CHINA FLOATS, AMERICA SINKS

YUAN KICKS DOLLAR BUTT BY REJECTING "FREE MARKET"
Friday Jul 22, 2005

by Greg Palast

In case you haven't the least idea what the heck it means for China to "float" its currency, let me put it in the language we economists use: China's float don't mean squat.
Yet our President, a guy whose marks in Economics 101 are too embarrassing to publish here, ran out to hail the fact that buying Chinese money will now cost more dollars.
The White House line to the media, swallowed whole, is that by making Chinese money (yuan) more expensive to buy with dollars, Americans will buy fewer computers and toys from China -- and US employment will rise.
This will happen when we find Saddam's Weapons of Mass Destruction.