Just got some very disappointing news from the Treasury Department. As you’ll recall, they are required to report to Congress every six months about countries that are manipulating their currencies. This year, they sought input from the public for the first time ever, and nearly a thousand manufacturers weighed in.
Well, today, they chose not to cite China for currency manipulation. How on earth could that be? By the plain facts it is obvious that China is manipulating its currency. It hasn’t moved vis a vis the dollar in a dozen years, giving Chinese goods an unfair price advantage in the world market vis a vis US-made goods. It’s just flat unfair, and Treasury should have had the , uh,… gumption (this is a family blog) to say so.
Here’s our statement from today, where Gov. Engler says Treasury “took a knee” on the one-yard line, an apt description of today’s colossally disappointing decision.
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