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China Is ‘Manipulating’ Yuan, Geithner Tells Congress

http://www.bloomberg.com/apps/news?pid=20601087&sid=apOnQzszPvts&refer=worldwide
Jan. 22 (Bloomberg) — Timothy Geithner, President Barack Obama’s nominee for Treasury secretary, said the new U.S. administration believes China is “manipulating” its currency. Geithner also said, in written responses to questions from Senate Finance Committee members, that there are “no current plans” to request more financial-bailout funds. He played down any need to nationalize U.S. banks, without specifically ruling out the option. The remarks on China’s exchange-rate policy may presage a tougher line with the nation that is the biggest foreign investor in U.S. government debt. Former Treasury Secretary Henry Paulson preferred diplomacy over confrontation with China to resolve disputes and, in semiannual reports, refrained from labeling it an illegal “manipulator” of its currency. “President Obama — backed by the conclusions of a broad range of economists — believes that China is manipulating its currency,” Geithner said in the remarks posted on the committee’s Web site today. “The new economic team will forge an integrated strategy on how best to achieve currency realignment in the current economic environment.”
….HAHAHAHAHAHAHAHAHAHAHAHA! File under pot calls kettle black.
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January 23, 2009 - Posted by | Financial High Treason

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