Is China intentionally de-valuing their currency to make their exports more competitive in the U.S.? The short answer is “yes,” but the reasoning behind it might prove that this is a necessary evil. After the GOP squandered the surplus they were left in 2000, China stepped in and purchased close to $800 billion worth of the United States’ debt. Because of this, they have unprecedented power over the U.S. economy. Mike Papantonio appears on Fox Business’s Happy Hour to explain why we might have to suck it up and just deal with the issue or face even worse consequences.
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