Tuesday, October 04, 2011

The Irony Of China Bashing

For the past few months, only one currency apart from the yen, has appreciated in value against the U.S. dollar. That currency is of course the Chinese yuan. By contrast, the currencies of several other Asian countries and also Nordic countries with larger current account surpluses relative to GDP than China, like Denmark, Norway and Sweden have dropped more than 10%.

Yet the morons that have most of the seats in the U.S. Congress decides to target the country with the strongest currency, China, for having a too weak currency. What's next, they're gonna bash Saudi Arabia (who BTW also has a bigger relative surplus and a weaker currency than China) for not enforcing Islamic religious laws zealously enough?


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