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Idiot of the day: Zhu Guangyao



November 08, 2010 – Comments (0)

Vice finance minister thinks the US has some "obligation" to keep its money supply stable just because China decided it wants to use the dollar as the reserve currency. (How about this: MSFT has an obligation to announce a generous buyback program because I decided its shares were worth $100?). The truth is that the US never signed any such obligations. Plain and simple, China just overpaid for junk paper issued by Bernanke & Co. It is Chinese vice finance ministry officials who have an obligations to China not to be idiots and to look carefully at the securities they are buying. 

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