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Today's Stories August 10, 2007 Paul Craig Roberts China's Threat to the Dollar is Real Daniel Ellsberg A Vision for Cindy Sheehan's Campaign August 9, 2007 Stan Goff The Fog of Fame: Pat Tillman as Everyone's Political Football Paul Craig Roberts In the Hole to China Alan Farago The Terror of the Mortgage Pools William S. Lind The Surge's New Math: One Step Forward, Two Back Doug Giebel Letter from Montana: What the Bushvolk Have Done to America Harvey Wasserman Radioactive Bailout in Advance Jacob Hill The Tail End of Free Trade: NAFTA's Impact on the Manufacturing Sector Raul Zibechi The Dark Side of Agrofuels Dave Zirin The Making of Barry bin Laden Website of the Day "Babies Just Come with the Scenery"   August 8, 2007 Andy Worthington Backing Up Lt. Col. Abraham on Gitmo Abuse Jeff Halper The Catch in Israel's "Generous Offers" at Jericho Greg Moses No Light in August for Texas Refugees: Judge Orders Baby Sent to Palestine Nurit Peled-Elhanan The Murder of Abir Aramin, 9 Years Old Sukant Chandan British Prisons as Islamic Universities Robert Fisk A Lebanese Surprise George H. Strauss The Military Society D.K. Wilson Bonds, the Haters and 756: Why Bob Costas Can't be Trusted Bill Day Leonardo DiCaprio's Baggage: the Perils of Celebrity Environmentalism Tim Campbell Monkey See, Monkey Do Politics Website of the Day Periodic Table of Visualization Methods   August 7, 2007 Patrick Cockburn Why the Surge Has Failed Andy Worthington Why Do We Need the Democrats?: They Have Failed to Restrain Bush on Gitmo, Iraq and Domestic Spying Kathy Kelly The Little Girl of Hiroshima Stan Cox The Antiwar Majority: Look Quickly, You Might Miss It Sonja Karkar Israel's Settlement Project Sen. Russ Feingold A License to Wiretap--Anyone Alan Farago Dancing in the Light of Florida Norman Solomon Let Us Now Praise an Infamous Woman Binoy Kampmark Giving Good Face: What Jeremy Bentham and Facebook Have in Common Dave Lindorff The Gelding Congress John Stauber Coffee with the Troops at Yearly Kos Website of the Day George Carlin on Education August 6, 2007 Bill Quigley Fighting for the Right to Learn in New Orleans Kathy Rentenbach Guatemalan Gold, Guatemalan Bones Uri Avnery White Elephants: Bush's Middle East Arms Deals Col. Dan Smith Of Time and Iraq Ralph Nader Cruise Ship Blues James Neshewat War? What War?: a Report from the New SDS Confab in Detroit D.K. Wilson Barry, Bud and 755 Greg Moses Safe Passage for Willie Nelson Fidel Castro Hard and Obvious Realities Mike Whitney Judgment Week on Wall Street   August 4 / 5, 2007 Alexander Cockburn Rupert Murdoch and the Luck of the Bancrofts Peter Linebaugh Speaking in Irish Tongues Saul Landau Faith-Based War Alan Farago The Candidates and the Collapsing Economy Dave Zirin When Domes Attack: Even in Minnesota Barucha Calamity Peller Oaxaca is Not Over Anthony DiMaggio Double Standards in U.S. Aid to the Middle East Dave Lindorff Spy Power: Bush Demands, Democrats Deliver--Again and Again and Again Fred Gardner Write Off Your Congressman Nicola Nasser The Iranian Option Benjamin Dangl Privatizing Repression in Paraguay Rannie Amiri Bribe, Divide and Conquer Daniel Gross CSR on Trial: Starbucks Behind the Brand Sherwood Ross Obama Renounces Use of Nuclear Weapons Manuel Garcia, Jr A Bridge Truth Movement?: From 9/11 to Minneapolis Missy Beattie The First Mannequin and the "Crime Scene" Ron Jacobs The Outlaw Trip to Mexico: Goin' Down the Road Feelin' Bad Website of the Weekend Photos: Texas Immigrant Prison   August 3, 2007 Gabriel Matthew Schivone An Interview with Noam Chomsky on Responsibility, War Guilt and Intellectuals Jonathan Cook Israel's Jewish Problem in Tehran Patrick Cockburn Sunnis Walk Out of Iraq Government Little Steven Van Zandt Die, Greedy Swine! Die! Die!: How the Record Companies are Killing Rock Music Christopher Brauchli Bush Makes Putin Look Like James Madison D. K. Wilson Two Sides and a Middle: Michael Vick Ain't the One to Ask Linda Ford and Ira Glunts Maxwell's Silver Hammer: Syracuse University Enlists in the Global War on Terror Kelly Overton The Casualties of Green Scare: the Feds' War on the Animal Rights Mvt. Monica Benderman In Freedom's Name Manuel Garcia, Jr. Minneapolis Bridge Collapse: Was Cheney at the Scene? Website of the Day A Cinematic