Now is the time to panic: The Obama Administration agrees with me
Not sure if you got a chance to read my Thursday column on the Chinese currency situation. The gist of my perspective is that while the currency is too low, the government is moving in the right direction and they're entitled to more time -- particularly since putting pressure on this issue could undermine US-China relations, which is probably the most important economic and diplomatic relationship we as a country need to build over the next 25 years.
Now, April 15 was supposed to be the day the US would decide if China was a currency manipulator or not -- with many firebrands, including unions, the unemployed, hundreds of Congresspeople, etc. wanted them to do. News, today, however, is that the US will hold off on issuing the repot and instead pursue a more gradual agenda at high level meetings.
Kudos to Geithner and the Obama administration for making this right move even though it's easy electoral politics to go toe to toe to China (and he may have promised to do that in the election; I can't remember). It's not often I agree with something they've done, so I'm not sure what my next move is. Maybe I'll take a nap...