Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

U.S. Designates China as Currency Manipulator

wsj.com

Post reply on HN
Print view View original

91–100 of 356 posts

Re: U.S. Designates China as Currency Manipulator

#91

Post by bilbo0s »

rolltiide wrote: post #43
rdtsc wrote: post #32

I have no idea what all this means so tried to read https://en.wikipedia.org/wiki/Currency_manipulator . Found it interesting that "Switzerland have been manipulating their currency more than China since 2009 and Germany and South Korea since 2014" Still it is not clear what that means in terms next steps. Will there be more tariff increases or sanctions? And then China will devalue their currency even more. So where…

Okay, no, Germany can't manipulate its currency as they don't have their own, they use the Euro. Germany does have large influence over Brussels being the economic powerhouse of the Eurozone currency union, and the European Central Bank is in Frankfurt but really accountable to no-one, being led by an Italian man from Goldman Sachs. And yes, these 'currency manipulator' designations are a point of political convenien…

Well, I guess that's true. Nearly everyone is a currency manipulator. But also, as you yourself said, it's more of a point of political convenience right? If it serves our purposes to designate china as a manipulator, then who cares if everyone else manipulates too?

Serious question.

I mean, would it matter?

Re: U.S. Designates China as Currency Manipulator

#92

Post by matthewmacleod »

lacampbell wrote: post #39
rolltiide wrote: post #28

Earlier quoted context omitted.

The entire European Union along with China ignoring US sanctions will make the US re-evaluate its hegemonic ideology and interests To get to a more collaborative world, this would have to happen. The risk being that it could lead to a less collaborative world if the US is seen as a toothless world police. With the EU coming into its own and willing to take a near term economic hit to advance its goals, and China bein…

With the EU coming into its own In what possible world is the EU 'coming into its own'? It's losing its second largest contributor and still relies on the US to defend its eastern states from Russia. EDIT: to be clear I would love for the EU to provide a credible deterrence, its in the interest of global stability and peace. But the fact remains it can't.

Coming. Not “is already totally independent”

Re: U.S. Designates China as Currency Manipulator

#93

Post by landryraccoon »

internet_user wrote: post #38

It ends with China being cut off from SWIFT and correspondent banking. That would probably make them re-think their approach to economic warfare.

Why would Europe or the rest of the world go along with this?

SWIFT becomes irrelevant if this happens, not China.

Re: U.S. Designates China as Currency Manipulator

#94

Post by mevile »

emilsedgh wrote: post #73
internet_user wrote: post #38

It ends with China being cut off from SWIFT and correspondent banking. That would probably make them re-think their approach to economic warfare.

The chances of that happening are really close to zero though. The world economy (and specially US economy) badly relies on Chinese.

The chances are not close to zero, they are much higher. The trade war with China is one of the very few topics where many Democrats support the administration. If the US caves now China will have won an enormous victory and will be able to dictate any further terms of trade with the US, which is a really bad outcome. There is very little chance that the current administration will accept a loss here on a fight they started or that Trump cares about how much every day people will be hurt by the trade war.

In fact further US economic decline plays to his advantage because he can clearly blame China and blaming foreigners is something that works with his base.

Re: U.S. Designates China as Currency Manipulator

#95

Post by tunesmith »

rolltiide wrote: post #43
rdtsc wrote: post #32

I have no idea what all this means so tried to read https://en.wikipedia.org/wiki/Currency_manipulator . Found it interesting that "Switzerland have been manipulating their currency more than China since 2009 and Germany and South Korea since 2014" Still it is not clear what that means in terms next steps. Will there be more tariff increases or sanctions? And then China will devalue their currency even more. So where…

Okay, no, Germany can't manipulate its currency as they don't have their own, they use the Euro. Germany does have large influence over Brussels being the economic powerhouse of the Eurozone currency union, and the European Central Bank is in Frankfurt but really accountable to no-one, being led by an Italian man from Goldman Sachs. And yes, these 'currency manipulator' designations are a point of political convenien…

Are you referring to the printing of more money? Is that the only way countries devalue their currency?

Re: U.S. Designates China as Currency Manipulator

#96

Post by simonh »

internet_user wrote: post #74
simonh wrote: post #66

Earlier quoted context omitted.

That would also do crippling damage to US and other foreign companies doing business with China. Even the current tariffs and counter-tariffs have cost US companies many billions. Qualcomm alone is estimated to have lost about a billion dollars in sales.

Boohoo, poor corps. Should we sell ourselves out entirely to China to satisfy the corporate profit motive? Personally, I rather Qualcomm goes bankrupt entirely than see Chinese global hegemony.

You do know those companies employ workers, right? And pay taxes, and buy goods and services in the US?

Re: U.S. Designates China as Currency Manipulator

#97

Post by Phil_Latio »

rolltiide wrote: post #43
rdtsc wrote: post #32

I have no idea what all this means so tried to read https://en.wikipedia.org/wiki/Currency_manipulator . Found it interesting that "Switzerland have been manipulating their currency more than China since 2009 and Germany and South Korea since 2014" Still it is not clear what that means in terms next steps. Will there be more tariff increases or sanctions? And then China will devalue their currency even more. So where…

Okay, no, Germany can't manipulate its currency as they don't have their own, they use the Euro. Germany does have large influence over Brussels being the economic powerhouse of the Eurozone currency union, and the European Central Bank is in Frankfurt but really accountable to no-one, being led by an Italian man from Goldman Sachs. And yes, these 'currency manipulator' designations are a point of political convenien…

> Okay, no, Germany can't manipulate its currency as they don't have their own, they use the Euro.

But they use the Euro as an umbrella that doesn't behave like a single currency for Germany would. While implementing the Euro they put massive pressure on wages while other EU countries kept increasing wages. Germany is violating export-surplus rules of the EU, but no one seems to care.

https://upload.wikimedia.org/wikipedia/commons/e/ef/Balance_...

Re: U.S. Designates China as Currency Manipulator

#98

Post by maps »

wahern wrote: post #81
internet_user wrote: post #74

Earlier quoted context omitted.

Boohoo, poor corps. Should we sell ourselves out entirely to China to satisfy the corporate profit motive? Personally, I rather Qualcomm goes bankrupt entirely than see Chinese global hegemony.

Abusing our current structural position in the international monetary system is the surest way to hasten the end of our own hegemony and the beginning of Chinese hegemony--if that ever comes.

Huh?? Isn't setting up the structure and abusing the US position what has been happening for the past half century?

It actually seems like the recent change has been to let china get away with whatever they want with no struggle and simply accept a nice slow bleed out.

Re: U.S. Designates China as Currency Manipulator

#99

Post by [deleted] »

damon_c wrote: post #68
anonoholic wrote: post #51

Earlier quoted context omitted.

That would keep me calm! I'm pleased to report though that I lost nothing, since that's about how much I have.

Get something started ASAP. I left a job when I was 28 with a depressing $21k in 401k. After sitting there for 16 years, it's now... big enough where it lost almost that much this last week. Compounding... really... works...

[deleted]
Post reply on HN