I wonder if Schroeder wishes he had joined the coalition after this.

I posted some commentary on Olin Wethington being named Washington’s new “currency envoy” a couple of days ago. My basic point was that the Bush administration has no idea what it is doing or why it is even pushing for a revaluation in the first place. Now it seems that Alan Greenspan agrees with me.

American shoppers will pay higher prices but the U.S. trade deficit with the rest of the world won’t fall if China revalues its yuan currency as the Bush administration wants, Federal Reserve Chairman Alan Greenspan said on Friday.

Answering questions after addressing the Economic Club of New York, Greenspan said there was little doubt China will let its yuan currency appreciate against the dollar since it is also under internal pressure to do so.

Which is basically, exactly what I said. So even though the White House might be ignoring Save the GOP, it will probably listen to Big Al.