Global News Journal
Beyond the World news headlines
from Tales from the Trail:
In Pennsylvania, the Democratic candidate for the U.S. Senate, Joe Sestak, accuses his Republican foe Pat Toomey of favoring China over hard-working Americans.
In a new website, the AFL-CIO pointedly tracks the loss of U.S. jobs to China and other cheap-labor countries.
With about a month to go more the Nov. 2 election, Democrats and their friends are pushing as a potentially pivotal issue the export of U.S. jobs.
They believe, or at least hope, it will resonate with American voters worried about the economy and their own financial futures.
IMF chief Dominique Strauss-Kahn said on Monday that the Fund could cut its forecast for China’s economic growth in 2009 to around 5 percent. To think that only last year China was galloping at a double-digit clip. It’s staggering, and it’s worrying.
Worrying, for one thing, because - as the Heritage Foundation’s Derek Scissors puts it - ”the American economic slump is running into the Chinese economic slump, creating the conditions for a face-off between Beijing and the U.S. Congress, possibly leading to destabilization of the world’s most important bilateral economic relationship”.
Hungary has negotiated a $25 billion economic rescue package with the IMF, the EU and the World Bank. What else is new? As that non-Hungarian philosopher of gamesmanship Yogi Berra put it, it’s ”like déjà vu all over again”.
Consider the words of historian Paul Lendvai who wrote: ”Its economy in tatters, Hungary accepts a loan of 250 million gold crowns.” “Fiscal stability was restored, a currency reform was introduced…and after a modest upswing the value of industrial production stood 12 percent higher…”
If the financial crisis looks bad, I for one am thinking it might have been even worse — in the euro zone at least — had European countries not decided to pool their economies together by launching the single European currency.
I covered Europe in the 1980s from Belgium and Luxembourg when the idea of a single currency was still the pipe dream of a few old men who back in the 1950s had been inspired by the idea of a united Europe emerging from the rubble of World War Two.