There is a big show down coming between the Obama Administration and the Peoples Republic of China. China had intimated that they were about to re-value the Yuan when their Premier came to Washington for the nuclear weapons conference. Since then they have used the Euro crisis to stall any action indefinitely.
Secretaries Clinton and Geithner plus Fed Chairman Bernanke have all been to China and have reportedly delivered an ultimatum to China. Obama has told them that they must announce that they will revalue their currency by the G-20 meeting that starts at the end of next week. The word is that China’s failure to act will result in an intense push back from Washington.
The Yuan is undervalued by about 40% by most estimates and the Congress is chomping at the bit to ramp up tariffs before the election season starts. This is more political than substantive, just revaluing the currency won’t bring the jobs back since the multi national corporations that are now our masters aren’t going to do that no matter what the currency is worth. Gold reached a new high today.
On the jobs front; that iconic billboard from the last Republican Great Depression is back in corporate form; “Jobless men keep moving, you’re not welcome here.” Reportedly three quarters of corporations and job placement firms have an openly declared policy of not even considering applicants who are not currently employed and the other 25% just don’t say it out loud.
This is as universal as any rightwing talking point so it isn’t just their “dark side of the force” training they got at MBA school. The largest corporations are enacting this policy in writing. Somebody is pushing this meme with the clear intention of creating a permanent under class. Since they can’t whip the corporate slaves anymore they are doing the next best thing, a sort of neo-black-listing. Offend the corporation and you will be driven out into the wilderness where you and your family will perish.
In the old days, if you became disillusioned with the corporate world you could go into business for yourself or get a middle class union job. Wal-Mart makes owning a small business impossible and there are no union jobs anymore. Everyday thousands of people exceed the maximum number of weeks of unemployment and a third are not even eligible for benefits, the lines at Rush Limbaugh’s dumpster are going to get longer and longer. Hitler’s Brown Shirts were recruited at the soup kitchens. www.prairie2.com