…and Communist China lectures American President on economic reality:
Communist China warned Obama and Democrats about printing money last May.
Communist China warned Obama and Democrats about their historic deficit last June.
Communist China laughed at tax-cheat Geithner when he said their assets were safe last summer.
So it really came as no surprise that Communist China lectured the Obama Administration again yesterday about rampant borrowing and debt.
CNBC reported, via Free Republic:
Sovereign debt troubles in Europe underscore how important it is for the United States to control its own borrowing as its indebtedness reaches concerning levels, a senior Chinese official said on Thursday.
With China facing criticism for holding its currency in a de facto dollar peg, assistant finance minister Zhu Guangyao shifted attention to Beijing’s own worries about U.S. policies, especially its soaring deficit, ahead of high-level bilateral meetings next week.
There will be “quiet discussions” about the yuan at the Strategic and Economic Dialogue, but external pressure will only delay the exchange rate reform that China wants to implement, he told a news conference.
The global economy’s more urgent need is for financial conditions to stabilize in Europe in the wake of Greece’s debt woes, Zhu said.
Who ever thought we’d see the day that the Communist Chinese would be lecturing our radical leaders about fiscal responsibility?
There's my two cents.
Initial jobs claims rise again…unexpectedly
Democrats suddenly get uneasy with overspending
Stunner: new financial reforms may not prevent future economic meltdown, either