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Written by Prophet
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Thursday, 25 March 2010 |
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So, what happens when you call out China on something they dont want you to call them out on? Simple, they retaliate, and they do the one thing that will hurt you the most... dump you treasuries, on a treasuries auction date, to top it off... and with that, I give you this chart... treasuries from yesterday, as the senate had a hearing on the China issue. China says; 'Pressuring China to revalue its yuan, or renminbi, won’t succeed or solve the trade gap with the U.S.' Link to full article.
To top it off, they sent us a very convincing image of what they are capable of (dumping and tanking our treasuries)... Note that huge red bar at the end (yesterday), yeah, not good.
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Written by Prophet
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Tuesday, 23 March 2010 |
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Answer: Very stupid. How in the world do you justify accusing China of currency manipulation when we ourselves have been at it for decades? Its just plain stupid. 'The Treasury is making it unprofitable to speculate in foreign currencies and gold. It has begun 1) to buy and sell foreign currencies to keep their prices stable relative to the dollar, and 2) to sell some gold on the London market to keep prices low.' From a Time magazine article, dated from 1962.
China has responded in kind, with the following quote; 'Chen yesterday warned that sanctions against China that amounted to protectionism would hinder growth and raise the risk of a “double dip recession.”' Retaliatory? sure, why not. More from that Bloomberg article, here.
The hearing will be this Wednesday, should be interesting to say the least.
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Written by Prophet
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Sunday, 21 March 2010 |
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Its that time of year, the first day of spring, which coincides with the Persian New Year. Wishing you all a prosperous year, filled with happiness, health, and wealth!
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