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【原文标题】Think Different about Chinese Currency Manipulation
【中文标题】换一种方式思考中国货币操纵
【登载媒体】The Huffington Post 赫芬顿邮报
【来源地址】http://www.huffingtonpost.com/peter-navarro-and-greg-autry/chinese-currency-manipulation_b_1099753.html
【译 者】 tingwen
【翻译方式】 人工
【声 明】 欢迎转载，请务必注明译者和出处 bbs.m4.cn。
【原文库链接】http://bbs.m4.cn/thread-3239968-1-1.html
【译 文】
The Currency Exchange Rate Oversight Reform Act, informally known as the Currency Bill, received a great deal of attention in the media a few weeks back. Passed by the Senate, the bill was a solid piece of legislation aimed squarely at the most destructive of China's many abusive trade policies. However, despite considerable support, the House isn't taking it up and there is no reason to expect President Obama to sign it or for his administration enforce it.
最近几周，货币汇率监督改革法案，也称汇率法案，受到了媒体的广泛关注。该法案旨在解决中国贸易政策滥用造成的美国经济困境，并已在参议院通过。尽管法案获得了广泛支持，众议院并未将其采纳，而且我们也没有理由期望奥巴马总统签署汇率法案或由他的政府执行。
This is because, much of our government, including this White House, has been co-opted by the multinational corporations that profit from China's trade abuses and exploitation of its labor and environment. This cozy system drives up returns on U.S. capital invested in China, making the rich richer, while it undermines the value of American labor, making the poor poorer. No amount of U.S. government largesse can overcome this structural problem.
这是因为我们的政府，包括白宫，代表的是那些跨国公司的利益，这些跨国公司通过与中国建立在虐待和剥削劳工和环境上的贸易获利。如此惬意的贸易环境意味着投资于中国会带来可观的资本回报率，使富者愈富，而同时它也剥削了美国的劳动力价值，使贫者愈贫。不论美国政府的财政支出如何慷慨都不能改变这个结构性的问题。
What is needed to fix our economic problem at home is a show of American resolve on trade. China's pushing its Yuan up dramatically the day before the Senate vote clearly demonstrated what every Chinese dissident will tell you: the Boys from Beijing respect power and action, not supplication.
解决我们经济问题需要什么？是处理贸易问题的决心。在参议院表决的前一天，中国政府推动人民币大幅升值， 该做法清楚地表明了每一位中国异议人士的观点：北京只尊重权力和行动，但是不理睬诉求。
That hasn't stopped China's apologists in America from rushing to the barricades in defense of the abomination they call "free trade," a one-sided wealth transfer mechanism that has transformed America's manufacturing heartland into a wasteland and Shanghai into a towering dreamscape. Republican Senator Bob Corker of Tennessee trotted out the usual scare tactics and howled that the bill's sanctions would launch a "trade war." Well, Senator, 25 years of escalating trade deficits looks an awful lot like a trade war from Cleveland or Detroit.
但这并没有阻止在美国的那些中国辩护者们继续捍卫那令人可憎的“自由贸易”---单方面的财产转移机制，将美国的制造中心变成废墟，将上海变成高楼耸立的幻景。田纳西州共和党参议员鲍勃.考克抛出了惯用的恐吓战术，叫嚣着该汇率法案的执行将会引发“贸易战争”。 那么，参议员，25年来持续升级的贸易逆差或许看起来像是来自克利夫兰或底特律的贸易战争。
However, for those who can't stomach a tariff or a sanction under any guise, we need an outside the box proposal. presidential candidate Buddy Roemer and I (Autry) offer an elegantly simple suggestion: disable China's currency manipulation mechanism now, and simultaneously defuse its growing threat to our national sovereignty.
然而，对于那些不能接受提高关税或任何伪装的贸易制裁的人士来说，我们需要一个创造性的提议。总统候选人Buddy Poemer 和 我 (Autry) 提出了一个简单易行的建议： 废除中国货币操纵机制，同时降低其对我们国家主权日益增长的威胁。
To keep its currency trading within a specified range, China runs a "sterilization process." This involves vacuuming a vast amount of our Wal-Mart dollars out of their ever-growing trade surplus. The Chinese must ensure that these dollars are not eventually sold on the foreign exchange markets because that would drive down the relative price of the U.S. currency, making American goods more competitive in Chinese and global markets -- the one thing our so-called "trading partner" never wants to happen. So, China buys U.S. Treasuries as the surest way to make these greenbacks "go away," and as has become the largest holder of U.S. treasury securities, to the tune of $1.1 trillion or nearly 25 percent of total foreign holdings. By comparison, the second largest holder is Japan, at $936 billion, followed by the United Kingdom at $397 billion.
中国通过施行一种类似“灭菌过程”的方法将其货币交易控制在一定的范围内。 这包括了将从沃尔玛赚取的美元从他们不断增长的贸易顺差中抹去。 中国政府要确保这些美元不会在外币交易市场中卖出，因为这样做美元会相对贬值使美国产品在中国与国际市场上更具有竞争力--而这正是我们所谓的“贸易伙伴”最不希望发生的事情。所以，中国购买美债是将美钞从市场上“消失掉”最保险的方法，作为美债最大的持有者，其持有量总计达到了1.1万亿美元，占所有外债持有量的25%。与之相比，第二大美债持有国日本，持有量为9360亿美元，第三是英国，3970亿美元。
Beijing's funding America's debt keeps stimulus addicts like our President quietly inside China's pocket and also supplies China with a financial "nuclear option" against America. A recent People's Daily article titled "China must punish U.S. for Taiwan arm sales with 'financial weapon'" urges Beijing to establish a "direct link between the U.S. Treasury bond purchase and U.S. domestic politics." Let's be clear, People's Daily editorials do not reflect individual opinions, but are actually subtle announcements of new Communist Party doctrine. Do any of us, even "free trade" loving Senators, wish to live in an America where the Chinese Communist Party dictates our politics?
