Treasury Secretary Janet Yellen claimed that “greater income and growth in China is good for the globe and the United States as well.”
Unsurprisingly, Joe Biden thinks the same.
Yellen added that while the US will take actions to protect its national security, “we will try to target them narrowly so that we’re not imposing broad harm on China’s economy.”
During Tuesday’s broadcast of NPR’s “All Things Considered,” Co-host Ailsa Chang asked Yellen:
“I know that the Biden administration has made some moves in the name of national security that China takes issue with like I’m talking about restrictions on US investment in certain Chinese tech sectors, prohibiting the export of certain tech goods to China, tariffs on imported Chinese goods, sanctions on Chinese firms.”
“How do you explain those decisions to Chinese leaders when they are accusing the US of trying to stifle their economic growth?”
Yellen responded:
“I made clear in my conversations with my counterpart, Vice Premier He, that we are not trying to stifle China’s economic progress.”
“And, as the President and I have both said, we think greater income and growth in China is good for the globe and good for the United States as well,” she said.
“But we will take actions to protect our national security.”
“And when we do that, we will try to target them narrowly so that we’re not imposing broad harm on China’s economy.”
This isn’t the first time Yellen has made bizarre claims about the imploding US economy.
Last month, Yellen stated that the rise in Treasury yields that increases the cost of the United States government borrowing money is a sign of a “strong economy.’
As The Daily Fetched reported:
During an interview with Bloomberg, Yellen said, “A reflection of the resilience that people are seeing in the US economy that we’re not having a recession, that consumer spending and demand continue to be strong, the economy is continuing to show tremendous robustness.”
Bloomberg Washington Bureau Chief Peggy Collins asked Yellen:
“We have seen yields surging over the last few weeks.”
“The 10-year Treasury rose above 5% earlier this week.”
“What’s your view on what is driving that surge in yields, and how much of it is connected to investor’s concerns about the US deficit?”
Yellen responded:
“I don’t think much of it is connected to that.”
“This is a global phenomenon in advanced countries. We are seeing yields go up in most advanced countries of the world.”
“And, largely, I think it’s a reflection of the resilience that people are seeing in the US economy that we’re not having a recession, that consumer spending and demand continue to be strong, the economy is continuing to show tremendous robustness,” Yellen said.
“And that suggests that interest rates are likely to stay higher for longer,” she added.
“And so, part of the increase in yields, I think, is simply a reflection of the strength of the economy, the notion that interest rates will be higher for longer,” Yellen continued.
“Now, whether or not that’s really true, if we look out five or ten years, what are interest rates likely to do? Honestly, for a very long time, we have felt that interest rates over decades had been coming down — real interest rates — and that there were deep structural reasons for that, in part relating to demographics.”
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