Look at the Police State in Action   August 2, 2007 Paul Craig Roberts The Return of the Robber Barons Stanley Heller Report from the Land of Apartheid Eric Ruder Fighting PTSD; Fighting the Army Robert Fantina Still Getting It Wrong: the NYT and Iraq Alan Farago The Toxic Mortgage Waste Crisis Chris Floyd Chertoff, Chiquita and Death Squads Franklin Lamb Lebanon's Crucial Special Elections Sen. Russ Feingold Closing the Book on the Abramoff Era Anthony Papa Drug Treatment isn't a Silver Bullet Norman Solomon The Big Guns of August Website of the Day Louie, Louie Video Contest   August 1, 2007 Debbie Nathan More Secret Payments by Former NYT Reporter to Web Porn Star Surface in Nashville Courtroom Fred Gardner Ciao, Michelangelo Gary Leupp Why Iraq's Best-Loved Athlete Can't Go Home David Rosen America's Top 10 Political Sex Scandals Winston Warfield Is the Tillman Case Still a Coverup? Daniel McBride Lessons from Bomber Harris: If the US Strikes Pakistan Glen Ford The Corporate Plan to Crush Black Resistance Thomas P. Healy The Toxic Career of Indiana's Environmental Commissioner John V. Whitbeck The Five Percent Solution David Krieger Nuclear Weapons and the University of California Website of the Day The Tragic Story of Hisham Mohammed   July 31, 2007 Kathy Kelly Dancing in the Darkness: the Story of Abu Mahmoud Clancy Sigal The Ghosts of Passchendaele Paul Krassner Assholes of the Week: From Baby Doll to Cheney Joe DeRaymond Return to the Republic of Death? Diane Christian "Winning": What Bush Could Learn from the Shade of Achilles Chris Floyd Good News is No News: Why the Bush Adm. Buries Accounts of Extremist Recantations Ramzy Baroud Bush's Real Agenda in Palestine Alan Farago Battle for the Soul of Florida Fidel Castro In Spite of Everything: Reflections on the Pan American Games Dan Bacher The Fish Terminator: Schwarzenegger's Campaign to Build the Delta Canal and More Dams   July 30, 2007 Marjorie Cohn: Independent Counsel Time Patrick Cockburn Four Million Iraqis on the Run Peter Quinn Irish in America Uri Avnery A Warning to Tony Blair John Ross Zapatista Intergalatica Lands on Earth Ron Jacobs Free the San Francisco 8 David Vest Farewell, Old Friend: Another Legend of the Blues is Gone Jeffrey St. Clair T99 Nelson: Seduced by a Legend of the Blues Website of the Day Collateral Repair Project   July 28 / 29, 2007 Alexander Cockburn Now the NYT is Selling "Bloodbath" as a Rationale to Stay in Iraq Ralph Nader Rotten Justice Robert Fantina American Lies and Iraqi Nationalism Fred Gardner Prohibitionists Attack, Reformers Fundraise   Yves Engler Handwashing and the Bottomline   July 27, 2007 John Ross Bombing Pemex--or Not? Arthur Neslen Gaza was a Gas for Blair Dave Lindorff Declaring the US a Battlefield: Martial Law is Now a Real Threat Julene Blair The Environmentalist Within Christopher Brauchli Bush Uses Children as Shock Troops in His War on Socialized Medicine Jesse Hagopian Fund the Wounded, Not the War Charles Modiano Manufacturing a Villain: Sports Illustrated's Vilification of Barry Bonds Bill Day The Hollow Environmentalism of Leonardo DiCaprio Walter Brasch Leaders Afraid to Lead M.D. Mitchell Farm Based Camps Website of the Day Fighting Sarcoma   July 26, 2007 Kathleen Christison The Siren Song of Elliot Abrams Andy Worthington Why the Pentagon's Gitmo Study is a Joke Clancy Chassay How the Bush White House Seeks to Destroy Lebanon Marjorie Cohn Showdown Over Executive Privilege Susie Day Apartheid Americana David Price Tour de Witch Hunt: Drugs, Diaries and Purges Marie Trigona Argentina's "Dirty War" Crimes Trial: The Torturer Priest Norman Solomon Media Spin on Iraq: We're Leaving (Sort Of) William S. Lind How to Win in Iraq Natsu Saito Ward Churchill and the Regents at the University of Colorado John Stauber Netroots and the Iraq War: Does Ending It Matter to Them Anymore? Website of the Day Sticking It to the Man   July 25, 2007 Andy Worthington Gains and Losses at Gitmo Gary Leupp Bush Speechwriter, Michael Gerson, Calls for Attack on Syria Ray McGovern The Sad Decline of John Conyers Dr. Susan Block Bonobo Bashing in the New Yorker Joshua Frank Hillary's Neocon: the Imperial Vision of Richard Holbrooke Tina Richards What Harry Reid Doesn't Know About His Own Bill Ben Terrall Indonesia's Bloody Brand of CounterTerrorism