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Ben Bernanke lectures the Chinese on their currency:

As the Chinese trade surplus has continued to widen, many analysts have concluded that the RMB is undervalued. Indeed, the situation has likely worsened recently; because of the RMB's link to the dollar, its trade-weighted effective real exchange rate has fallen about 10 percent over the past five years.

Uh... let's see here. The US dollar has lost 24% of its value on a trade-weighted basis over the last five years (see chart). Who are we to talk? If China's currency has lost value -- it's our fault!

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