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China Probes US Renewable Energy Policy
PolygamousRanchKid writes "China's Commerce Ministry on Friday announced an investigation into U.S. government policy and subsidy support for renewable energy, after a U.S. decision earlier this month to probe sales of Chinese-made solar panels in the United States. 'The Ministry of Commerce has decided to initiate a trade barrier investigation into policy support and subsidies for the U.S. renewable energy sector,' a statement on the ministry's website (www.mofcom.gov.cn) said. The announcement said Chinese companies argued that the U.S. policies 'constitute a trade barrier against the export of Chinese renewable energy products to the United States.'"
Oh, and Chinese made solar panels sold for cheaper than the cost of them being made is not an advantage?
In the 1980s, Harley was nearly shuttered by motorcycles from abroad being dumped on the US market for cheaper than they could be produced. Congress stopped the BS and even though one may not like hawgs, they are still around, and a decent choice. Now our congress just stands back and lets foreign companies do business practices that would have caused war declarations in the past, especially vital infrastructure decisions.
Remember, alternative energy is likely how our economy will get out of the shitter. There is a lot of innovation that can occur in every place for energy generation, storage, and conservation. China dumping their panels to shutter US companies is them attacking the economy and wanting to keep that from happening.
Oh, their WTO complaints? The WTO agreement in itself is in violation of the Constitution and fundamental US sovereignty. Once we get the current crop of cretins in Congress out of office (regardless of "D", "R", or in the case of one Internet-hostile senator, an "I" by their names), maybe it can go with them.
It goes somewhat beyond that. The issue isn't just the lending, but where the money is coming from in the first place and all the deals in China denominated in USD rather than RMB. Additionally, much of the money that they've been lending the US should have been going to the workers to help them climb out of poverty or improve workplace safety.
Not that I can blame the Chinese government in this instance, they're in a really tough spot and even a relatively modest appreciation in the RMB can lead to huge numbers of job losses. I just think that if the shoe fits...
The obvious difference here is that, while the Fed manipulates currencies, there is an international effect due to that manipulation, ie the price of the dollar rises or falls against other currencies. There may even be intentional manipulation to try to force an outcome, but the fact remains that value in monetary markets is NOT set by the Fed, it is set by what money market buyers believe the real value of the dollar to be. China, however, has pegged the yuan to the US dollar, and artificially lowered it's value in order to obtain a more competitive stance in international markets. It's estimated that the yuan may be undervalued by as much as 37% when compared to its actual purchasing power. And yet the US is the biggest currency manipulator? I think that's a bit of hyperbole that we're better off without.
China did not extend US credit. They purchased government bonds and securities for secure investments. US investments are still considered one of the safest places for foreign countries to park and grow their cash. Even with all of China's investments to date they amount to only 6% of outstanding bonds and securities. And while we are at it how about we interject a few more facts? The US is still the largest economy and the number #1 manufacturer in the world even after we have supposedly sent all our jobs overseas. China has narrowed the gap, and may one day become the largest but but they have started running into problems just like the US subsidizing the renewable energy market and they are facing more competition from the other southeast Asian countries who can pay slave wages to compete. China may one day reach #1 but they have population of 1.3 billion compared to the US population of 300 million. They should be able to produce more but for some reason they have not quite got the hang of it yet.
Just let the dollar depreciate to a fair value (meaning: a lot) and the US industry will be competitive in no time. You would have to pay a lot more for your oil and Chinese consumer products though. When all the other countries have artificially depressed currencies, you should start to wonder about yourself. You know, just as you should when all the other jerks are driving on the wrong side of the road.
Harley's are designed to be "touring" bikes. The "potato-potato" noise is part of their trademark, and deliberately designed into it.
The exact same engine you see in a harley is used in performance bikes made by Buell, and they are pretty big in the racing circuit. They're just tuned differently.
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