In advance of the ChiComPresident Hu Jintao’s state visit to America this week, the Wall Street Journal and the Washington Post submitted questions to him. Hu, the head of China’s ruling Communist Party, ignored thequestions about the Chinese military buildup and their cyber-attacks on us.
But he diddeign to answer some queries on economic matters. He dismissed the international currency system as a “product of the past” — that’s because international trade and investment is based on the US dollar, andthe ChiComs are promoting their own currency as the new international benchmark. Hu also downplayed China’s under-valuation of its currency, which makes it hard to compete with the lower cost of their products,long a sore spot with the US. He complained about the Fed’s loose monetary policy,that is, the Federal Reserve printing billions of dollars out of thin air.
Hu said that China and America “both stand to gain” from a sound relationship, and both could “lose from confrontation.” While that sounds very bipartisan and civil on the surface,let me translate: The ChiComswill continue to do everything possible to undermine America, from keeping their currency undervalued, to stealing our intellectual property at will. They will continue to flood our markets with cheap goods to juice their own economic growth, andthey will continue their military buildup… and we’d better not say boo about it,because they own so much of our debt. They intend to bury us.
Hu and his ChiCom regime expect America– under the Obama regime– to roll. Will he? Hu knows. And we do, too.
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