When commenting on the Senate bill to retaliate against China’s currency manipulation, Speaker of the House John Boehner said:
“I think it’s pretty dangerous to be moving legislation through the United States Congress forcing someone to deal with the value of their currency. This is well beyond, I think, what the Congress ought to be doing.”
That’s an amazing statement, and I’ll bet Boehner would not repeat it if he could take it back. Currency exchange rates are an integral part of trade policy. As a matter of fact, we had the same problem with Japan in the 1980s as we do now with China. Back then, during the RONALD REAGAN administration, we put the smack down on the Japanese and forced the value of the yen up dramatically with the Plaza Accord.
We should have done the same thing with the Chinese long ago. But things are different this time around. Back in the 1980s, American manufactures campaigned for the Plaza Accord. They fought hard to level the playing field with the Japanese. Not so today. Rather, it’s just the opposite. American-based multinationals send out flunkies like John Boehner to fight on behalf of Beijing because their factories are in China now.
And so what Boehner said is exactly right. The reason why I don’t think that he would repeat the statement is because it is a blatant admission that the USA is no longer a sovereign nation.
And I am not exaggerating.
A central tenet of the global sweatshop empire is that the local yokels don’t have any say in trade or immigration policy. Borders shall be wide open to the convenience of multinationals. Whether they are exporting factories or importing cheap labor, plebs who imagine that they are still citizens of sovereign nations need to divert their attention to non-economic issues such as abortion, marijuana legalization, etc.
Note to “Americans” from John “Beijing” Boenher: mind your beeswax!