".I don't know whether to laugh or cry,"Submitted by northstar on Thu, 10/06/2011 - 22:17
Three Reasons the China Currency Bill Will Backfire
David Zeiler writes: A Senate bill that aims to restore American jobs by punishing China for its undervalued currency may resonate with a frustrated American public, but it won't work.
In fact, instead creating jobs, the bill is more likely to trigger a damaging trade war with China and increase retail prices for Americans - further hurting the consumer spending that has already been undermined by high unemployment.
"This move is idiotic on so many fronts, I don't know whether to laugh or cry," said Money Morning Chief Investment Strategist Keith Fitz-Gerald.