China’s Xinhua: Scapegoating China No Answer to U.S. Economic Woes

We understand the peculiar relationship between the U.S. and China, the so-called Chimerica. They seem to be going over the cliff together.

From Xinhua:

In a replay of scapegoating China for the economic woes of America's own making, U.S. President Barack Obama claimed Sunday that Beijing has "still not done enough" to revalue its currency.

"There has been slight improvement over the last year but it hasn't been enough," he commented on the exchange rate of the yuan against the U.S. dollar at a news conference after the Asia-Pacific Economic Cooperation (APEC) economic leaders' meeting in Honolulu, Hawaii.

But he failed to mention the fact that the yuan has already appreciated by about 30 percent against the greenback in the past six years.

For the United States, it should put its house in order before chiding others.

Since the onset of U.S. subprime crisis in 2007, it was the country's domestic economic problems that triggered a disastrous financial crisis that swept the world.

Excessive spending for many years has added up debts. Meanwhile, traditional strong industries such as finance and auto were devastated by the crisis, pushing up unemployment.

In face of such serious domestic problems which probably could trigger a new global economic tsunami, many U.S. politicians seemed only to care about how many votes they could get, without having a single thought about what kind of the global responsibilities the country should take.

Thus it should come as no surprise that the angry "Occupy Wall Street" protesters are calling for an end to the political tricks in Washington.

Squeezing China, especially on the yuan, is an old trick in the run-up to U.S. presidential election. Such a tactic of scapegoating others may attract some voters' attention, but is definitely no answer to America's real problems.

http://news.xinhuanet.com/english2010/indepth/2011-11/14/c_131246493.htm