Leaders of 20 major economies on Friday refused to endorse a U.S. push to get China to let its currency rise, keeping alive a dispute that has raised the specter of a global trade war amid criticism that cheap Chinese exports are costing American jobs. In today’s global economy, Americans consume far more in foreign goods and services than they sell abroad.
The mood has changed from two years ago, when the group held it’s first meeting. Today the US-China trade dispute has resulted in deep rifts that don’t appear to be ending any time soon. Even popular culture is picking up the message, by parodying the issue in a new rap video.
But as the holiday season approaches full swing, a potential global trade war is no laughing matter. With a U.S. economy reeling from the global financial meltdown, record breaking unemployment in the African American community, and wide spread Democratic losses in the mid-term elections, well, there’s an itchy trigger finger in Washington, DC. This week the U.S. Federal Reserve announced it will buy 600 billion dollars more in Treasury bonds, to boost a sluggish economy. Some allege this is simply “printing money” without adding real value to stimulate the economy.
As the President tries to stimulate business growth and create jobs, many in the Black community lack the necessary skills and resources. New and creative ways to provide marketing insight, business development and skills transfer are needed.
What are the consequences of this global crisis for Black people who are already struggling to stay afloat? If there was ever a need for organization and leadership it’s now.
What say you?