Peter Morici: China will dominate new energy technology unless Obama plays hardball now

[brentspeak]

The tire tariff is a small step toward dealing with China, but the major issue, of course, is China's currency manipulation. Fail to put the brakes on that, and it's 'game over'.

http://www.cbsnews.com/blogs/2009/09/14/business/econwatch/entry5310708.shtml

Economist Peter Morici at the University of Maryland argues for getting tough with China, which he says grabs a 40 to 50 percent profit advantage — and the jobs that go with it — by keeping its currency artificially low. The Obama administration has spoken out against currency manipulation, a phrase American officials diplomatically avoided in the past. But Morici worries that "they just don't have what it takes to deal with it. This economy cannot grow if they continue to permit the Chinese to victimize us on trade." The major technology shift away from fossil fuels is "all going to happen in China," Morici says, unless the Administration plays hardball now.

Also read: http://www3.signonsandiego.com/stories/2009/aug/30/1b30dean203832-china-eating-our-lunch-solar-panel-/

[Bullet1987]

1. America is not going to lead the world on energy technology

So far all the talk about ending our addiction to fossil fuels has sounded more like a drug addict telling his loved ones he's going to stop, all the while in denial and contining his same routine. America is too heavily tied to the oil profiteers to do what China maybe can do.

[Forkboy]

2. I agree.