WASHINGTON -- Federal Reserve Chairman Ben Bernanke is urging countries with large trade surpluses like China to let their currencies rise in value to help prevent another global financial crisis.

At the same time, Bernanke is calling on nations with persistent trade deficits like the United States to narrow their budget shortfalls and save more.

Both steps would help balance trade and investment flows among countries, Bernanke says in prepared remarks to a financial conference in Paris. Many countries worry about speculative money flooding their economies and inflating assets like real estate or stocks.

The flow of capital will be a topic for the Group of 20 industrialized and emerging nations when they meet in Paris later Friday and Saturday. Bernanke and Treasury Secretary Timothy Geithner will represent the United States.

Feb 18^th, 2011

Source: KABC Los Angeles

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