Farzana Versey God Acquitted!: Lessons from the Case of Darwood Ibrahim Mohammad Ali Salih A Bomb in My Briefcase? Laura Carlsen A Strange Homecoming: Reflections on the First US Social Forum Ron Jacobs Come to Kennebunkport! Sunsara Taylor Knocked Up is F**ked Up Website of the Day Wal-Mart's Flip Flops: Feet Killers July 24, 2007 Saul Landau How to Walk in Bushtime Kathy Kelly The Plight of Iraqi Refugees in Jordan Russell Mokhiber The Michael Vick / George Bush Thing M. Shahid Alam Islam Now, China Then Patrick Cockburn and Anne Penketh Meeting in Baghdad Dave Lindorff Overcoming John Conyers Binoy Kampmark You Tube You Can't: Failure of a Medium Richard Neville Murdoch's Transplant: a Warning to the Wall Street Journal Cindy Sheehan We Must Move Beyond Politics as Usual Evelyn Pringle Anti-Depressants and Birth Defects: Why is the CDC Downplaying the Risks? Norman Solomon Media Corrections We'd Like to See CP Newswire Reading Harry Potter Not Sinful Website of the Day Sea Islands Black Heritage Festival   July 23, 2007 Andy Worthington Narcolepsy on Gitmo Detainees Uri Avnery A Trap for Fools Patrick Cockburn Turkish Prime Minister Threatens to Invade Northern Iraq Sousan Hammad The Children Without a Title John Walsh Todd Gitlin's Nader Fixation Harvey Wasserman Spinning Kashiwazaki: PR Flacks Rush to Aid of Crippled Nuke Martha Rosenberg The Life and Times of a Hog-Hanging Farmer Collin Baber Here Come the MRAPs: Resurrecting Apartheid Armor for Iraq Reza Fiyouzat Iran's Forgotten Anti-Nuke Movement Stephen Lendman Saving a President: Scare-Mongering and Executive Orders Website of the Day The Port Huron Project   July 21 / 22, 2007 Alexander Cockburn Giuliani and the Dogs of War Werther How to Read a National Intelligence Estimate Ralph Nader Atomic Blowback David Keen Buy Hard: How to Sell an Endless War Fred Gardner Karl Rove, Pothead: When Good Drugs Happen to Bad People Gary Leupp Edelman's Edict: Is Hillary "Reinforcing Enemy Propaganda?" Robert Fantina Fear in Iraq Saker The Future of Palestine: an Interview with Jonathan Cook Rannie Amiri Nasrallah in the Crosshairs: How will the Third Lebanon War Start? Mike Whitney The Crisis in Hedgistan Dr. Susan Rosenthal, MD The Hidden Injuries of Powerlessness: Linking Alienation and Dissociation Monica Benderman Facing the Truth Dan Bacher Deltagate: the Politics of Fish Kills Michael Baney Fujimori's Long Race From Justice Missy Beattie Here, There and Everywhere Ron Jacobs Tremble, Tyrants Adam Engel Radical Language: an Introduction Thomas Naylor California Split: an Open Letter to Schwarzenegger Poets' Basement Landau, Ford and Engel Website of the Weekend Surge in Action   July 20, 2007 Eliza Szabo Fatal Neglect: Civilian Casualties in Afghanistan Pam Martens Doctoring the News: CNN's Sanjay Gupta, Laura Bush and Merck Alan Farago Winners and Losers in the Housing Market Crash Harvey Wasserman Lies and Leaks: The Earthquake That Screamed "No Nukes!" Marjorie Cohn Iraqis will be the Deciders Dave Zirin White Noise and the Black Athlete Anthony DiMaggio American Public Opinion and Israel Scott Liebertz Oaxaca on Edge Linn Washington, Jr. British Cops Assault Rape Allegations Bill Piper / Anthony Papa Flying High?: The Political Junkets of Bush's Drug Czar Ramzy Baroud Bush's War Policy: When Time Heals Nothing Website of the Day The Prankster Art of Mark Jenkins   July 19, 2007 Patrick Cockburn The Next Invasion of Iraq Remi Kanazi Is This Ben Gurion or Hell?: a Palestinian Adventure Through Israel's Largest Airport Winslow T. Wheeler The Surging Costs of the Iraq War Sharon Smith Democrats and Health Care: Behind the Rhetoric Dave Lindorff Killing Cabbies in Iraq Conn Hallinan Have Gun, Will Travel: Mercenaries in Iraq and Afghanistan D. K. Wilson The Michael Vick Case Pulls Back the Veil on Who We Really Are Joshua Frank Democrats as Leviathan: Another Step Toward War with Iran Norman Solomon The Ghost of Wayne Morse Russell Hoffman Rattling the Reactor: Quakes, Fires and Leaks at the World's Largest Nuke Ray McGovern Bush's Wooden Headedness Kills Website of the Day Protesting Power July 18, 2007 Brenda Norrell Spy Towers on the US Border Col. Dan Smith How the US Could "Lose" Saudi Arabia Martha Rosenberg Lord of Crookharbour: the Trial of Conrad Black Conn Hallinan Bombing and Spraying Afghanistan Binoy Kampmark The SIM Card Terror Case Patrick Bond / Rehana Dada Who Killed Sajida Khan? Tom Johnson The Long Road ... to Nowhere Paul Craig Roberts A Free Press or a Ministry of Truth? Bob Quellos Pushing the Poor Out of House and Home Felice Pace Falling for Lieberman's Iran Resolution Robert Weissman National Health Insurance: More Humane and More Efficient CP Newswire Shocking Report Showing Involvement of US Psychologists in Torture Website of the Day Gilad Atzmon Live!   