Word: paulson
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...while it looks as if his tenure as Treasury Secretary would be remembered chiefly for his repeated and apparently fruitless trips to China to persuade authorities there to do something about their huge trade surpluses with the U.S. Now it's becoming clear that Henry Paulson's legacy will be determined instead by his success or failure in navigating the financial crisis that began earlier this year in the U.S. subprime-mortgage market and has since spread around the globe...
...contrasts, and boy, was that ever true in the past week, with contradictions constantly tugging at the soul of the nation. CEOs of some of the world's biggest companies gathered in New Delhi for the Global Forum of FORTUNE magazine, TIME's sister publication. U.S. Treasury Secretary Henry Paulson swung through to talk at the Forum with globalization guru Thomas Friedman and to meet with Prime Minister Manmohan Singh to lobby for the U.S.-India nuclear deal, which is at risk of rejection in the Indian Parliament. German Chancellor Angela Merkel began a four-day trip designed to boost...
...White House and the U.S. Treasury are aware that the undervaluation of the yuan is a problem, and have been taking steps to address it. Treasury Secretary Henry M. Paulson and Chinese Vice Premier Wu Yi’s discussions about U.S. and Chinese economic policies are much more likely to result in positive economic change, including re-evaluation of the yuan, than is heavy-handed congressional legislation. For the sake not only of the U.S. and China’s future relations, but of the global economy at large, Congress should abandon the currency bills that it is currently...
...side is the U.S. Congress, full of people convinced that China's export machine is hurting their constituents. These lawmakers have had it with Treasury Secretary Henry Paulson's good-cop approach to China. A bill that would label the renminbi "fundamentally misaligned" and force the Treasury to do something about it is making its way through the Senate. Several different currency bills have been introduced in the House. The legislation for the most part is much less harsh than that proposed two years ago by Senators Chuck Schumer of New York and Lindsey Graham of South Carolina, which would...
...issue was the only way to bring change. "I believe the reason the yuan has appreciated 8% is only because of the efforts of Senator Graham and myself," he said. "I don't believe the Chinese move out of a sense of comity and magnanimity." He's right that Paulson's attempts at gentle persuasion, including a late-July trip to Beijing, have delivered few results. But it's possible that the Chinese will stop moving entirely if they feel they're being pushed too hard...