Dr. Peter Morici
Economist and Professor
The Univ of Maryland School of Business

Click photo for biography.

Speaking truth to power.

— June 16, 2009 — China's illegal currency control & manipulation explained.

"China maintains an undervalued currency. It exports more than it imports which creates an excess demand for its' currency which should cause the value of their currency to rise thus making imports from China more expensive and our exports to China less expensive" ... as a true free market should.

"Instead of letting the (free) market deal with the excess in demand, the Chinese Central Bank every week goes out an buys dollars and that thus boosts the demand for dollars and thus essentially keeps the value of their currency somewhere around 6.8 yuan per dollar as opposed to letting it fall to 4 or 3 (yuan per dollar)."

This makes our domestically manufactured product artificially more expensive in China and their products articilaially less expensive here in America thus causing our domestic manufacturers to close or move to China to manufacture under the Communist Chinese's artificially controlled economy.

With so much attention being focused on the oil disaster in the Gulf, there is another disaster that we still continue to face: our economy. While the economic outlook is improving, the fact still remains, millions of people -- especially African-Americans -- are jobless and struggling. What can be done, and what should be done, to fix this problem? Dr. Peter Morici an economics professor at the Robert H. Smith School of Business at the University of Maryland, and Michael Ettlinger vice president for economic policy at the Center for American Progress, a progressive think-tank have some answers.