Friday Factory Tune: The Chinese Envoy

By November 5, 2010Friday Follies, General

Seems topical.

That’s John Cale from his 1992 solo performance memorialized as “Fragments of a Rainy Season.” Great, great presentation of his oeuvre, although the Dylan Thomas material is an acquired taste. The versions of “Cordoba” and “Dying on the Vine” are much better than the studio versions.

Coincidently, John Engler, president of the National Association of Manufacturers, addressed the Chinese envoy question in a response to a reporter’s question Wednesday. Engler said:

It’s long been our position that the Chinese currency is undervalued. I tell you what I’m reluctant to do is give the Congress of the United States a pass on fixing so many issues that are problems for manufacturing and have them try to act as though they’re the Politburo over in China. We’re not the Chinese government.

We ought to do for sure the things that we’re in charge of, and it ought to be up to the Administration and the Treasury Department. We’ve kept a lot of our focus there under both President Bush and continuing under President Obama to get the international community involved, and I will say that the Obama Administration – and maybe it’s just because it’s gone on so long – they’re having more success and there’s more interest around the globe. We’re hearing the IMF talk much more aggressively.

This has to be the community of nations stepping up. One nation by itself can’t change another nation’s currency. But, one nation by itself can do a lot to improve its business climate. I’d rather see the Congress get that done as a high priority. When that’s all done, if we still wake up and say, “Well, we’ve done all of this and the currency is still the problem,” then we can see what the next steps are there, but right now, we’re providing a free pass for a number of members of Congress who want to go home and say, “I’m fighting currency,” and in fact, they’re not doing anything on currency but they are not doing anything for our competitiveness on a whole host of issues.

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