China Currency Manipulation: Careful What You Wish For
Pic credit: Colchu.com
Careful what you wish for, Chuck Schumer, you're treading a very dangerous line and I'm not quite sure you want to bite the hand that feeds you. Oh sorry, make that the hand that used to feed you before China got smart and decided it would go foam up its bubble all on its own over there.
Two U.S. senators vowed on Tuesday to push for action on a bill aimed at pressuring China to strengthen its currency on the eve of a senior Chinese official's visit to Washington to smooth differences.
Arguing that China's exchange rate policies cost American jobs, the lawmakers said such pressure was necessary to make China move.
"My belief is that China will not do anything unless they're required to, and every day we wait is a day we lose wealth, we lose economic advantage, we lose jobs," said Senator Charles Schumer, a New York Democrat.
Schumer told reporters on conference call that he and Senator Lindsey Graham, a South Carolina Republican, would push for a vote on the bill by the end of May. The measure would allow U.S. companies to seek duties on Chinese goods to offset China's currency policies.
"If we took the currency issue off the table, we would be more competitive in every sector," added Graham.
Yo, Lindsey, it's not your table dude.
Here's a novel idea for the honorable (?!) Mssrs. Schumer and Graham: they have the fucking Fed to babysit and have failed miserably at taming that particular beast. They'd be wise to tend to their own house before they go judging their new Asian neighbors for having cheap furniture if you know what I'm sayin.
In honor of this large oversight on the part of Congress (you know, forgetting that it's their job to keep the Fed on a short leash), I resurrect Eliot Spitzer: The Fed is a Ponzi Scheme.
Yeah, the timing is pretty perfect.