Thursday, January 22, 2009

Obama Believes China is Manipulating Its Currency

Here's a headliner that should have been played up from the Timothy Geithner hearings.

According to WSJ, Geithner told the Senate Finance committee during his hearings that President Obama “believes that China is manipulating its currency” and plans to seek changes to its practices, but “the question is how and when to broach the subject in order to do more good than harm.”

Given the collapse the dollar is likely to experience, talk like this is the equivalent of the captain of the Titanic bitching about a paint job he once saw on a fishing trawler in the South Pacific.

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