Happy 4th of July and Thanks to China for Saving Americans Millions of Dollars on Flags & Fireworks
And here are some Fourth of July 2012 Facts from the Census Bureau, including the fact that we imported $232 million worth of fireworks and $3.3 million worth of U.S. flags from China last year. To the extent that China artificially undervalues its currency and overvalues the U.S. dollar as is frequently claimed, China will help the U.S. celebrate the Fourth of July by saving American consumers millions of dollars on the fireworks (China supplies almost all of our fireworks according to the WSJ) and flags we purchase to celebrate Independence Day.
As I pointed out on CD last year, we should be thankful for the generous foreign aid that China provides to the United States through its
undervalued currency, which saves
American consumers billions of dollars every year on China's undervalued goods we're able to purchase with an overvalued dollar.