Poorly served by our Executive Branch!

After postponements and a head fake by the Chinese, the US Department of the Treasury has once again failed to name China as a currency manipulator.
You can read the Treasury Department  Report to Congress here.
Here’s what Treasury Tim Geithner had to say:
“What matters is how far and how fast the renminbi appreciates…We will closely and regularly monitor the appreciation of the renminbi and will continue to work towards expanded U.S. export opportunities in China that support employment in the United States, in close consultation with Congress.”
Hey Tim,  how many more years do you guys think you’ll need to closely and regularly monitor this?

 Chinese Yuans to 1 USD (invert,data) 

Chart courtesy xrates.com  

When do you guys think it will be time for action? This is the same old do nothing approach we suffered through from the last administration. (PMPA has been active on this issue since 2004 when we joined the China Currency Coalition)
When was that “Change”you guys campaigned about  supposed to arrive? 
On the China Currency Issue, NOTHING HAS CHANGED
We mentioned this before here, here and here.
So what can you do? Help us get Congress to do what the Administration can’t won’t.
National Currency Call-in  DayInstructions. Today!
Manufacturers from all across the United States will be contacting their legislators asking them to support Senate Bill 3134 and co-sponsor House Bill 2378. 
Congress needs to hear from manufacturers on this important issue, so they’ll move on legislation to provide the Administration with additional tools to prosecute illegal currency manipulators. Clearly, the Executive Branch can’t get it done. 
The time to act is now.
Photo credit: Poster, Yuan

The Precision Machined Products Association recently joined forces with the Forging Industry Association, Industrial Fasteners Institute, National Association for Surface Finishing, National Tooling and Machining Association and the Precision Metalforming Association in a formal letter to U.S. Treasury Secretary, Timothy Geithner, asking the Secretary to cite China as an illegal currency manipulator in the Treasury Department’s Semi-Annual Report on International Economic and Exchange Rate Policies.
This joint letter urges Secretary Geithner to take action on this critical issue facing domestic manufacturers. Review the formal letter here.

China's currency manipulation puts rest of world at a disadvantage.

Why is the China Currency Issue important?
It is a threat to the Global Economy.

If China continues to beggar the world with its currency manipulation, as it dumps cheap products here, and stockpiles currency reserves, we will continue to suffer from  

Direct result of currrency manipulation.

  1. Global trade imbalances;
  2. Unemployment (especially manufacturing unemployment) in the US 
  3. Increasing pressure for protectionism everywhere.

 How much is the Yuan undervalued? A mere 40% according to Bryan Rich.
“While most of China’s major economic competitors around the world have seen their currencies climb against the dollar by 20%, 30%,40%, even 50% in the last eight months, the Chinese yuan has been virtually unchanged” he wrote last October.

40 % undervalue currency exports unemployment to USA.

Money and Markets Graph
What can you do? We’re glad you asked!
Send Action Alert to your officials.