Is this good or bad?
My personal opinion is it is good on a number of levels.
First it will level off costs between Chinese and American / European made goods. Not immediately, but over time. This should lead to a decrease in the trade deficit with China.
Secondly it will lead to higher manufacturing costs in China, which means more manufacturing jobs returning to the US. Again not immediately, but over time.
Finally with the Yuan tied to foreign currencies more countries will begin pressuring China on its economic policies which will help stabilize world markets and probably lead to increasing democratization.
Score another one for GWB,
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