G-20 refuses to back US push on China’s currency

SEOUL, South Korea (AP) — Leaders of 20 major economies on Friday refused to back a U.S. push to make China boost its currency's value, keeping alive a dispute that raises fears of a global trade war amid criticism that cheap Chinese exports are costing American jobs.

A joint statement issued by the leaders including President Barack Obama and China's Hu Jintao tried to recreate the unity that was evident when the Group of 20 rich and developing nations held its first summit two years ago during the global financial meltdown.

But deep divisions, especially over the U.S.-China currency dispute, left G-20 officials negotiating all night to draft a watered-down statement for the leaders to endorse…

Read more of the story1 at The-Review.com – Breaking News, World & Local News, Sports & Multimedia

Makes you wonder whether or not this commercial is just entertaining fiction or sign of things to come:

[media link=”http://www.youtube.com/watch?v=vN-LFK6fa44″ width=”640″ height=”385″]

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3 Responses to G-20 refuses to back US push on China’s currency

  1. TVNews says:

    The message is exactly what is said. If we abandon our principals, our nation will fall. What’s not to get?

  2. Libby says:

    This video is being broadcast here on most of the television networks, so I too have seen it. It is scarey. Forgive me, but I’m not sure I understand the message. I assume it is:

    If you cut government spending then there will be money to pay off our debt to China and they will no longer be our “puppet masters”…Is that it? Is it in fact one of those very simple solutions to a very complex problem? Sometimes the simplicity of a solution confounds me, I admit.

  3. EagleWatch says:

    We just got lectured by Germany and PRC about … wait for it … currency manipulation (the Fed’s $600 billion bond buy), by artificially devaluing the dollar in order to spark inflation, in order to spur spending.

    When Keynes fails, they just monetize the debt they’ve created.

    I’d seen that video earlier and found it chilling.