北京对美债的投资是一种令人上瘾的毒品，就像我们的总统已慢慢的滑入中国的控制，而且我们也为中国提供了用来对付我们自己的金融“核武器期权”。 最近的人民日报一篇文章以“ “金融武器”惩罚美国对台军售”为题敦促北京将“美债购买与美国内政联系起来”。 让我们都看清楚一些吧， 人民日报社论并不反映个人意见，而是微妙的反映了共产党得教义。 我们有人，甚至那些“自由贸易”拥护者的议员们，希望生活在一个由中国共产党教义统治的美国吗？
We should address this clear and present danger to our economy and our sovereignty straight on and cut off Beijing's purchases of American debt. Shutting off China's access to this currency disposal site will break their sterilization system. We could and should prevent any hostile nation from buying or redeeming our bonds; Congress and the President should pass special legislation that directs the Treasury not to accept bids on new U.S. bond issues from China. If China threatens to "dump" U.S. debt, we should declare the serialized bonds they hold to be "non-transferable." They could, of course, buy our debt on the secondary market, but the dollars they used would hit the foreign exchange market -- precisely what they were trying to prevent in buying them to begin with.
我们应该直接解决中国对我们国家经济和主权带来的危害，禁止北京购买美国债券。 关闭其处理美钞之门，破坏其“灭菌系统”。我们可以并且应该阻止任何一个怀有敌意的国家购买或赎回我们的债券； 国会和总统应该通过特别立法使财政部不接受中国对新美债的竞价。 如果中国威胁“倾销”美债，那么我们将宣布中国持有的序列号标记的美债为“不可转让”债券。 当然，他们也可以在二级市场上购买美债，但是那些购买债券的美元会影响外汇交易市场--这正是他们从一开始试就试图避免的方式。
Yes, we hear those howls of, "how will we finance our deficit?" Clearly, borrowing money from China in order to buy their stuff has never been an effective fiscal or economic plan for America. Lowering our trade deficit would raise GDP, increase government revenues and plug a giant leakage that renders any Keynesian stimulus ineffective. In the meantime, we have Americans and real friends who remain ready buyers of our bonds, when they pay sufficient returns.
是的，我们听到一些人叫嚣说“那我们应该如果为我们的赤字融资呢？”。很显然，从中国借钱并购买他们的产品对美国并不是一个有效的财政或经济方案。降低贸易赤字可以提高GDP,增加政府收入，将使凯恩斯刺激政策失效的漏斗塞住。 同时，只要美债回报率有足够的吸引力，美国人民和我们国家真正的朋友会继续购买我们的国债。
Yes, removing a source of demand will drive up bond yields and make it harder for the Fed to keep interest rates near zero. So what? Paying higher rates to our kids rather than sending checks to Beijing will close another leakage. Interest rates are not America's problem; jobs are America's problem! Bankers -- Roemer has run a bank -- really don't want to loan money at four percent for 30 years, and all the new regulatory requirements have made it increasingly difficult to qualify for a loan anyway. Further, Americans are more debt-adverse and businesses see no reason to borrow money for expansion -- other than to invest it in China.
减少国债的需求可以提高债券的收益率，美联储将难以维持低利率。政府将高利息付与我们的孩子而不是将支票寄给北京，这样做又可以堵住美元流出的另一种方式。 利率并不是美国的问题；工作才是美国的问题！ 30年了，4% 的利率使银行家们--Roemer拥有一家银行--不愿将钱借出， 而且所有新的监管措施使融资越来越困难。 此外，美国人更多倾向于债务规避，企业除了去中国投资没有理由去借钱扩大其在本土发展。
In any case, if the current currency bill actually worked and China stopped their sterilization process, their bond purchases would halt! They don't buy those things because they love us or think it's a good investment. They lose money doing it. No matter how we stop the Chinese currency scam, we will need to find a new way to fund our debt, or better yet, the will power to control it.
在任何情况下，如果汇率法案生效，中国将停止他们的“灭菌系统”，停止债券购买！ 他们购买债券并不是因为他们爱我们或者认为这是一个好的投资。他们在赔钱做这个事情。 不论我们用什么方法阻止中国的货币骗局，我们将需要寻找一个新的债务融资方法，或者更好的，并且我们有力量控制的方法。
Lastly, we need to realize that China's taste for America extends beyond bonds. A China which threatens to influence our domestic politics via bond purchases would not hesitate to leverage a communist-controlled Bank of America or ConAgra. Therefore, we must also block the Chinese government, its State Owned Enterprises and their proxies from investing in U.S. corporations, land and resources, again preventing them from burying those dollars they don't want to see exchanged on the global markets.
Decades of engagement with China's corrupt and brutal rulers have produced no improvement in that regime and the promise of access to their market remains illusionary. Defense of our economy and our national sovereignty demand that we do something. Keeping the Chinese government from burying their "sterilized" dollars in American soil is the cleanest way to start.
最后，我们需要认识到中国对美国的兴趣远不止我们的国债。 一个用购买美债威胁我们内政的中国会毫不犹豫的利用共产党控制的美国银行或康尼格拉。 所以，我们也应该抵制中国政府，中国国有企业，以及其代理人对美国公司，土地和资源的投资，阻止他们埋葬那些不愿意在国际市场上交易的美金。与中国腐败、残暴的统治者做了几十年的斗争，我们没有任何进步，承诺进入中国市场仍然是雾里看花。保卫我们的国家经济和主权需要我们行动起来。 而阻止中国政府在美国的土壤里埋葬“消毒”的美元是最最干净的方法。
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狗仔卡
发表于 2011-11-23 09:49
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