senators schumer and graham went to china a few days ago to put some pressure on china to allow the yuan to appreciate. the two of these grandstanding chuckleheads were going to introduce a bill tomorrow that would impose a 27.5% tariff on all imported chinese goods.
i wonder what was said over there, because when they got back, schumer and graham postponed the bill until september. maybe it was along the lines of “ok well we’ll just stop buying treasuries. will that help you?” that would certainly eliminate some of the disparity between the dollar and the yuan, and push up inflation and interest rates as well.
xenophobia and racism are on a steep rise again, with the immigration bill, the dubai ports deal, and the constant rhetoric about china’s currency manipulation being at the heart of our nation’s economic woes. some of the man on the street interviews that i heard on NPR this afternoon were alarming, people saying that immigrants were bringing disease and violence and a whole slew of other societal problems into the united states and they needed to be “dealt with and sent home”.
this country is in a precarious state of health, and it appears it will get worse before it gets better. a lot of scapegoats are being identified to distract john q. public’s attention from the real culprits: the people we have elected to represent us. well, them and all the people who buy their votes.