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US biggest currency manipulator
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British newspaper the Sunday Telegraph says Western nations should find solutions to their problems internally regarding the financial crisis, instead of blaming developing nations, such as China.
An article in the paper says Obama "is playing with fire" in reference to the US President's recent call for China to adopt a more "market-oriented exchange rate," and the US Treasury's warning of new levies on Chinese products.
The article says "The reality is America's weak dollar policy -- its long-standing practice of allowing its currency to depreciate in order to lower the value of its foreign debts -- amounts to the biggest currency manipulation in human history. At the same time, the US has, for years, shamefully stalled on various rulings passed by the World Trade Organization that show America to be breaching global trade rules."
"The manner in which America and the broader Western world engage with China doesn't reflect that reality.
The West acts as if our relative decline is China's fault. In doing so, our political leaders demean themselves and us while making the outcomes we want less likely."
Obama "is playing with fire."
"The reality is that America's weak dollar policy -- its long-standing practice of allowing its currency to depreciate in order to lower the value of its foreign debts -- amounts to the biggest currency manipulation in human history.
At the same time, the US has, for years, shamefully stalled on various rulings passed by the World Trade Organization that show America to be breaching global trade rules."
