Whipping China Won't Stop the Bleeding
30.09.11
It was just a matter of time before history once again repeats itself. I am referring to the joint press conference held by Senator Jeff Sessions, R. Atlanta, and Senator Charles Schumer, D. New York.
Since the President's jobs program is a non-starter for both Republicans and Democrats it was only logical that both parties needed something to not only show the electorate that jobs were paramount but also to show that both parties could and would be bi-partisan.
Who to make the whipping boy for both parties? None other than China. Then, with the blessing of Senator Harry Reed, D. Nevada, the Senate will propose a bill that will penalize our bankers for not playing ball and allowing their currency to float.
The theory goes that if the Chinese would only let their yuen trade like all other world currencies, as our dollar becomes cheaper through devaluation, their dollar (yuen) would be more expensive.
Therefore our manufactured products would be cheaper and theirs would be more expensive. Their people would buy our goods and not theirs. Our companies would be overwhelmed with buy orders and finally would have to hire 3,000,000 new workers to keep up with the demand.
Source: Town Hall