China tees up G20 showdown with US and outs the clueless and socialist American ecnomic policy.....

A Chinese deputy foreign minister has this to say about proposals made by the USA.....

that the US plan for limiting current account surpluses and deficits to 4 per cent of gross domestic product harked back “to the days of planned economies”.

China knows socialism and these kinds of dopey economic policies when they see them, since they tried them all already and have tasted the miserable failure.

And the USA is also trying desperately to unwind the the prosperity created over the past 50 years by accelerating government intervention in markets with the belief that it will make things better. Even the socialist Europeans know better than that....

But on Thursday and Friday, governments focused instead on the global impact of the Fed’s action. “With all due respect, US policy is clueless,” Wolfgang Schäuble, German finance minister, told reporters. “It’s not that the Americans haven’t pumped enough liquidity into the market,” he said. “Now to say let’s pump more into the market is not going to solve their problems.”

I love this word "clueless" since it completely encompasses current US policy.

FT.com / China - China tees up G20 showdown with US