Plain talk from Bush

Either Bush's ignorance or hubris is showing again. You decide. In the CNBC interview, Mr. Bush also criticized China for manipulating its currency in order to boost sales of Chinese exports. The president told CNBC's Ron Insana that Treasury Secretary John W. Snow had failed during recent talks in Beijing to persuade China to tie its currency value to the market. "We don't think we're being treated fairly when a currency is controlled by the government," Mr. Bush said. "We believe the currency ought to be controlled by the market and ought to reflect the true values of the respective economies." "The State is the great fiction by which everyone seeks to live at the expense of everyone else." --Frederic Bastiat