Thursday, January 20, 2011

China's Currency Peg and Human rights issues

I am really surprised to see how developed world is after China on currency issue.
Which country in developed world has gained all the prosperity and wealth without sacrificing on human rights and suppressing labor force. Whatever has happened during industrial revolution era in current so called developed nations was probably ten times worse than how China is treating it's labor force. Ultimately, currency peg and human rights issues are ways which China is containing wages and benefits to it's labor force. China understands this fact very well "No pain, No gain". In a way they are trying to contain their labour force as easily as possible.

Same is true with many other issues with many other developing countries. another day I was listening to one podcast on economist about road being built in one of the african country right in the middle of Forrest. What the heck. These same environmentalist didn't care about web of roads going thru National forests in USA. now when some poor country is trying to build some road to carry minerals they are all up against it. Development has to happen. Whatever happened in USA fifty or hundred years ago is happening in developing countries now. Unless these developed countries did it without ever sacrificing on these issues they don't have any right to tell otherwise to these developing countries now.

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