US Capital building full frame/Flickr

货币操纵的伪装

纽黑文—美国国会为了跨太平洋洋合作伙伴关系( Trans-Pacific Partnership ,总统奥巴马的标志性贸易立法)而吵到不可开交隐显一个重大障碍。5月22日,参议院以微弱多数——51比48——避免了这一障碍成为现实——在授予奥巴马所谓的“快车道”TPP谈判权的立法中不加入“货币操纵”修正条款。但这一问题可能随着争论战场转移到众议院而死灰复燃,在众议院,对“强制性货币规则”的支持十分强大。

至少十年来,国会一直关注货币操纵——指控一些国家刻意干预外汇市场以抑制本币价值,从而补贴出口。2005年,纽约州自由派民主党参议员查尔斯·舒默(Charles Schumer)和南加州保守派共和党参议员林赛·格雷厄姆(Lindsey Graham)组成了一个不可能的联盟,捍卫身陷重围的美国工人免受不公平的竞争手段的影响。他们指出,停止货币操纵能让美国巨大的贸易赤字减小——给困难重重的工人带来持续的真正福利。

十年前,最初的舒默-格雷厄姆提案赤裸裸地针对中国。促使他们提出提案的怒火今天仍然存在——2014年美国的商贸赤字依然巨大,而中国占了其中的47%。自1995年年中以来,人民币兑美元升值了33%,国际货币基金组织(IMF)已不再认为人民币被低估;中国的经常项目盈余占GDP之比也从2007年的10%降低到2014年的2%(估计值)。但这些都不重要。中国仍然是认为美国工人受害于不公平贸易行为的美国政客的眼中钉。

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/WGqAf6K/zh;
  1. Television sets showing a news report on Xi Jinping's speech Anthony Wallace/Getty Images

    Empowering China’s New Miracle Workers

    China’s success in the next five years will depend largely on how well the government manages the tensions underlying its complex agenda. In particular, China’s leaders will need to balance a muscular Communist Party, setting standards and protecting the public interest, with an empowered market, driving the economy into the future.

  2. United States Supreme Court Hisham Ibrahim/Getty Images

    The Sovereignty that Really Matters

    The preference of some countries to isolate themselves within their borders is anachronistic and self-defeating, but it would be a serious mistake for others, fearing contagion, to respond by imposing strict isolation. Even in states that have succumbed to reductionist discourses, much of the population has not.

  3.  The price of Euro and US dollars Daniel Leal Olivas/Getty Images

    Resurrecting Creditor Adjustment

    When the Bretton Woods Agreement was hashed out in 1944, it was agreed that countries with current-account deficits should be able to limit temporarily purchases of goods from countries running surpluses. In the ensuing 73 years, the so-called "scarce-currency clause" has been largely forgotten; but it may be time to bring it back.

  4. Leaders of the Russian Revolution in Red Square Keystone France/Getty Images

    Trump’s Republican Collaborators

    Republican leaders have a choice: they can either continue to collaborate with President Donald Trump, thereby courting disaster, or they can renounce him, finally putting their country’s democracy ahead of loyalty to their party tribe. They are hardly the first politicians to face such a decision.

  5. Angela Merkel, Theresa May and Emmanuel Macron John Thys/Getty Images

    How Money Could Unblock the Brexit Talks

    With talks on the UK's withdrawal from the EU stalled, negotiators should shift to the temporary “transition” Prime Minister Theresa May officially requested last month. Above all, the negotiators should focus immediately on the British budget contributions that will be required to make an orderly transition possible.

  6. Ksenia Sobchak Mladlen Antonov/Getty Images

    Is Vladimir Putin Losing His Grip?

    In recent decades, as President Vladimir Putin has entrenched his authority, Russia has seemed to be moving backward socially and economically. But while the Kremlin knows that it must reverse this trajectory, genuine reform would be incompatible with the kleptocratic character of Putin’s regime.

  7. Right-wing parties hold conference Thomas Lohnes/Getty Images

    Rage Against the Elites

    • With the advantage of hindsight, four recent books bring to bear diverse perspectives on the West’s current populist moment. 
    • Taken together, they help us to understand what that moment is and how it arrived, while reminding us that history is contingent, not inevitable


    Global Bookmark

    Distinguished thinkers review the world’s most important new books on politics, economics, and international affairs.

  8. Treasury Secretary Steven Mnuchin Bill Clark/Getty Images

    Don’t Bank on Bankruptcy for Banks

    As a part of their efforts to roll back the 2010 Dodd-Frank Act, congressional Republicans have approved a measure that would have courts, rather than regulators, oversee megabank bankruptcies. It is now up to the Trump administration to decide if it wants to set the stage for a repeat of the Lehman Brothers collapse in 2008.