When will policymakers "Finally, finally act" on China's currency manipulation?
Posted by jeckert on 09/13/2010
In a fierce NY Times op-ed, Paul Krugman explains the naked truth behind why the United States simply cannot understand that China is cheating when it comes to currency. Krugman references Japan's wariness of China's intentions in buying up Japanese bonds, then wonders why it is that U.S. policymakers refuse to accept the fact that China's huge trade surplus is a direct result of their currency manipulation. He expressed frustration in the fact that, "Time and again, U.S. officials have announced progress on the currency issue; each time, it turns out that they’ve been had." Krugman wonders when the Obama Administration and Congress will realize that the time to act is now:
"Will U.S. policy makers let themselves be spooked by financial phantoms and bullied by business intimidation? Will they continue to do nothing in the face of policies that benefit Chinese special interests at the expense of both Chinese and American workers? Or will they finally, finally act? Stay tuned."We will be staying tuned, and holding policymakers accountable for failure to take steps to ameliorate a problem that is absolutely toxic to the U.S. economy. While we wait for them to act, unfortunately, the U.S. economy continues to suffer as our trade deficit deepens and jobs across the country are lost. Be sure to contact your congressman or the President to let them know that you want China's currency manipulation to stop for the sake of American companies and jobs. Read more.
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