Truth is hard

Hank Paulson seems to think that a mix of flattery and menace will lead China to revalue the renminbi. But in the new US Treasury Secretary’s first speech on the topic, he missed the point, twice. Chinese leaders may be happy to hear that the US wants China «to succeed» and already considers it a «global economic leader». But Paulson made it clear that he could not hold off the forces of protectionism forever if China did not act as a responsible leader should - that is in the way the US wants. ...