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Bernanke waging private war with China


There are many strange things happening in the United States. Most Americans are simply shaking their heads back and forth with dismay. One strange thing that we as Americans should pay more attention to is the recent activity of the Federal Reserve, and specifically Ben Bernanke, in waging a war of words against China.

Mr. Bernanke is a private banker with no political power granted to him by the American people. Unfortunately, the world sees Mr. Bernanke as one of the voices of power from within the US government. So when Mr. Bernanke says that we are in a financial war with China and that China should devalue their own currency, you need to wonder if he is doing it for the people of the United States or for his own private bank.

His statement:

“Currency undervaluation by surplus countries is inhibiting needed international adjustment and creating spillover effects that would not exist if exchange rates better reflected market fundamentals.”

is a direct accusation against China that they are responsible for our nations financial crisis. Nothing could be further from the truth.

Add to this his ongoing requests for the Chinese government to steal money from its own people by devaluating the Yuan (RMB) are simply not in line with the truth from within China.

In China gas, entertainment, and even homes are similar in US dollar costs to what we pay in the United States. A home in China can cost anywhere from $200,000 USD to over a million USD. A fast food hamburger meal is $5, just like the U.S. It costs $15 to see a movie. It costs $3 for a bottle of beer in any decent bar. Shoes, jeans, shirts, watches and jewelry, are all similar prices. The only difference between the US and China is how much the average person makes each month. In China (Shenzhen) the minimum wage is still less than $500 per month. In the United States it is nearly 4 times that amount.

So the average Chinese person is earning 1/4 of what an American is earning and is paying roughly the same amount for goods and services. How in the world can the Yuan (RMB) be overvalued?

SO WHAT IS MR. BERNANKE TALKING ABOUT?

Simple. Even though a Chinese citizen is already at a financial disadvantage to an American citizen for the same goods and services, Mr. Bernanke is demanding that China make it even harder for their citizens so that he can line his own pocket and the pockets of his banker friends with more wealth.

If the Chinese government gave in to Mr. Bernanke’s demands, Chinese citizens will lose a percentage of their savings overnight and have more products and services out of their reach. Everything would become more expensive overnight. Obviously China refused. This is another example of the Chinese government looking out for their citizens while we in the United States are suffering under the Federal Reserve that is NOT looking out for us.

To put it simply, Mr. Bernanke is asking the Chinese government to make its people pay extra for gas, extra for fast food, extra for movies and entertainment, and extra for basics like rice. With only $500 a month in disposable cash, that is a harsh and unusual request to make. The first word that comes to mind is “heartless”

The whole idea of the Federal Reserve is insane. Mr. Bernanke is an enemy of the United States and we are too stupid to realize it.

Itia (Abroad)

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