Here President Clinton discusses the crux of the G20 meetings, whether the US is headed toward a double dip recession, and whether governments should be pursuing austerity measures. He also lets us know that you “can’t get milk out of a turnip.” In so many ways, it’s hard not to miss Clinton. I haven’t heard a President make this much sense about the economy since, well, the late 90s. While I don’t agree with it all, it’s a refreshingly slight disagreement, in comparison. Keep in mind that leaders of the G20 nations agreed this weekend to cut their deficits in half by 2013.

The Chinese have announced they will allow their currency off the leash. While not a floating policy quite yet, the yuan will edge up over time. Pegged to the dollar since July 2008, the yuan has remained at about 6.83 per dollar. Some economists have described the yuan as 20% undervalued (although when you search to source this, it’s mostly the IMF and politicians that make this claim). This new found flexibility is a step toward what Washington policymakers have been pushing hard for. The conventional wisdom is that an undervalued yuan hurts US exports to China’s growing consumer base. But Donald Trump made an interesting point regarding China, and I quote:

The Group of 20 (G20) met in Scotland over the weekend, bringing together central bankers and financiers of nineteen countries, and the European Union (EU). The collection of nations constitute 80% of world trade and two-thirds of the world’s population. (1) Discussions of “re-balancing” the world economy have taken place over the last few months by members of the G20; those sentiments continued this weekend in St. Andrews, but apparently only in general terms. (2)

With a failed dollar we’d have far more church-going citizens eager to stockpile communion crackers. And for the altruistic of the local tribes, the communion crackers might end up back in the offering basket.