|It this a joke? - Ben Bernanke, the King of Currency Manipulation, criticizes China |
for the manipulation of their currency.
I don't know if I should laugh or cry
Ben Bernanke, the chairman of the US Federal Reserve, has accused China of damaging prospects for a global economic recovery through its deliberate intervention in the currency market to hold down the value of their currency.
For a moment I thought it might be April Fool's Day. But no. Ben Bernanke had a straight face when he attacked China for currency manipulation.
Bernanke has played games with the U.S. dollar with propping up favored businesses, keeping interest rates artificially low and printing money like a mad man. But somehow China is the bad guy.
Speaking just hours after the Chinese government sharply criticized a US congressional bill that would punish Beijing for alleged currency manipulation, Ben Bernanke told a congressional committee that an undervalued renminbi was preventing the rebalancing of global demand towards emerging market economies.
“Right now, our concern is that the Chinese currency policy is blocking what might be a more normal recovery process in the global economy,” he said. “It is to some extent hurting the recovery”.
Let's see. China is blocking recovery . . . not the policies of the American government and the Federal Reserve. The Bull Shit is very deep.
The Chinese government blasted the bill in three statements released simultaneously by the foreign ministry, the central bank and the ministry of commerce, saying the legislation could spark a “trade war”.