SC

China’s Currency War Is Going To Kill South Carolina

“NOT A GREAT DAY” IN THE PALMETTO STATE || By FITSNEWS || S.C. governor Nikki Haley likes to say “it’s a great day in South Carolina” when she’s doling out multi-million dollar handouts to select corporate cronies – including Chinese billionaires like Li Shufu. But China’s recent currency manipulation is…

“NOT A GREAT DAY” IN THE PALMETTO STATE

|| By FITSNEWS || S.C. governor Nikki Haley likes to say “it’s a great day in South Carolina” when she’s doling out multi-million dollar handouts to select corporate cronies – including Chinese billionaires like Li Shufu.

But China’s recent currency manipulation is likely to take a major bite out of her state’s economy …

How’s that?

Well, according to this post from The Burning Platform, the Palmetto State ranked No. 5 nationally in exports to China in 2014 – sending an estimated $4.3 billion to the world’s top-ranked economy.  That’s a whopping 622 percent increase over the past decade.

Only four states – Washington, California, Texas and Illinois – exported more.

Take a look …

china exports

(Via Burning Platform)

Of interest?  California’s annual gross state product (GSP) is estimated at $2.2 trillion – meaning the $14.9 billion it exports to China represents a minuscule 0.6 percent of its total economy.  Meanwhile Texas’ annual GSP is $1.6 trillion – meaning its $10.3 billion in Chinese exports accounts for 0.6 percent of its total economy.

Illinois?  Its annual GSP is $743 billion – with its $6 billion in Chinese exports accounts for only 0.8 percent of its economy.

South Carolina’s GSP?  It’s only $190 billion – meaning the $4.3 billion it exports to China comprises 2.2 percent of the Palmetto State’s economy.   Only Washington State’s 3.6 percent mark was higher among exporters.

Oh, and let’s not forget the inroads China is making in South Carolina’s $18 billion tourism industry – which like Shufu’s new automotive plant is heavily subsidized by taxpayers.

So yeah … it is a “great day in South Carolina.”

If you’re Chinese.

If you are a South Carolinian struggle to escape perpetually low incomes and chronic joblessness?   Better luck next year … or decade.  Or century.

***

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48 comments

Sic Semper Tyrannis August 13, 2015 at 4:26 pm

Why do you think they chose SC?

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9" August 13, 2015 at 4:30 pm

fake fur

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Sic Semper Tyrannis August 13, 2015 at 4:48 pm

Lol. We have to pay them. Way too much. Maybe our children will see a benefit. A Dubya playbook scheme. Go pubs.

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John Boy August 13, 2015 at 4:29 pm

Washington may be number one on the list, but legalizing weed will keep most of their residents feeling groovy. Maybe South Carolina needs to legalize and hire people with some skills??

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Sky is falling, sky is falling August 13, 2015 at 4:30 pm

Obama has not killed us, though he has desperately tried, while your stupid ass sat silent. And you have Failed OVER and OVER to do us in, and blame it on the Gov. and the GOP.

So You look like a Fucking idiot yelling the Sky is falling, now. Save it asshold, for those as ignorant as you.

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Rocky Verdad August 13, 2015 at 4:40 pm

I think Wil’s pretty smart. I disagree with the gloom prediction, but still, he’s smarter than you? And if Obama has destroyed stuff so bad, why is unemployment at 5.3% – dumb@$$. LMAO – W)E*)@#$(

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flip August 13, 2015 at 4:46 pm

It’s ok Rocky. SC is China’s friend now that the confederate flag is down.

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Rocky Verdad August 13, 2015 at 4:48 pm

Ching non sung. Chop soey. Pook fied rice.

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Sic Semper Tyrannis August 13, 2015 at 4:50 pm

Nikki’s favorite, cream of some young guy.

flip August 13, 2015 at 4:59 pm

China doesn’t allow homosexuality or gay marriage nor does their military pay for transgender operations. They ain’t all bad.

Rocky Verdad August 13, 2015 at 5:00 pm

Hope you’re feeling better. TTYL

flip August 13, 2015 at 5:02 pm

10-4

shifty henry August 13, 2015 at 5:29 pm

On a business trip to Hilton Head Island I ate dinner in a new Chinese restaurant. It was still early and I was wondering what I could do after dinner.

When I opened my fortune cookie I read: “This evening you will meet a gorgeous young woman and you will give her money. She has long, shiny black hair, sensuous ruby lips, long slender legs, and big breasts. Her name is Soo Loong and she is our cashier.”

Sic Semper Tyrannis August 13, 2015 at 5:34 pm

You lucky dog.

Rocky Verdad August 13, 2015 at 4:51 pm

Fip – how’s the sinus infection. Feel better soon. I need to go do some communista organizing now.

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flip August 13, 2015 at 4:54 pm

The U-6, or real unemployment rate, includes everyone who wants a full-time job but doesn’t have one.

It counts the marginally attached (including discouraged workers) and the part-timers who would prefer a full-time job. As a result, the real or true unemployment rate is much higher.

Real Unemployment Rate Formula Using Current Statistics

In June 2015, the real unemployment rate (U-6) was 10.5%, nearly double the widely-reported unemployment rate (U-3) of 5.3%.

Your number is a lie. Economy is horrible.Unemployment is over 10% with 40 million on Food stamps.

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Rocky Verdad August 13, 2015 at 4:59 pm

Odd – can’t seem to find them people around here.

