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US Treasury's Lew (Ironically) Tells Japan: Stop Manipulating The Yen

Tyler Durden's picture




 

Despite Lagarde's call for more manipulation and money-printing from the world's central banks yesterday, US Treasury Secretary Jack Lew is not amused with his Japanese 'colleagues'. Speaking in Washington, Lew had plenty to say on Europe (not out of the woods), China (need to open markets more), and the IMF (US commitment remains solid - oh, apart from the funding part); but it was his entirely ironic comments aimed at Abe and Kuroda that were risible:

  • *LEW SAYS JAPAN NEEDS TO `GET THEIR DOMESTIC ECONOMY GROWING'
  • *LEW SAYS JAPAN CAN'T RELY ON FX RATE FOR ECONOMIC ADVANTAGE

Pot calling kettle black? Or a person who lives in a currency-war "glass-house" throwing stones? Pick your tortured analogy but the US hypocrisy continues.

 

He had plenty to say...

G-20...

  • *LEW SAYS U.S. COMMITMENT TO IMF REMAINS SOLID
  • *LEW SAYS A G-20 FOCUS OF HIS WILL BE INTL FINANCIAL STANDARDS

Japan...

  • *LEW SAYS JAPAN CAN'T RELY ON FX RATE FOR ECONOMIC ADVANTAGE
  • *LEW SAYS JAPAN NEEDS TO `GET THEIR DOMESTIC ECONOMY GROWING'

China...

  • *LEW SAYS CHINA IS CONCERNED WITH PACE OF ECONOMIC CHANGE
  • *LEW SAYS CHINA’S GOAL SHOULD BE TO OPEN MARKETS
  • *LEW SAYS FX AND OTHER REFORMS ARE GOOD FOR CHINA’S ECONOMY
  • *LEW SAYS CHINA IS INTENT ON PATH OF ECONOMIC REFORM

Europe...

  • *LEW SAYS SOME EUROPEAN NATIONS NEED TO DO MORE TO BOOST DEMAND
  • *LEW SAYS EUROPE NEEDS TO GET GROWTH TO HIGHER LEVEL
  • *LEW SAYS EUROPE IS NOT COMPLETELY OUT OF THE WOODS

US...

  • *LEW SAYS LATE-FEB. IS TIME TO FOCUS ON RATHER THAN EARLY MARCH
  • *LEW SAYS WAITING UNTIL LAST MINUTE ON DEBT CAUSES DAMAGE
  • *LEW SAYS CONGRESS SHOULDN'T PLAY GAMES WITH GOVT PAYMENTS
  • *LEW SAYS CONGRESS IS GOING TO HAVE TO ACT ON DEBT CEILING
  • *LEW SAYS 2014 STARTS WITH CONFIDENCE ECONOMY TO DO BETTER
 

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Thu, 01/16/2014 - 10:51 | 4337692 holdbuysell
holdbuysell's picture

Kyle Bass quoting a US government official during a discussion with him:

"We're going to kill the dollar."

Thu, 01/16/2014 - 11:15 | 4337776 Nothing but the...
Nothing but the truth.'s picture

The Fed is one big glass house and everyone inside, including this Lew idiot ,is throwing rocks around the place at an ever increasing volume and speed. Why would anyone pay any attention to what these idiots mutter and squawk anyhow ?

Thu, 01/16/2014 - 11:54 | 4337908 Buckaroo Banzai
Buckaroo Banzai's picture

"He can't do that to our pledges!"

"Yeah! Only WE can do that to our pledges!"

Thu, 01/16/2014 - 12:28 | 4338023 LMAOLORI
LMAOLORI's picture

 

 

Lews a hypocrite - To use an old expression isn't this a case of the Pot calling the Kettle Black? 

Thu, 01/16/2014 - 13:02 | 4338124 Canadian Dirtlump
Canadian Dirtlump's picture

well perhaps, but what Japan is doing isn't kosher. Joke Lew's swath of corruption and destruction at citi ( save for a taxpayer bailout ) speaks for themself in terms of what he's all about.. The man simply doesn't like competition in the arena of manipulation.

Thu, 01/16/2014 - 13:18 | 4338193 Keyser
Keyser's picture

Lew is a clueless hypocrite, much like the POTUS...

http://www.thedailybeast.com/articles/2014/01/15/senior-uk-defense-advis...

