Chinese Currency Manipulation: Lies and Statistics
Derek Scissors /
There’s a very old political rule getting a new twist in the House of Representatives right now: When your policies fail, blame someone else. The new twist is: When unemployment is above the level you said would be a catastrophe, and you’re on the road to bankrupting the country in the meantime, start talking about Chinese currency.
This is apparently the plan for congressional protectionists in 2011.
There will always be Members and interest groups demanding that government restrict the ability of American consumers and firms to make their own trade decisions, just as there are Members and interest groups demanding government restrictions on a huge range of other private activity. Protectionism, though, is especially odd. (more…)