WASHINGTON (Dow Jones)--A group of U.S. senators sought to increase pressure on Chinese President Hu Jintao ahead of his summit with President Barack Obama this week, predicting U.S. lawmakers will pass legislation this year to crack down on Beijing's exchange rate policy.We interrupt the story at this point to note that the salary of Sen. Charles Schumer (D., N.Y., and a qualified expert on "empty verbiage") is being paid through borrowing from the Chinese. Now, to continue:
"The time for talk is over. We've had enough of China's empty verbiage," Sen. Charles Schumer (D., N.Y.), a longtime critic of China's currency policy, said during a Monday conference call with reporters.
Schumer was joined by fellow Sens. Debbie Stabenow (D., Mich.) and Bob Casey (D., Pa.) on the call to back legislation targeting countries that artificially value their currencies.We interrupt once again to ask fellow Sens. Debbie Stabenow (D., Mich.) and Bob Casey (D., Pa.) what the "natural" way is for countries to value their currencies, and whether they are quite sure that the United State has fully avoided artificiality in this respect. Hearing no answer, we again continue:
The measure would increase pressure on the Treasury Department to cite countries with artificial exchange rate policies, as well as make changes to U.S. trade law targeting such currency issues.Yes, whenever I want advice on living a sober and productive life, I always seek out the town drunk. Speaking of whom: wasn't that Uncle Sam I just saw, staggering to the curb outside the local gin mill?
"Our message to President Hu is 'Welcome to the United States, but we want to make sure we have a fair trading system,'" Stabenow said.