House of Paine

trans nat pantagruel present but un mentioned

  to raise  or not to raise 

to 
prc party hamlets that is the question

or is it ?

  who's hamlet here ????

   does it matter ????

after all 

  who's play is it but the author's 


and 
shakespeare = the trans nats 

==================================== 


but reading this wsj article

where the hell is pantagruel ???

When Stanford University economist Ronald McKinnon visits China,
 at times he is mobbed by students 
asking him to autograph his latest book,
 "Exchange Rates under the East Asian Dollar Standard: 
Living with Conflicted Virtue."

Why the celebrity reception 
for the author of an economics textbook? 
One reason is Mr. McKinnon argues 
China should resist the Bush administration's
 hectoring and refuse to abandon 
its policy of keeping the value of its currency, 
the yuan, nearly locked to the U.S. dollar.

 Allowing the yuan to rise significantly, 
he warns his Chinese audiences, 
could send China into the kind of deflationary slump
 that hit Japan in the 1990s.

His signature closing line 
during speeches in China: 
"Don't let what happened to Japan
 happen to you by letting go of the exchange rate."

It is a given at the White House
 and the Treasury Department
 on Capitol Hill
 inside many manufacturers' executive suites
 and among numerous economists
 that the world would be a better place
 if China allowed the yuan 
to rise significantly against the dollar.

Tomorrow, the Treasury Department 
is scheduled to release its semiannual foreign-exchange report
 in which it could formally accuse Beijing
 of manipulating the yuan's value 
to gain an edge in global trade

 Speculation over such a move
 has roiled Asian currency markets in recent days
 When the last report was issued
 Treasury Secretary John Snow implied 
that time was running short for Beijing 
to make the exchange rate 
substantially more flexible

Mr. McKinnon is one
 of a well-credentialed group of U.S. economists
 urging China to resist U.S. demands

 "There is very significant concern 
among a lot of economists
 about the pressure being put on China
 to revalue at gunpoint," says Benn Steil 
of the Council on Foreign Relations
 who attended a closed-door meeting
 last month among top Treasury officials
 and a number of academics.

American manufacturers 
and their allies in Congress 
have argued for several years 
that China is, in effect, 
cheating in international trade 
by keeping the yuan weak against the dollar

 The exchange rate, they say, 
makes Chinese goods artificially cheap 
in the U.S. and American goods artificially expensive 
in China, 
costing U.S. factory jobs.

Administration economists
 don't buy industry's argument 
that U.S. manufacturing woes
 are caused by the yuan.
 But they know they have to cool
 the political heat
 Besides, they argue,
 a flexible exchange rate 
would prove beneficial to China itself.

Since last July,
 Chinese officials have allowed 
the currency to rise more than 3% against the dollar
. But it is not clear 
how far or fast they are willing to go.

In the meantime, 
the American rebel economists 
are handing Beijing the intellectual arsenal
 to fend off U.S. demands.

Joseph Stiglitz of Columbia University,
 who won the Nobel Prize in 2001,
 took his case directly to Chinese Premier
 Wen Jiabao during two gatherings 
in China last year. 

At one event, Mr. Stiglitz warned China
 it would be unwise to risk 
the stability of its currency.

Furthermore, he said in an interview last week,
 it isn't clear the yuan's exchange value
 would climb if Beijing liberalized its markets
. A rush of Chinese capital
 into foreign investments might weaken the yuan, 
he warns.

Even if the yuan climbed more, 
American consumers would probably 
buy their imported goods 
from some other Asian country, he says.
 "The problem of our trade deficit
 is not going to be solved 
by China's exchange rate," 
says Mr. Stiglitz,
 who argues that cutting the federal budget deficit
 would be far more effective.

Another Columbia University Nobel laureate,
 Robert Mundell, reminded the Chinese last year 
that during the Asian financial crisis 
of the late 1990s, 

the U.S. had pressed China
 not to let the yuan weaken 
for fear of setting off
 a destabilizing round of competitive devaluations
 across Asia.
 In an address at the Chinese University of Hong Kong,
 Prof. Mundell listed a dozen 
"harmful effects of yuan appreciation." 
They included: an economic slowdown in Asia,
 reduced foreign investment in China
 and increased unemployment in China.

The criticism from such economic luminaries 
irks some in President Bush's administration,
 but doesn't sway them.

"They're distinguished economists 
who have contributed a lot," 
says John Taylor,
 a Stanford economist 
who served as undersecretary of the Treasury
 for international affairs until last year
 "You have a couple of Nobel Prize winners 
on that list. They're influential.
 That doesn't mean they're right."

Treasury spokesman Tony Fratto says 
the big-name critics unfairly accuse 
the Treasury of pressing China 
to allow the yuan 
to move unfettered against the dollar.
What the Treasury really wants
 Mr. Fratto says
 is for Beijing to allow more flexibility 
in the exchange rate 
with the distant goal of a free float.


Stanford's Mr. McKinnon argues
 the U.S. pressure on Japan in the 1980s
 to let the yen rise 
contributed to the doldrums of the 1990s.
 When he sat down with the Treasury's international team 
last month, 
Mr. McKinnon presented a two-page brief 
slamming its China policy.

 "One cannot rule out the possibility
 of a Japanese-style deflationary slump 
if China is continually forced
 to appreciate the renminbi
 because bad economic theory suggests 
that a higher renminbi will eventually reduce 
its trade surplus," he wrote.

  any mention of the real ball carrier here

the trans nats making the longest green imaginable
out of this trans pacific co prosperity sphere