Thu, 01/16/2014 - 12:44 | 4338067 Offthebeach
Offthebeach's picture

Gota keep the spinning plates on the poles spinning. Its the flow, the swapping, traffic. Elderly diaper wearers, depressed salarymen, slave homeless nuclear workers, sexles childless jobless Japanese 'utes have to redouble effort!

Good luck with that.

German burned since 1914 aren't going on any wacky spending binge.

So fughedabut the Germans .

In good MMT fashion, Lew should roll out Krugmans big trillion dollar coin.
Maybe put like ten on tour like the little Vietnam Central Planning War Memorial.

Thu, 01/16/2014 - 11:21 | 4337790 falak pema
falak pema's picture

kill the dollar to save the debt pile; but not in 2014 when $ will surge.

A man called Lew begins to sound Lewd! 

Thu, 01/16/2014 - 10:53 | 4337697 yogibear
yogibear's picture

The criminals at the Fed want to destroy the US dollar.

Thu, 01/16/2014 - 10:59 | 4337717 Lynx Dogood
Lynx Dogood's picture

As Russia mocks US banking and Gold manipulation (Zero Hedge mentioned in article): http://english.pravda.ru/business/finance/07-01-2014/126559-gold-0/

Thu, 01/16/2014 - 11:00 | 4337724 Sudden Debt
Sudden Debt's picture

when a house already burned down 99%, it's kind of weird to complain when somebody throws in a burning sigaret at what remains of the house...

Thu, 01/16/2014 - 10:55 | 4337703 LawsofPhysics
LawsofPhysics's picture

"Stop destroying your currency so we can destroy ours!"

How in the fuck is this not a traitorous act, punishable by death?

Oh wait...

Thu, 01/16/2014 - 11:39 | 4337833 insanelysane
insanelysane's picture

The real irony for me is that Japan is facing growth issues due to aging demographics whereas the US constantly lies about the labor participation rate going down due to an aging population.  It is fine for a fake excuse.

Thu, 01/16/2014 - 11:39 | 4337860 LawsofPhysics
LawsofPhysics's picture

Perhaps, but Japan is a small island, the US is not.  In fact the economic activity and resources of a single state, like texas, dwarf those of Japan.  Yes, the policy is ironic, but much like "laws" these days, I don't think policy means shit anymore.

Thu, 01/16/2014 - 10:55 | 4337705 ejmoosa
ejmoosa's picture

Lew seems to be projecting....

Thu, 01/16/2014 - 12:23 | 4338007 Ghordius
Ghordius's picture

and "LEW SAYS U.S. COMMITMENT TO IMF REMAINS SOLID" reminds me that the IMF wants to double participant's quotas, but the last US budget deal has no money for that

what happens if the other nations go ahead and the US loses it's current proportion of voting rights?

and if nothing happens... oh ho ho, a defanged, impotent IMF?

Thu, 01/16/2014 - 10:58 | 4337711 Sudden Debt
Sudden Debt's picture

The NSA also complained to Japan about their typography which looks like secret drawings... JAPAN SHOULD START USING THE ALPHABET AND STOP DOING SO SECRETLY!

Thu, 01/16/2014 - 10:57 | 4337713 B2u
B2u's picture

Lew needs to  improve his signature from a 1st graders level...and then get a real education...

Thu, 01/16/2014 - 11:02 | 4337732 Jason T
Jason T's picture

You're kidding me!!!  LOL

 

it's just not funny anymore .. the ultimate i don't give a crap sig

Thu, 01/16/2014 - 11:08 | 4337754 Dr. Engali
Dr. Engali's picture

It's fitting that the last signature on what is soon to be a worthless piece of crap FRN is a cartoonish scribble.

Thu, 01/16/2014 - 11:18 | 4337786 machineh
machineh's picture

Graphologists have deciphered the hidden meaning of those eight inscutable loops: 'WHAT, ME WORRY?'

Thu, 01/16/2014 - 12:22 | 4338004 Yes We Can. But...
Yes We Can. But Lets Not.'s picture

To me the loops resemble coiled barbed wire, such as atop the fences encircling FEMA camps.

Thu, 01/16/2014 - 11:01 | 4337719 B2u
B2u's picture

duplicate

Thu, 01/16/2014 - 10:59 | 4337721 B2u
B2u's picture

duplicate

Thu, 01/16/2014 - 11:15 | 4337737 Dr. Engali
Dr. Engali's picture

Oh how these arrogant assholes annoy the crap out of me. Stop manipulating your currency. WTF does he think we are doing between zirp and buying 75 billion a month worth of crap assets? The whole freaking world just needs to take an overnight U.S dollar dump and introduce a little humility to these assholes.

