Geithner Says China Manipulates Its Currency

China's control of the value of its currency, the yuan, has been a friction point for years, with some economists saying Beijing has kept its currency artificially low to keep the prices of its goods cheap and generate trade surpluses. That has led to a global capital imbalance, as American consumers borrowed and spent and China became the United States' largest foreign creditor.”

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(last updated 2015-08-21/Close of previous day debt was $18151300217506.79 )

By targeting to smear China, only God knows how many lies American leaders have told deliberately about China. The two American favorite subjects of lying about China is about currency and threat.  China is the no. 1 creditor nation in the world while the United States is the no. 1 debtor nation. It speaks volumes about dollar dropping and the value of RMB. In order to justify American aggression and expansion into Asia Pacific and in order to justify the re-militarization of the war crime nation of Japan, both American and Japanese leaders tell the biggest and blackest lie about China threat. How can a nation whose territories are robbed by Japan with the aid of America be a threat to America and Japan? The robber is the threat, the victim is no threat. The robber is the threat to the victim, and the victim is no threat to the robber.

1.        If the premise is true, who is stopping the sole superpower to keep its currency artificially low to keep the prices of its goods cheap and generate trade surpluses? Besides, what is the proof that Geithner in seeking an office conveniently makes such an accusation statement against China? As a diversion tactics? WTO did not find any evidence of China’s currency manipulation.

2.    “Geithner's words -- which came in written comments to the Senate Finance Committee -- suggested that President Obama is prepared to challenge China far more vigorously.”

For years, Democratic leaders have made demands on China to revalue its currency – although currency belongs to the sovereignty of a nation. For example, can America manipulate its dollar by making $1 equals to 10 yuan? That would make American goods cheap and generate surpluses.

In addition, Democratic leaders have been known repeatedly to interfere in China’s internal affairs regarding Taiwan, Tibet, etc. A Democrat president with a Democrat-controlled congress can almost do anything they please in challenging China. You can give a dog a bad name and hang it. Is this Obama’s foreign policy of confrontation and conflict?

The Fed practiced Quantitative Easing, which means printing large sums of money. What do you call it, not manipulating the currency? Please read my ariticle called, 

  • An Immoral Economic Theory.
  • Apparently, QE1 and QE2 and QE3 have not reduced American deficit and debt much, nor increased significant employment. The acts did devalue dollar which has been dropping for a long time and make people in the world lose confidence in the stability and value of dollar. China being the number one creditor of America suffers a big loss because dollar is dropping and has been dropping.

    3.    This kind of reasoning is very curious, strange and peculiar; maybe the Democratic leaders would also blame China for the current American economic and financial crisis? Probably China would also be responsible for the collapse of Wall Street, subprime, the acts of mortgage and insurance companies, investment banks, etc.?

    4.    “It was very interesting to see that Geithner has stated that China is manipulating its currency," said Eswar Prasad, a senior fellow at the Brookings Institution.”Things are going to get quite heated on the China-U.S. front this year. This statement was clearly a shot across the bow, signaling that this administration does not plan to mollycoddle the Chinese." According to the anti-China institution, it was clearly a shot across the bow. Do you call it mollycoddle to attack the Chinese embassy in Belgrade under the excuse of a false map? Do you call it mollycoddle to sell deadly and costly weapons to Taiwan so that the Chinese may kill each other? Do you call it mollycoddle when Eisenhower, Kennedy and Johnson threatened to use nuclear weapons in China? Since the infamous Opium Wars, when did the U.S. ever mollycoddle China? Nixon was the only decent American president who assured that he would not attack China.

    5.    “Geithner has apologized for what he called "careless mistakes" during the years he worked as policy director at the International Monetary Fund, an international institution that does not automatically withhold taxes for its employees. A 2006 IRS audit informed Geithner that he had failed to pay self-employment taxes in 2003 and 2004. While he was being vetted by the Obama team in November, they pointed out he had made the same errors on his 2001 and 2002 returns. All told, Geithner has paid $42,702 in back taxes and interest.” Isn’t it curious that Geither knows for sure that China manipulates its currency that WTO could not find, while he failed to pay a portion of his taxes from 2001 to 2004. How could he make such “careless mistakes” of his own for years? Was his statement on China prompted by ulterior motive?

    6.    It is very interesting whenever American politicians or officials violated the law, they always called them "mistakes". This special treatment would never be awarded to ordinary Americans. “But some Republicans say Geithner's tax errors reveal larger character flaws. He faced tough questions from several Republican members of the Senate Finance Committee, five of whom voted against him: Charles E. Grassley (Iowa), Jon Kyl (Ariz.), Jim Bunning (Ky.), Pat Roberts (Kan.) and Mike Enzi (Wyo.). Grassley, the panel's senior Republican, said he received a message from a constituent expressing concern about the nomination: "If the man cannot handle his own finances," the constituent wrote, "how is he going to handle the country's?”

