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The Madness of Larry Summers and a Weak Dollar.

I was amused and alarmed at comments made on CNBC regarding the need for China to let their currency float against the dollar. Do we think that the Chinese are mad? Why would they cut off their export economy which they need?

And the CNBC guest made the statement to the effect that the US dollar is a free market trade while the Yuan is set by the Chinese. The reason this is so stupid and so incredibly disingenuous is because the low interest rates are artificially low. We do manipulate the value of the dollar. It is NOT a free market. Why does Summers want to leave the US consumer for dead, as Chinese goods would rise in cost and assets like oil would go through the roof? 

This continued attack on the US consumer by our government, in the name of a freely traded dollar is the big lie of the Obama administration in lockstep with Bush and Greenspan. Summers put the US banks back together (maybe) but then refuses to put the US consumer back together. I am not advocating massive credit returning, but rather a little deflation to give the US consumer a raise. He will buy if you give him a raise Larry. 

Yet you want to steal from him by clocking the dollar! You want to export Wall Street greed and you have forgotten about the US consumer. Not a good way to win elections, but then, both parties are in the pocket of Wall Street.

And we have Ben Bernanke clocking the dollar as well, as he made the stupendous statement that there are no bubbles in the US economy. That is just stealing from the mouths of babes! People are going hungry in record numbers in the USA because gas and commodities are still overpriced.

There is no guarantee that the Chinese will pay for US goods even if the dollar collapses. A bird in the hand, the US consumer, is worth two in the bush, a hesitant Chinese consumer who saves.

Larry and Ben, put the US consumer on a solid footing by establishing a strong dollar.