Despite Paul Krugman’s growing posse of Beijing antagonists, calling on China to revalue its currency (upward) there are still a few lone holdouts willing to point out the absurdity of Washington playing hardball over the yuan.
On Kudlow last night, First Things editor, and Asia Times contributor David P. Goldman argued against excitable China-baiter Peter Navarro, forcefully supporting the idea that if you want the Chinese people to spend more (thus reducing global imbalances) the last thing you want to do is inject brand new instability into the banking system by making an ill-timed move at the behest of Washington DC. Great stuff!
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