how much our world is up poo creek without a paddle, then get out of the way and let the people try to survive

Ive been looking into this just a little bit. Heres what was on the front page of yahoo.com's news.

G20 Refuses to back US push on Chinese Currency

SEOUL, South Korea – Leaders of 20 major economies on Friday refused to back a U.S. push to make China boost its currency's value, keeping alive a dispute that raises fears of a global trade war amid criticism that cheap Chinese exports are costing American jobs.

The G-20's failure to adopt the U.S. stand has underlined Washington's reduced influence on the international stage, especially on economic matters. In another setback, Obama also failed to conclude a free trade agreement this week with South Korea.

Looks like the US is hitting roadblocks in the world economy more and more.

In my opinion, I would say let China do what they want with their economy. Instead of pointing fingers, why not learn from our mistakes and start doing something different?

If everyone would buy Made in America and not Made in China as much as possible regardless of cost because you are supporting yourselfs and your country, the economy would shift for the better too.