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Home Publications Blogs Beat the Press Addressing U.S.-China Currency Values the Way President Bush Did

Addressing U.S.-China Currency Values the Way President Bush Did

Thursday, 23 September 2010 05:12

There was virtually no decline in the real value of the dollar against the Chinese yuan during President Bush's presidency. This fact is an important point to mention in a Post article that told readers:

"The Obama administration, like the Bush administration before it, has preferred to address the currency issue through diplomatic channels."

The article misleadingly tells readers that, "negotiations won a 20 percent rise in the yuan during President George W. Bush's tenure." Virtually all of this increase was offset by the more rapid inflation rate in the United States, so the real value of the yuan against the dollar -- the relevant variable for trade -- changed little during the Bush years.

Comments (1)Add Comment
written by izzatzo, September 23, 2010 7:36
Pure slander. America under the Boy Monarch was strongly. It had table on the food as each accomplishment was missioned.

Under the Cheney One Percent Doctrine no furrin currency was allowed to deviate from the dollar more than one percent in absolutely terms. Otherwise they would be pre-empted as freedoms of our hatreds and forced onto an Eye-For-An-Eye barter standard.

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About Beat the Press

Dean Baker is co-director of the Center for Economic and Policy Research in Washington, D.C. He is the author of several books, his latest being The End of Loser Liberalism: Making Markets Progressive. Read more about Dean.