July 17, 2007 Patrick Cockburn Just Another Day in Iraq: 100 Fathers, Mothers and Children Killed Marjorie Cohn Out of Control: Executive Power Plays Evelyn Pringle Inside Bush's FDA David Rosen Moral Hypocrisy on the Hill: the Christian Right, Sexual Scandal and the Pleasures of the Courtesan Susan Miller Width Matters: Displacement and Israel's Wall Franklin Lamb Did the UN Cave to Israel on Lebanon's Shabaa Farms? Don Monkerud Considering Victory in Iraq Harvey Wasserman Nuclear Surge Russell Hoffman Japan Dodges a Radioactive Bullet Dave Lindorff Feingold Turns to Dross Dave Zirin Reclaiming Sports as True Fiction Website of the Day Che at the UN: 1964   July 16, 2007 Gary Leupp Cheney Urges Bush to Strike Iran Ellen Cantarow The Untold Story of Iraqi Women Paul Craig Roberts Impeach Now Allan J. Lichtman The D.C. Madam's Public Service Dan Bacher Cheney and the Klamath: Was the Veep Behind the Nation's Worst Salmon Kill? Patrick Cockburn The Killing of Khalid W. Hassan Manuel Garcia, Jr. Property is Racism James Brooks AIPAC and Mahmoud Abbas: the Undemocratic Road to Defeat Liaquat Ali Khan The Judicial Crisis in Pakistan Julie Flint Suleiman Jamous in Limbo Website of the Day Free Suleiman Jamous!   July 14 / 15. 2007 Alexander Cockburn Support Their Troops? Andy Worthington Gitmo's Tangled Web: Khalid Sheikh Mohammed, Majhid Khan, Dubious US Convictions and a Dying Man Ralph Nader Lawlessness, Waste and Incompetence Robert Fantina The Illegalities of the Iraq War Ron Jacobs Architecture as Military Strategy Joshua Frank Eat, Fight, Screw, Pray: An Interview with Joe Bageant Conn Hallinan Guns, Foundations and Free Trade: How the Right Targets Africa Dr. Susan Rosenthal, MD War and Dissociation John Ross No En Nuestro Nombre!: a Letter to the Mexican Antiwar Movement Fred Gardner Who's Afraid of Cannabidiol? Rannie Amiri A Primer on Israeli Doublespeak Charles Modiano ESPN's Rap Sheet: Pacman as Black Man Anthony DiMaggio America's Parochial Press China Hand Executive Orders and Coercive Diplomacy Missy Comley Beattie Reprobate Rhetoricians Dr. James J. Murtagh, Jr. Harry Potter Battles Big Brother Kenneth Rexroth On Thomas More's "Utopia" Poets' Basement Engel, Davies and Orloski Website of the Weekend GOP Sex Hypocrites: a Slideshow

August 9, 2007 One Big Reason Markets are Plunging China's Threat to the Dollar is Real By PAUL CRAIG ROBERTS Twenty-four hours after I reported China’s announcement that China, not the Federal Reserve, controls US interest rates by its decision to purchase, hold, or dump US Treasury bonds, the news of the announcement appeared in sanitized and unthreatening form in a few US news sources. The Washington Post found an economics professor at the University of Wisconsin to provide reassurances that it was “not really a credible threat” that China would intervene in currency or bond markets in any way that could hurt the dollar’s value or raise US interest rates, because China would hurt its own pocketbook by such actions. US Treasury Secretary Henry Paulson, just back from Beijing, where he gave China orders to raise the value of the Chinese yuan “without delay,” dismissed the Chinese announcement as “frankly absurd.” Both the professor and the Treasury Secretary are greatly mistaken. First, understand that the announcement was not made by a minister or vice minister of the government. The Chinese government is inclined to have important announcements come from research organizations that work closely with the government. This announcement came from two such organizations. A high official of the Development Research Center, an organization with cabinet rank, let it be known that US financial stability was too dependent on China’s financing of US red ink for the US to be giving China orders. An official at the Chinese Academy of Social Sciences