Boston Globe (November 15)
Recent criticism from abroad of the Federal Reserve’s monetary stimulus program is “way off base.” The “complainers’ chorus” is led by China, Germany and Brazil. The Globe singles out China for “calling the kettle black” by accusing the Fed of currency manipulation. The U.S. should be “unapologetic” about the Fed’s plan to stimulate the US economy. As President Obama pointed out at the G-20 summit a strong U.S. recovery will benefit countries around the globe.
Tags: Currency manipulation, Fed, Quantitative easing, Stimulus, U.S.
New York Times (November 9)
During his trip to Seoul for the G20 meeting, President Obama is likely to face criticism of the Federal Reserve’s $600 billion quantitative easing plan. China, for example, hopes to divert attention from its own long-term currency manipulation. The criticism of the Fed is largely unwarranted. “The Fed’s policy also weakens the dollar, but its objective is to boost demand at home.” In fact, China needs “to shift course, allow its currency to rise against the dollar and rely more on consumption at home.”
Tags: China, Currency manipulation, Fed, Quantitative easing, U.S.