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flip August 13, 2015 at 5:01 pm

Really? Then I guess a gas tax will work and no need for expanded Medicaid in SC.Cut the EBT cards off.

Thanks Rocky.

flip August 13, 2015 at 4:43 pm

But the confederate flag was taken down. That is the most important thing.Nothing else matters.That is what the liberals and RINO’s told us. Take the flag down and we would all heal.The oceans would stop rising.Jobs would be created. :))))

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Scabs and Scars August 13, 2015 at 4:48 pm

We are healing, but we have to wait for the ugly scabs like you to dry up and peel off. Then they’ll look at people like you as the scars of SC’s history.

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Rocky Verdad August 13, 2015 at 4:48 pm

Good one.

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flip August 13, 2015 at 4:57 pm

lol…you liberals NEVER heal…you are all miserable SOB”s that hate America and believe it is evil…

I see you are after the POW flag now.and believe it to be racist…then onto taking the American Flag down…???

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Rocky Verdad August 13, 2015 at 4:59 pm

Well, the POW flag does sort of look like the ISIS flag.

Won Ton Soup August 13, 2015 at 5:04 pm

or Obama’s prayer rug?

Sic Semper Tyrannis August 13, 2015 at 5:04 pm

Let me know how.

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Killing the dead August 13, 2015 at 4:42 pm

I thought South Carolina was already dead.

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John Boy August 13, 2015 at 4:44 pm

Only from the (red) neck up.

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Broke ass hick August 13, 2015 at 5:49 pm

Republicans have killed SC. Thanks guys!

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Sic Semper Tyrannis August 13, 2015 at 5:53 pm

Welcome to the 3rd world. Hope you have no children.

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Chinese Investments August 13, 2015 at 4:46 pm

Sucks to be them, from what you wrote a while back they bought up a lot of nice properties here. Gun, meet foot.

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tim August 13, 2015 at 4:59 pm

Well, Nikki is Asian. Don’t they tend to stick together?

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Manray9 August 13, 2015 at 5:14 pm

China’s the world’s top ranked economy? Based on which indicator? By GDP (at current exchange rates), according to multiple sources including the CIA Factbook and the World Bank, the USA is at $17.41 trillion and China’s at $10.36. That’s only 59% of our level.

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Bible Thumper August 13, 2015 at 5:14 pm

You must remember why China devalued its currency. There economy is slowing down severely. That hurts SC. So if the devaluation helps their economy it may in the long run help our trade. What is good for China’s economy is good for SC.

A lot of our trade with China is in intermediate goods and materials that go into their final goods. Yarn, cloth, etc.. So if China can boost exports, there may be more demand for those SC exports.

As for buying SC property, the Chinese just gained a 5% exchange rate bonus on current holdings, but future purchases will be more expensive.

SC stocks took a hit on the first day of devaluation, but held steady the last two days.
http://www.bloomberg.com/quote/BSCX:IND

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Sic Semper Tyrannis August 13, 2015 at 5:20 pm

But it was the shit. Now what ?

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Sic Semper Tyrannis August 13, 2015 at 5:48 pm

So that’s why the civil war started. Now. I’m educated.

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Economics for dummies August 13, 2015 at 10:35 pm

“So if the devaluation helps their economy it may in the long run help our trade.”

So name be a country that has prospered over let’s say a 20 year span under the policy of currency devaluation.

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Bible Thumper August 14, 2015 at 12:02 am

How do you separate the sickness from the cure? Recession may be the sickness and devaluation is the medicine. Once cured, the medicine must be stopped or it causes harm and addiction.

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Economics for dummies August 14, 2015 at 12:50 am

“Recession may be the sickness and devaluation is the medicine.”

You’ve got it exactly backwards.

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Bible Thumper August 13, 2015 at 5:23 pm

Thanks for the legs foto. ?

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Sic Semper Tyrannis August 13, 2015 at 5:25 pm

Hurray, your kids will work min wage, if you’re lucky.

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shifty henry August 13, 2015 at 5:25 pm

—- shows some promise there!

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dwb619 August 13, 2015 at 9:19 pm

Alas, if I only one tenth of what has been “promised”…………….

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Mike at the Beach August 13, 2015 at 5:47 pm

Say what you want, but that’s a cute governor…

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Really? August 13, 2015 at 10:34 pm

You’re not alone in your low standards. Wide ass and hooked nose I can get a lot of places, especially JAP’s who at least get corrective surgery and many time have big cans.

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Libs Selective Fear-Mongering August 13, 2015 at 5:37 pm

Obama’s been killing the country for almost 7 years. And you’ve had your head up your ass the whole time.

why are you all of the sudden shitting in your pants over this? Did you and Sanford secure the website in Yen?

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Sic Semper Tyrannis August 13, 2015 at 5:55 pm

Nope, just work for a living not like Sandford.

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Long Duck Dong August 14, 2015 at 5:12 pm

This will result in less SC exports to China, only if there are competitors that can make the same products for less. While it will take 2% more Yaun to buy the same goods at the same price, a devalued Yuan will mean Chinese goods will be cheaper – raising Chinese exports – giving China more Dollars to spend buying SC goods. Currency manipulation mostly hurts those holding the devalued currency. That isn’t SC. Not to say the giveaway to Volvo was a good deal for SC- it wasn’t. It was a sell out, which naughty Nikki and the Department of Commerce is good at — but the devaluation of the Yuan is not the reason.

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Asstounded August 17, 2015 at 8:53 am

Yeah, we all know that Nikki is a whore for anything chinese… Can’t get enough of that Third World.

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