JON HILSENRATH
The Wall Street Journal
November 19, 2010
- A d v e r t i s e m e n t
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Federal Reserve Chairman Ben Bernanke fired back amid criticism at home and abroad of the Fed’s easy-money policies, arguing that China and others are causing global problems by preventing their currencies from strengthening as their economies boom.
By keeping their currencies artificially weak, Mr. Bernanke argued in Frankfurt Friday, China and other emerging markets are allowing their economies to overheat, preventing trade imbalances from adjusting and worsening what he called a “two-speed” global recovery.
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Their “strategy of currency undervaluation” is preventing more “balanced and sustainable” global growth, he warns, echoing a view expressed by Obama Administration officials.
