Everybody has an opinion about trade with China, and here is mine: let’s trade ‘em Ben Bernanke for Fu Ying. Throw in a minor league pitcher if we have to – President Obama comes immediately to mind.
Fu Ying is China’s Vice Foreign Minister, who Friday announced that China would not use its foreign exchange reserves (i.e. dollars) to rescue other countries (i.e. Europe). She explained that “foreign reserves are akin to savings” and not to be squandered by governments. Whoa.
While the U.S. and European central bankers have all promised to infuse defunct European governments with as much cash as it takes for them to become even more defunct, Ms. Fu has decided to “follow market economy principles” instead, which she listed as “safety, liquidity, and proper profitability.” Yes, the “P” word!
Her explanation in China Daily reads like the Daily Paul. She does not believe that Europe can be saved by bankers; she does not believe economic decisions should be driven by political considerations; she does not believe that foreign investments should be made to gain power and leverage over another nation’s affairs. She does not see debt as a pathway to prosperity. Have mercy.
Ms. Fu makes the gibberish spewed by Fed Chairman Bernanke and Treasury Secretary Geithner sound like…gibberish. Our money men lobby the Chinese to strengthen their Yuan to assist us in weakening our dollar, and then we call them currency manipulators when they refuse to play along. We lecture China about lack of transparency while Bernanke is pumping unknown trillions into the western banking cartel in secret.
Read more by Tim Nerenz at Moment of Clarity
- Trade With China And Our National Security
- Why is the media hiding the worsening US-China trade deficit?
- Romney on Trade
- Where Obama and Romney Stand on Trade Policy
- Obama Can’t Say the Word “China”
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