China did

19 October 2010 By Ian Campbell

The U.S. Treasury Secretary has plausibly asserted that America is a noncombatant in the ongoing currency wars. Geithner is right. Dollar weakness is but a side effect of an ultraloose monetary policy. The U.S. should keep the pressure on China.

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Tim Geithner, the U.S. Treasury Secretary, said on Oct. 18 that it was important for people to understand that the United States and "no country around the world" could devalue its way to prosperity and competitiveness. He said it was not a "feasible strategy" and that the United States would not engage in it.

He said it was very important that "people have confidence in our capacity to meet our longterm fiscal obligations," and that the Federal Reserve keeps inflation "low and safe over time."

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