China eff's the Dollar Bill!
Fox News attacked China over this the other day, but like I posted... the U.N. said it first! Why didn't the news agencies tell you that? So they can convince you that China is the big bad commies? HA. You should be criticizing the IMF. Do you even know anything about the IMF?
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Nobody has pointed out that $10B in the scheme of international trade is about as small as $1 in our pockets. When bulge-bracket banks are investing in other currencies (and countries), it far exceeds the $10B here by a longshot. Honestly, I don't think this is newsworthy at all. Just some journalists trying to redirect blame from a weak dollar to a bully named China. If that doesn't change any of your minds, if you were Argentina, what would you do given the circumstances of the world economy?
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Think about it. Who seriously expects to see commodities (gold to cotton to oil) priced in anything but dollars anytime soon? There have been times when Russia, Iran and Venezuela considered pricing crude in euros, but that idea evaporated for a simple reason: Depreciating the dollar ends up harming those countries that hold them in reserve.
The first victim would be China, the largest holder of U.S. Treasury securities (740 billion worth), more than a third of its entire foreign reserves.
The first victim would be China, the largest holder of U.S. Treasury securities (740 billion worth), more than a third of its entire foreign reserves.
^^^^ good read
Last edited by zumnwrx; Apr 6, 2009 at 12:58 AM.
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