Economic Stimulus
Economic Stimulus
Out of context: Reply #21
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- TheBlueOne0
"US living standards, which have been stagnant for years, will plummet once dollar decline forces China off the dollar peg. So far prices of the Chinese-made goods on Wal-Mart shelves have not risen, because the Chinese currency, pegged to the dollar, falls in value with the dollar. In a word, tottering US living standards are being supported by China’s willingness to subsidize US consumption by keeping its currency grossly undervalued."
March 12, 2008, Paul Craig Roberts, Assistant Secretary of the Treasury in the Reagan administration. Former Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review.