Dd, in a comment some days back, pasted up a link to, who else, Paul Kludgeman:
Seems Paul wants to stick his nose under the MNC tent. Or does he? First he goes over the side into a ditch:
"U.S. officials have tried to reason with their Chinese counterparts, arguing that a stronger currency would be in China’s own interest."
Really, honestly, where's the evidence of that? Other than spokesperson press gibber and Lindsey Grahamcrackers and mushschrummerisms. So far as I can see, all pure show. But here's worse: PK buys into that squalid nonsense line:
"They’re right about that: an undervalued currency promotes inflation, erodes the real wages of Chinese workers and squanders Chinese resources."
That's it, Paul, throw the textbook at 'em!
Just saying no, barking "currency manipulation is bad for China as a whole" --
it's simply wrong.
Isn't it long since established that such a fixed, forex-rigged industrial development policy "works" nationally? Hell, it gave us Japan, Korea, Taiwan, Singapore, postwar Germany. Forex fiddle is the WTO loophole for blatant import blocking and export dumping.
Now that that's out of the way...
Our dear terrier of Times Square goes bold and divides China into...Marxian classes!
Not only is the current strategy bad for Chinese "real wages", why... it’s lo and behold good for "politically influential Chinese companies, many of them state-owned."
That compound line is delightful, ain't it? Notice the nuanced choice of "influential", and by God that menacing "state-owned"! Imagine that! State-owned!
Watch, children, as this angelic pwog toils cleverly for the MNC devils' brigade.
But here's the point of Dd's link -- I think: "There’s a more sinister cause of U.S. passivity: business fear of Chinese retaliation."
That's "business" as in US-based MNC outfits.
"Consider a related issue: the clearly illegal subsidies China provides to its clean-energy industry. These subsidies should have led to a formal complaint from American businesses; in fact, the only organization willing to file a complaint was the steelworkers union. Why? As The Times reported, “multinational companies and trade associations in the clean energy business, as in many other industries, have been wary of filing trade cases, fearing Chinese officials’ reputation for retaliating against joint ventures in their country and potentially denying market access to any company that takes sides against China.”
American MNCs get blackmailed by the Reds into tumbling for forex! They don't benefit from the forex, they simply allow it because they're... they're...
Talk about a framing frame-up.
Yes it tiptoes into the MNC "interest" territory, but utterly whitewashes the MNC role while doing so. At the worst the MNCs are venal pliable greedy accomplices,
maybe even excessively co-operative hostages. The compradors are us. The influence runs from there to her, from the Celestial capital to Wall Street. Our MNCs are but squalid little toys of the sinister Red juggernaut. The Chicoms are playing on our MNCs' craving for a chance to play for profit and progress inside the Red marketplace.
Frankly this demogogic upside-down cake deserves nothing but scorn. It proves either PK is so deeply preformed as to misperceive reality completely, reverse causation, reverse master and servant, make up down, down up, see the tail wagging the dog, the dog's ears back following the tail; or he's a shrewd corporate deep embed.
More likely he's some degree of both, in (one hopes) some only semi-stable one Chalmers Johnsonish risky combination.
Whatever fate awaits this conflicted brain beast I'll finish the analogy: "Similar intimidation has surely helped discourage action on the currency front."
Yet, to be fair, out of context this reads fine:
"[It's] a good time to remember that what’s good for multinational companies is often bad for America, especially its workers.... So here’s the question: Will U.S. policy makers let themselves be spooked by financial phantoms and bullied by business intimidation?"
But then --
"Will they continue to do nothing in the face of policies that benefit Chinese special interests at the expense of both Chinese and American workers? Or will they finally, finally act? Stay tuned."
"Will they continue to do nothing in the face of policies that benefit American multinationals at the expense of American workers? Don't bother to stay tuned. You know what's going to happen."
When PK wants to, he clearly can blitz to the dark heart of the matter. He's poked through the membrane. But even so I see vast immune-system forces at work, ripping the essence of this invasion to bits even as it moves forward.
Is this to be the apex of his assault, implicating our MNC's as mere accessories to the swindle? Or can he push on to the capital of Capitalworld and sieze the boardroom trolls at the center of it all, manning the highest dashboards of the global mix and match game?