Democracy and Technology Blog

Protectionist Irony Alert

Share
Facebook
Twitter
googleplus Google+
arroba Email

Protectionist Irony Alert

A terrific young economist named Mike Darda notes a particular irony in the China money move:

“[P]rotectionists in Congress thought they could jawbone China into dramatically appreciating the Yuan against the dollar to the benefit of U.S. exporters and to the detriment of U.S. consumers and importers. Dropping the dollar peg at a time when the dollar is rallying accomplishes just the opposite.”