The leaders of the United States are destroying the dollar but hypocritically accusing China of currency manipulation, a US accounting expert says.
“The Chinese leaders are representing the interests of China. They should be. And, by contrast, we have American leaders who are destroying the dollar,” Paul Sheldon Foote, a professor of accounting at California State University, Fullerton.
Washington has been pressuring China over the yuan, saying Beijing is deliberately keeping the value of its currency low to help its exporters at the expense of other countries.
And the US Treasury Department plans to issue a report in which Beijing could be declared a currency manipulator.
Ahead of an easing of about “half a trillion to a trillion and a half dollars” by the US Federal Reserve, Prof. Foote said that “if we are going to have quantitative easing on November 3, the day after the election, and print money of no worth, and destroy the value of the dollar, I cannot imagine a worse manipulation in the world of any currency than what the American example is.”
In addition to the fact that the US currency continues to decline in value, the United States is also facing a growing deficit and rising unemployment.