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Sunday, October 16, 2011

Now Chuck Schumer is just toying with China

Currency devaluation is an easy political call and the evidence for it seems strong. However:

"I wonder if we’ll ever learn. We kept pressuring countries like Japan, Germany and Switzerland to appreciate their currencies. And then their currencies do appreciate very sharply. But the current account surpluses remain very large, because currency appreciation doesn’t address the root cause of those surpluses. Now we are engaged in the same fruitless quest with China. What a waste of time."



TheMoneyIllusion � Now Chuck Schumer is just toying with China

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