    7.    Prosperity falsely created by borrowed money or spending what you did not have finally caught up with Europe and America. The debt crisis created such pain for millions and millions of people in America, Europe and the world. Ask the officials and people of Greece, Ireland, Iceland, Italy, Spain, etc. how severe and unbearable is the pain. In contrast, China is not a rich nation and the vast majority of Chinese people are still poor. Can you believe it the Chinese government is the richest government  in the world? It did not happen by chance. Do you know why democracy and capitalism sink the United States and Europe into the the bottomless pit of debt? Let the intelligent reader find out the answer. You can find the answer in my many articles such as America Is Committing Suicide, American Exceptionalism, What It Will Take to Save America,etc. on my website if you wish to examine the facts.

    Bailing out “too big to fail” firms and rewarding those crooked and corrupt executives responsible for creating the economic and financial crisis in 2008 with excessive executive compensation and billions in annual bonuses are the core and crux of an immoral economic theory and practice. It is more than regrettable, it is criminal. For the Fed to engage in massive monetary easing not only making the money easy and cheap in value but creating tremendous high risks. This was an undeniable deliberate manipulation of currency.

    According to the Washington Post Editorial (March 29, 2012), “Still, these benefits come with risks attached. Among the biggest risks is that easy money from the Fed enables banks and firms to postpone necessary restructuring — and for Congress and the White House to postpone getting the federal government’s long-term fiscal situation under control. Indeed, three of Mr. Bernanke’s own central-banker colleagues, Bank of Japan governor Masaaki Shirakawa, former European Central Bank president Jean-Claude Trichet and Jaime Carauna, general manager of the Swiss-based Bank of International Settlements, made that very point at a Federal Reserve conference in Washington last week. Bernanke-style policies “can make it easier to waste time,” Mr. Carauna warned. The Fed has bought the U.S. economy time, but if that breathing space is not used wisely, the long-term result could be inflation and higher interest rates. Echoing those concerns, former Treasury Department official Lawrence Goodman notes in a Wall Street Journal op-ed that the Fed’s massive purchases of federal debt, which amounted to 61 percent of net Treasury issuance in 2011, are keeping interest rates artificially low — and are masking a decline in demand for Treasuries from foreigners and the U.S. private sector. Net interest payments on the federal debt actually fell between 2008 and 2011, as a share of gross domestic product, even as the deficit tripled. Mr. Goodman argues that this phenomenon gives policymakers a false sense of security about the federal government’s fiscal predicament.”


    The Outstanding Public Debt as of 07 Aug 2014 at 03:53:30 AM GMT is:

    $ 1 7 , 6 5 2 , 5 7 6 , 8 6 7 , 4 0 4 . 1 9

    The estimated population of the United States is 318,764,691
    so each citizen's share of this debt is $55,378.08.

    The National Debt has continued to increase an average of
    $2.35 billion per day since September 30, 2012!
    Concerned? Then tell Congress and the White House!

    The proof of the pudding is in the eating. The value of a currency is in the buying or spending. Two years ago I bought a Sony 42 inches LED TV at RMB 5,000; yesterday I bought the newest model of Sony 42 inches LED TV and Sony clear and sharp bass Stereo Headphones all for RMB 4,600. American supremacists and journalists spread the lie of China’s risk of inflation is false and fraudulent and malevolent. The truth is USD (United States Dollar) is dropping its value and worth less and less with the passage of time. How can RMB (Chinese Yuan) be risky while it is worth more and more (qualitatively) and can buy more and more (quantitatively)? The lies of the children of the devil are self-evident. The evil empire of Japan is openly and boldly manipulating its currency. The Japanese yen is most risky because of Quantitative Easing (printing trillions of yen) which makes it worth less and less and can buy less and less. Because the evil empire of Japan is the number 1 running dog of American imperialist, so the American officials and mass media say nothing bad about it. Do you know the currency of any nation which two years later can buy more expensive (quality) and more products (quantity) with less money? That is the Chinese currency called RMB or yuan. Facts defeat and destroy lies. No one can fool the peoples of the world all the time. Truth is ultimate and triumphant. No superpower can overthrow the truth.

    The United States of America is the number one nation in manipulating its currency. The no. 2 nation in manipulating its currency (worthless yen) is the evil empire of Japan. Fact is more eloquent than propaganda. Truth is stronger than lie. No one can fool the world all the time.

    January 1, 2018

    Willie Wong
    Chinese for China: Home

    Copyright © 2011 - 2018 by Willie Wong


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