HdGLaxWarrior
06-23-2005, 11:00 AM
http://money.cnn.com/2005/06/23/news/economy/greenspan_china/index.htm
Should we bar China?
Greenspan and Snow warned against an economic sanction against China. It would hurt the US economy and jobs. They have a very strict currency. The US wants them to "play by the rules."
Both said China should loosen the peg it maintains for its yuan currency against the dollar, in its own interest and that of the global economy, but said it would be futile to try to force Beijing to do so through trade sanctions.
"A policy to dismantle the global trading system, in a misguided effort to protect jobs from competition, would redound to the eventual detriment of all U.S. job-seekers, as well as millions of American consumers," Greenspan said.
A Chinese oil company also placed a bid on Unocal. A California-based oil company. They placed a big of 18.5 billion. They beat out Chevrons bid by 1.5 billion.
Should we bar China?
Greenspan and Snow warned against an economic sanction against China. It would hurt the US economy and jobs. They have a very strict currency. The US wants them to "play by the rules."
Both said China should loosen the peg it maintains for its yuan currency against the dollar, in its own interest and that of the global economy, but said it would be futile to try to force Beijing to do so through trade sanctions.
"A policy to dismantle the global trading system, in a misguided effort to protect jobs from competition, would redound to the eventual detriment of all U.S. job-seekers, as well as millions of American consumers," Greenspan said.
A Chinese oil company also placed a bid on Unocal. A California-based oil company. They placed a big of 18.5 billion. They beat out Chevrons bid by 1.5 billion.