Bernanke now on board with currency manipulation diagnosis
19 November 2010 by Michael Stumo.
Bernanke says trade deficits are bad and China’s currency undervaluation is a major problem.
Ben S. Bernanke, the Federal Reserve chairman, plans to argue Friday that currency undervaluation by China and other emerging markets is at the root of “persistent imbalances” in trade that “represent a growing financial and economic risk.”
Good. What took you so long Ben. Keep pumping out those dollars and buying Treasury Bonds. Drop our currency value in relation to other countries (except China which has a peg) and build pressure on them to go after China. And let China keep buying the dollars to maintain their peg.
Ben and Barack should now tell the Senate to pass a currency bill during the lame duck.
If Obama wants a second term, he needs currency reform to happen. Job creation will only happen with an aggressive effort to tackle all forms of state managed capitalism. If you balance trade, our economy grows very well thank you.