Posts Tagged ‘China’

Trump Demands China Send U.S. Money, Not iPhones

Share Button
President Trump in this file photo expresses disgust that he's stuck with a smartphone when he could have a fistful of dollars instead.

President Trump expresses disgust that he’s stuck with a smartphone instead of a fistful of dollars.

(2018-07-06) — As the trade war escalated between the United States and China following enactment of U.S. tariffs on some Chinese-made imports, President Donald Trump today mulled a full ban on imports of iPhones and other smartphones, insisting instead that China “send us real money.”

“We have a $375 billion trade deficit with China,” Trump said. “That means that we send them genuine dollars, and all we get in return is stuff — like iPhones. From now on, when we send them dollars, we want them to send us the same number of real dollars in return. That’s the only way to truly, truly balance the trade deficit.”

As economists have long known, paper money, and its electronic equivalent, hold intrinsic value. Objects like iPhones, steel pipe, or running shoes, are mere symbols of value that facilitate the exchange of tangible dollars. The president campaigned on boosting U.S. holdings of intrinsically-valuable currency, while also increasing how long U.S. consumers must work to afford ephemeral products, which are backed by nothing more than faith in their utility.

“To get more, and better-paying, jobs in the USA,” Trump told a rally in Detroit last night, “we need to drive up the cost of what Americans buy, so that they can get second jobs, and demand higher wages. Isn’t that why you elected me? More jobs. Higher wages.”

Obama Threatens to Rescind Endorsement of China

Share Button
Chinese Premier Li Keqiang

New Chinese Premier Li shows off the “hand” of government that he says must pull back from the economy so the hand of the markets can prevail. President Obama rebuked Li for “sounding more like Adam Smith than John Maynard Keynes.”

President Obama today threatened to revoke previous praise of the Communist Chinese government in the wake of Sunday remarks by new Chinese Premier Li Keqiang about a “’hand’ mistakenly attached to the state that needed to be returned to the market.”

In order to reach its goal of 7.5 percent sustained annual economic growth, Mr. Li said, China will need to cut government power in what he called “a self-imposed revolution” that will be “very painful and even feel like cutting one’s wrist.”

The White House immediately distanced the president from the Chinese leader’s remarks, noting that “Premier Li has failed to learn from the mistakes of the past that led to America’s humiliating prosperity, which President Obama has work hard to overcome.”

In Obama’s 2011 State of the Union speech, and at other times, he praised the Chinese government for aggressively investing in high-speed rail, solar power and computing technology. He has also spoken longingly of the Asian giant’s system of government, noting that it would be easier to be the president of China.

“If the new Chinese premier continues to reverse course, and head in the opposite direction that I’m leading the United States,” Obama reportedly said, “that could prove counter-productive to Sino-American relations, and frankly, will reduce the esteem with which I have viewed that great nation.”