Tuesday, October 4, 2011

Boehner Nails It on China and the Yuan

House Speaker John Boehner on Tuesday said it was “dangerous” for lawmakers to pass legislation aimed at addressing concerns about China’s currency, saying it goes well beyond Congress’s responsibilities, reports WSJ.

“It’s a pretty dangerous thing to be moving legislation through the U.S. Congress forcing someone to deal with the value of a currency,” Mr. Boehner said, speaking at weekly press conference.

The Senate is debating legislation that would compel the Obama administration to take action if it concludes a country is manipulating its currency. While the bill doesn’t specifically mention China, it is clearly aimed at the authorities in Beijing. The Senate could hold a final vote on the bill this week.

Bottom line: China is nuts to prop up the dollar. It has created a serious price inflation problem in the country because of doing so, but as far as the US is concerned it is a gift by the Chinese to the American people by way of lower prices in the US than would otherwise exist.

4 comments:

  1. What does "Take Action" really mean? Murdering people? Obama likes to murder people...No doubt it turns the psychopath on.

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  2. "The Senate is debating legislation that would compel the Obama administration to take action if it concludes a country is manipulating its currency."

    And the US doesn't??? Do as I say, not as I do... some more.

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  3. Boner...I mean Boehner, is an opportunist, and most likely got word from his Chinese business/political buddies that this would result in a "trade/currency war" and is trying to head it off.

    He's not doing it "for the people" (I've become too justifiably cynical about the leadership of either party to ascribe "pure" or "principled" motives to ANY action they take, save Dr Paul) but merely for personal or political gain.

    That this scum is still looked at with anything but contempt by the general populace just shows how effective their policy of "dumbing down the sheeple" has been.

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  4. The USA prints a ton of money and causes inflation...GLOBALLY...That starves millions of people in poorer countries. Maybe the terrorists that refer to themselves as "Senators" should be debating that!

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