Friday, January 23, 2009
So China Manipulates Its Currency, Don't We?
I'm not an economist, so I'm a little confused about this. Obama's pick for Treasury secretary said that China manipulates its currency to keep it low and ensure that it has cheap exports and generate trade surpluses. Do we not also pursue policies to ensure the value of our own currency is where we want it? Is the fact that China has a state run economy a surprise to anyone? This guy really sounds like he's trying to blame China for our own inability to climb out of the recession we're in.
That seems like a cop out to me. Anything China did to us, we allowed to happen and have only ourselves to blame.