Give up already...

United States pushes for flexible exchange rates but China's not budging. The IMF said last week China should move to flexibility ``without undue delay''. Members of the Group of Seven, the richest industrialised countries, are in talks to consider including China in their October meeting of finance ministers. These guys at the IMF really piss me off. They go around telling everybody what their PhD analysts have determined is necessary, and small, heavily-indebted countries have no choice but to follow their recommendations. Citizens often riot. Economies nearly always suffer. And yet they have the audacity to keep telling countries what to do like clockwork. China is sitting on $470 billion in foreign reserves. They don't owe the IMF anything, and so have no obligation to listen to the arrogant technocrats in Washington. For now, China is more intent on containing inflation and improving its troubled banks than exiting its pegged-currency policy. God bless 'em.