Thu, 01/16/2014 - 11:34 | 4337840 highly debtful
highly debtful's picture
  1. In every race to the bottom, you need to introduce some psychological warfare, I suppose. But in this case, the US lecturing Japan is almost surreal. Maybe the EU should start issuing some stern warnings too, for good measure, then the farce would be complete.
Thu, 01/16/2014 - 12:27 | 4338019 Ghordius
Ghordius's picture

the ECB is currently shrinking it's balance sheet at a pace which nobody would have believed it not long ago

and fervently hopes nobody notices too much, so that the EURUSD does not go up. so no chance of hearing warnings from here

Thu, 01/16/2014 - 11:35 | 4337843 SMC
SMC's picture

Nothing lasts forever.

Thu, 01/16/2014 - 11:39 | 4337861 MrBoompi
MrBoompi's picture

Lew says a lot but we've heard it all before.  When you appoint somone like him, you're not going to get fresh ideas or independent leadership.  You're getting a rubber-stamp conformist who is beholden to Wall St.

Thu, 01/16/2014 - 11:45 | 4337875 Colonel Klink
Colonel Klink's picture

Lack Jew is a cucking funt!

His name was FRANCIS SAWYER!

Thu, 01/16/2014 - 11:55 | 4337917 Buckaroo Banzai
Buckaroo Banzai's picture

His name was Francis Sawyer.

Thu, 01/16/2014 - 12:23 | 4338008 Laughing Stock
Laughing Stock's picture

Here Here!

 

Lew ryhmes with?

 

Fuck "The Tribe"

Thu, 01/16/2014 - 12:08 | 4337957 Spungo
Spungo's picture

"Stop destroying the yen!"
*yen carry trade ends*
*US stock market crashes*
"Why did you stop destroying the yen????" 

Thu, 01/16/2014 - 12:17 | 4337983 evernewecon
evernewecon's picture

 

 

Most major commodity markets

in the West have fallen under 

the pall of manipulation,

Lew's presumably's content with

the Fed's manipulation of 

money policy and the mortgage

market at the expense of 

everyone but the banks, and I'd

guess he with the crowd insisting

Beijing raise the value of the yuan.

 

 

Looking at the impossible trinity:

A fixed exchange rate

Free capital movement - Freedom to invest and withdraw money

An independent monetary policy - Which is essentially managing inflation

 

(derives from:)

https://en.wikipedia.org/wiki/Mundell%E2%80%93Fleming_model

 

the latter insistence is driving...

quoting from hard copy:

 

EverBank "Review & Focus,"

January, 2014

"Most of Asia and Germany are 

now using the renminbi as the 

financing currency in trade.

This is huge, folks."

 

 

Along with methodically RAISING their 

minimum wage, Beijing, I assume, will 

likely soon see Bernanke's efforts to

inflate away the mortgage bubble as 

like staring a gift horse in the mouth.

 

Bernanke and Lew will have let the 

non-bank GNP tide leave Best Buy and JC Penney

high and dry.

 

Just making Wal Mart pay employees more

would undercut the pipeline of playing 

low wages in China against low wages in

America, and WMT's sales are approaching

$ 1/2 Trillion annually.

 

For that matter, a dual minimum wage as 

to migrant workers from Mexico should be

welcome by American workers, cause they'd

not be undercut.  It should be welcome by

Mexican workers, cause they'd get a wage

reflecting the need for their work.

 

 

The "Similar Experience And

Qualification" Test (pdf) Is Not 

Something Registered Provisional

Immigrants Can Self-Enforce.

An Across-The-Board Dual Wage

With A Minimal Difference 

Between Levels Eliminates

All Avenues Of Abuse To All

Workers.

http://www.aila.org/content/default.aspx?bc=25667%7C44052

 

The enforcing mechanisms outlined in the 

official law are profiling bound, and 

could ensare people much as in this way.

 

http://pages.citebite.com/b2h0r6q6r1bqm

 

 

 

 

 

 

Thu, 01/16/2014 - 14:57 | 4338493 I Write Code
I Write Code's picture

Oh yeah him.  Funny, just this morning I was (casually, and away from keyboard) trying to recall what bastid we currently had as secretary of the treasury.  Just where has he been hiding?

Thu, 01/16/2014 - 15:25 | 4338561 teolawki
teolawki's picture

I was actually going to read the article, but was unable to continue after being overcome with uncontrollable laughter after reading "Lew says". My apologies.

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