pointed out that the reserve currency status of the US dollar was dependent on China’s good will as America’s lender. What the two officials said is completely true. It is something that some of us have known for a long time. What is different is that China publicly called attention to Washington’s dependence on China’s good will. By doing so, China signaled that it was not going to be bullied or pushed around. The Chinese made no threats. To the contrary, one of the officials said, “China doesn’t want any undesirable phenomenon in the global financial order.” The Chinese message is different. The message is that Washington does not have hegemony over Chinese policy, and if matters go from push to shove, Washington can expect financial turmoil. Paulson can talk tough, but the Treasury has no foreign currencies with which to redeem its debt. The way the Treasury pays off the bonds that come due is by selling new bonds, a hard sell in a falling market deserted by the largest buyer. Paulson found solace in his observation that the large Chinese holdings of US Treasuries comprise only “one day’s trading volume in Treasuries.” This is a meaningless comparison. If the supply suddenly doubled, does Paulson think the price of Treasuries would not fall and the interest rate not rise? If Paulson believes that US interest rates are independent of China’s purchases and holdings of Treasuries, Bush had better quickly find himself a new Treasury Secretary. Now let’s examine the University of Wisconsin economist’s opinion that China cannot exercise its power because it would result in losses on its dollar holdings. It is true that if China were to bring any significant percentage of its holdings to market, or even cease to purchase new Treasury issues, the prices of bonds would decline, and China’s remaining holdings would be worth less. The question, however, is whether this is of any consequence to China, and, if it is, whether this cost is greater or lesser than avoiding the cost that Washington is seeking to impose on China. American economists make a mistake in their reasoning when they assume that China needs large reserves of foreign exchange. China does not need foreign exchange reserves for the usual reasons of supporting its currency’s value and paying its trade bills. China does not allow its currency to be traded in currency markets. Indeed, there are not enough yuan available to trade. Speculators, betting on the eventual rise of the yuan’s value, are trying to capture future gains by trading “virtual yuan.” The other reason is that China does not have foreign trade deficits, and does not need reserves in other currencies with which to pay its bills. Indeed, if China had creditors, the creditors would be pleased to be paid in yuan as the currency is thought to be undervalued. Despite China’s support of the Treasury bond market, China’s large holdings of dollar-denominated financial instruments have been depreciating for some time as the dollar declines against other traded currencies, because people and central banks in other countries are either reducing their dollar holdings or ceasing to add to them. China’s dollar holdings reflect the creditor status China acquired when US corporations offshored their production to China. Reportedly, 70 per cent of the goods on Wal-Mart’s shelves are made in China. China has gained technology and business knowhow from the US firms that have moved their plants to China. China has large coastal cities, choked with economic activity and traffic, that make America’s large cities look like country towns. China has raised about 300 million of its population into higher living standards, and is now focusing on developing a massive internal market some 4 to 5 times more populous than America’s. The notion that China cannot exercise its power without losing its US markets is wrong. American consumers are as dependent on imports of manufactured goods from China as they are on imported oil. In addition, the profits of US brand name companies are dependent on the sale to Americans of the products that they make in China. The US cannot, in retaliation, block the import of goods and services from China without delivering a knock-out punch to US companies and US consumers. China has many markets and can afford to lose the US market easier