Evidently, Tax Cheat in Chief, Timothy Geithner, is following marching orders from on high. Blame the lack of recovery from the Great Recession on the Chinese. Most folks won't have even a slim clue about whether Geithner's statement below is sh** or shinola:
"Mr. Geithner said more countries face stronger pressure over time to resist market forces pushing up the value of their currencies. The collective impact, the treasury secretary said, causes inflation and asset bubbles in emerging economies or else depressed consumption growth."
Trust me; it's sh**. Who are you going to believe; the nation's Tax Cheat in Chief, or me?
Since BHO and crews' economic policies haven't worked, now its time to find someone else to blame. The Chinese are easy whipping boys, since most folks don't really understand much about international finance and exchange rates. Read more about the utter nonsense of blaming the Chinese for America's economic woes here.
Inflation isn't caused by market forces that are "pushing up the value of their currencies," and I truly believe that the Tax Cheat In Chief knows it. His words were offered at a recent IMF conference, which was nothing more than a big political stage that would need to come up several notches to reach vacuousness. If you want some real economic meat on the subject, read this.
In the United States, the Fed causes inflation. In other countries, their monetary authority, be it a central bank or some other part of their government, causes inflation. Market forces do not cause inflation.
The Tax Cheat in Chief is a well-trained economist, so we can be sure he understands what causes inflation. We can also probably understand why he says something at the IMF conference that contradicts what he knows. It's election time, and BHO and crews' economic policies are making a loud sucking sound.
Here, the president of the Chicago Federal Reserve Bank, Charles Evans, calls for still more of what really causes inflation. That would be the Fed purchasing Treasury bonds with newly created money. Read more about the Fed and inflation here and here.
The Tax Cheat in Chief's remarks are intended to divert attention from BHO and crew and the real causes of the Great Recession and the continuing lack of recovery from it. It is election season, you know. Read here about what is really going on. You will notice that the truth has nothing to do with the Chinese.