Archive | Currency

Obama Has To Tell Beijing Some Hard Truths

The following article appeared as an opinion by Fred Bergsten in the Financial Times on on November 28, 2010. With policymakers failing to make progress on the critical issue of global imbalances, America has no alternative but to put China on notice. Privately but promptly, Washington has to inform Beijing…

Posted in Currency7 Comments

China trying to counter Bernanke

Who is crying foul over the Feds monetary easing?  China and Germany.  Net exporters that use the broke U.S. consumer to pump up their economy. China is scrambling to keep the renmimbi pegged to the dollar. Commercial banks were ordered to transfer an additional 0.5 percent of their assets by…

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Bernanke now on board with currency manipulation diagnosis

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…

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China manipulates currency, U.S. panel says

The U.S. - China Economic and Security Review Commission released its Annual Report to Congress and found, once again, that China manipulates its currency and engages in other practices which disadvantage the U.S.  Here is the CNN/Money article by Ben Rooney with links to the statement by the chairs of…

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Currency Fight With China Divides U.S. Business

The following article by David Barboza appeared in the November 16, 2010 issue of the New York Times, in the Global Business Section.  Click here to see the article online. ZHUJI, China — For American business, the United States currency dispute with China is a two-sided coin. On the tails-we-lose…

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Obama gets very direct on China currency

Well… no more hedging on currency from Obama it seems. The Group of 20 major economies took initial steps to address imbalances in the global economy on Friday. But they did not act as assertively as President Obama had hoped, and he left little doubt that he considered one country,…

Posted in Currency6 Comments

Fair Currency Coalition: Is the U.S. manipulating its currency?

China buys tremendous volumes of dollars each day to keep the dollar high.  The Fed is now printing dollars faster.  China is upset to be forced to buy all these newly printed dollars, shouting “currency manipulation!” to the U.S. Charlie Blum of IAS Group, and who lobbies for CPA, wrote…

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China accuses U.S. of currency manipulation

The Fed’s quantitative easing has everybody upset that we are no longer trying to be the consumer market of last resort for them. This is funny: The Chinese, who have protested that the Federal Reserve is trying to unilaterally manipulate the dollar for the purpose of creating jobs at home,…

Posted in Currency, Trade1 Comment

Job # 1 before Christmas - currency

The number one job we have before Christmas, now that the election is over, is to get the currency bill passed in the Senate lame duck session.  We have a very different picture going into 2011 if we do pass vs. do not pass the currency bill in the Senate….

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The dangers of half measures

I said some cautiously optimistic things when Geithner proposed limiting trade imbalances among countries in a recent G20 meeting.  I also said his proposal, imbalances of no more than 4% of GDP, was a bad goal.  The devastating U.S. trade deficit is only 3.2% of GDP. The bigger problem is…

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