than the US can afford to lose the American brand names on Wal-Mart’s shelves that are made in China. Indeed, the US is even dependent on China for advanced technology products. If truth be known, so much US production has been moved to China that many items on which consumers depend are no longer produced in America. Now let’s consider the cost to China of dumping dollars or Treasuries compared to the cost that the US is trying to impose on China. If the latter is higher than the former, it pays China to exercise the “nuclear option” and dump the dollar. The US wants China to revalue the yuan, that is, to make the dollar value of the yuan higher. Instead of a dollar being worth 8 yuan, for example, Washington wants the dollar to be worth only 5.5 yuan. Washington thinks that this would cause US exports to China to increase, as they would be cheaper for the Chinese, and for Chinese exports to the US to decline, as they would be more expensive. This would end, Washington thinks, the large trade deficit that the US has with China. This way of thinking dates from pre-offshoring days. In former times, domestic and foreign-owned companies would compete for one another’s markets, and a country with a lower valued currency might gain an advantage. Today, however, about half of the so-called US imports from China are the offshored production of US companies for their American markets. The US companies produce in China, not because of the exchange rate, but because labor, regulatory, and harassment costs are so much lower in China. Moreover, many US firms have simply moved to China, and the cost of abandoning their new Chinese facilities and moving production back to the US would be very high. When all these costs are considered, it is unclear how much China would have to revalue its currency in order to cancel its cost advantages and cause US firms to move enough of their production back to America to close the trade gap. To understand the shortcomings of the statements by the Wisconsin professor and Treasury Secretary Paulson, consider that if China were to increase the value of the yuan by 30 percent, the value of China’s dollar holdings would decline by 30 percent. It would have the same effect on China’s pocketbook as dumping dollars and Treasuries in the markets. Consider also, that as revaluation causes the yuan to move up in relation to the dollar (the reserve currency), it also causes the yuan to move up against every other traded currency. Thus, the Chinese cannot revalue as Paulson has ordered without making Chinese goods more expensive not merely to Americans but everywhere. Compare this result with China dumping dollars. With the yuan pegged to the dollar, China can dump dollars without altering the exchange rate between the yuan and the dollar. As the dollar falls, the yuan falls with it. Goods and services produced in China do not become more expensive to Americans, and they become cheaper elsewhere. By dumping dollars, China expands its entry into other markets and accumulates more foreign currencies from trade surpluses. Now consider the non-financial costs to China’s self-image and rising prestige of permitting the US government to set the value of its currency. America’s problems are of its own making, not China’s. A rising power such as China is likely to prove a reluctant scapegoat for America’s decades of abuse of its reserve currency status. Economists and government officials believe that a rise in consumer prices by 30 per cent is good if it results from yuan revaluation, but that it would be terrible, even beyond the pale, if the same 30 percent rise in consumer prices resulted from a tariff put on goods made in China. The hard pressed American consumer would be hit equally hard either way. It is paradoxical that Washington is putting pressure on China to raise US consumer prices, while blaming China for harming Americans. As is usually the case, the harm we suffer is inflicted by Washington. Paul Craig Roberts was Assistant Secretary of the Treasury in the Reagan administration. He was Associate Editor of the Wall Street Journal editorial page and Contributing Editor of National Review. He is coauthor of The Tyranny of Good Intentions. He can be reached at: paulcraigroberts@yahoo.com

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