Via the Asia Business Intelligence (ABI) blog, a summary of Federal Reserve Chairman Alan Greenspan’s senate testimony on China’s currency.

Greenspan informs U.S. Congress that revaluing the renminbi will not increase manufacturing activity or jobs in the United State.
Listen to the entire testimony to the Senate Panel on U.S.-China Economic Relations. It was a spirited debate, with Greenspan and Snow face to face in the ring. One, and only one, of them at his rhetorical finest.

I agree… and it wasn’t Snow. Video is here:

Greenspan’s testimony starts at around 47 minutes, Snow’s testimony starts from 56 minutes. A copy of Greenspan’s testimony is also available here. Greenspan, sensibly, attacks the tariff that has been proposed in Congress should China not revalue its currency:

The broad tariff on Chinese goods that has recently been proposed, should it be implemented, would significantly lower U.S. imports from China but would comparably raise U.S. imports from other low-cost sources of supply. At only slightly higher prices than prevail at present, U.S. imports of textiles, light manufactures, assembled computers, toys, and similar products would in part shift from China as the final assembler to other emerging-market economies in Asia and, perhaps, in Latin America as well. Few, if any, American jobs would be protected.

Both Greenspan and Snow are worth listening to. The Senators, as ABI notes, have some entertainment value:

Several senators jumped on the pile, as they are wont to do. One performed an execrable impression of Mike Tyson chewing on Holyfield’s ear. (Holyfield won, nonetheless.) Worth your time, if only for entertainment value.