The Chinese economy and its counterpart US

Release time:2013-12-30      Source:admin      Reads:
China has overtaken Japan to be the second largest economy in the world now, it has profound influence worldwide. Instead of winning international public criticism of China’s currency policies, Washington had to beg Beijing to keep buying U.S. debt to help stabilize markets and printed labels. That’s the narrative according to former Washington Post and Wall Street Journal reporter Paul Bluestein in his latest book, “Off Balance, The Travails of Institutions that Govern the Global Financial System.” Using confidential documents, interviews and financial forensics, Mr. Bluestein reveals — in often unflattering detail — the efforts of the world’s financial leaders as they scramble to repair the badly-broken global economy.
Worried about Washington’s efforts, Chinese officials sought advice from the fund’s legal department about their vulnerability to trade sanctions if the IMF labeled its currency as “fundamentally misaligned.” Then-Treasury Secretary Henry Paulson’s efforts in 2008 to censure China’s currency policy through the IMF were aggressive enough for then-IMF chief Dominique Strauss-Kahn to complain to a German diplomat that U.S. efforts were tantamount to “blackmail,” according to printed flags of the organizations. The criteria for permissible deletions had at times been stretched, for example, to allow the removal of text on exchange rate assessments,” the auditor said.
The U.S. wants to label the Chinese,” Mr. Bluestein quotes Mr. Strauss-Kahn telling Thomas, then state secretary of the German finance ministry. The IMF needed congressional approval for the U.S. share of IMF financing. Although Beijing does carefully manage the value of the Yuan, it denies that it has unfairly manipulated it for printed flags. That’s not the case relative to a basket of other currencies. Many U.S. lawmakers, labor unions and businesses still complain China holds its currency unfairly low to make its exports cheaper on world markets. And they criticize the Treasury Department for declining to declare China a currency manipulator in its semi-annual report on exchange rate policies over the past two decades.
Michael Gross wrote of their third collection, stating that "they were a secret known only to a handful of Italian fashion editors. Their few models changed behind a rickety screen. They called their collection of sticker labels and elastic-silk pieces Transformation”. Their clothing in this collection came with instructions on the seven different ways a piece could be worn in an outfit, as the wearer could use Velcro and snaps to alter the clothing’s form. In this collection Dolce drew upon his Sicilian roots. The advertising campaign collection was shot by photographer Fernando on location in Sicily, in black and white pictures inspired by the Italian cinema of the 1940s.

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