What Happens When the ChiComs are to the Right of You: The world leaders at the G-20 blew off Obama when he asked for their backing against China's monetary policy. See, Obama hates it that the Chinese government is using its power to artificially devalue the yuan -- or what is termed competitive devaluation. See, when the government of a huge economy uses its official policy to f*ck with its currency, all kinds of corruption is on the table, and we as Americans shouldn't have to stand for it.
In other news, Obama's Treasury plans to use official government policy to f*ck with its currency.
1 comment:
And f*ck with it in likely the wrong way, if a strong dollar is still a policy goal. Hiring hasn't kicked in and interest rates are stupid low. They can't cut the fed funds rate (it's basically 0 right now and has been for a long time) so this is the next step, but if it just pumps money in and we still don't see growth, aren't we getting the same Stagflation of the Carter era?
And I'm really asking, not just being snarky. Is this supposed to be stimulus or just an illusion of "doing something?"
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