Well Crap, Who Came Up With the Genius Plan to F^%k with the Chinese?
Can toothpaste for dinner please stop being so funny?
and sadly relevant?
Seriously, poorly poorly thought out, people. I laughed when Tim Geithner had the audacity to say the Chinese were manipulating their currency but this pretty much tops all.
The latest push by U.S. lawmakers to target China’s currency policy may force President Barack Obama to take a stronger stance against how the yuan is valued, senators and analysts said.
Five senators including Charles Schumer of New York and Lindsey Graham of South Carolina introduced legislation yesterday to make it easier for the U.S. to declare currency misalignments and take corrective action. Even if the bill stalls, it may have “ripple effects” that lead the Treasury Department to declare China a currency manipulator, William Reinsch, president of the National Foreign Trade Council, said.
“I don’t have the sense that the congressional plan here is to legislate,” Reinsch said in an interview. “But addressing the issue is a high priority in Congress.”
Obama’s goal of doubling U.S. exports in five years depends on his ability to get China to raise the value of its currency, said Sherrod Brown, an Ohio Democrat and co-author of the legislation. China’s intervention in currency markets to keep the value of the yuan, or renminbi, at a set value acts as a subsidy to exports and tax on imports, Brown said at a news conference yesterday.
HAY GUYZ! Here's a genius observation: maybe if the yuan wasn't pegged to a crap dollar, this wouldn't be a problem. Those in glass houses shouldn't throw stones but those who owe $2 trillion shouldn't talk shit about how the credit card company handles their finances ifyouknowwhatImean.
First we politicize the hell out of the Fed (instant printing press! YAY!), then we have this large monstrous pair to swing around and go after China. I can't see any possible way this plan could backfire.