Item #25 in Mitt Romney’s “59 Policy Proposals That Will Get America Back To Work” is, “Designate China a currency manipulator and impose countervailing duties”. The Romney campaign is currently running ads emphasizing this point. This is unfortunate, and will hurt, rather than help Governor Romney’s effort to defeat President Obama in November. Rather than bashing China, Romney should be criticizing the real “currency manipulator”, which is the U.S. Federal Reserve.
Let’s be blunt. Federal Reserve monetary policy errors caused the housing bubble and precipitated the housing bust. Then, more Fed errors turned what should have been a run-of-the-mill recession into the worst economic downturn since the Great Depression. Since then, the Fed’s continued misguided monetary policy has produced the slowest recovery in American history.
CONTINUED at Forbes.