Sunday, December 5, 2010

'Madman' Ben Bernanke is ensuring that China and US are on a collision course (update 1)

And to add insult to injury, as Bernanke justifies exporting inflation, he says this:

"TOKYO, Dec 6 (IFR) - More comments from the FOMC Chair over the CBS "60 Minutes" website. Mr Bernanke sees the yuan peg as bad for both China and for the US economy and trade. For China, he says it is bad because it mean the country cannot have an independent monetary policy. He says the Chinese should allow its currency to appreciate to something more appropriate in terms of market value. He sees the Chinese economy growing very quickly and risks inflation by importing accommodative US monetary policy"

... as he devalues the USD.

Bizarre.

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