tag:blogger.com,1999:blog-1592992209402300549.post3316821277590469388..comments2024-03-28T08:06:43.198-04:00Comments on The Silicon Graybeard: Headline of the DaySiGraybeardhttp://www.blogger.com/profile/00280583031339062059noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-1592992209402300549.post-55858208567589665932010-12-08T18:27:15.046-05:002010-12-08T18:27:15.046-05:00China's currency automatically devalues at the...China's currency automatically devalues at the same rate we do, until they de-couple themselves from our dollar. We see small signs of this - the recent agreement to do all business with Russia in their own currencies, and their statement (last spring?) that they were going to loosen the peg and allow their currency to float more. As the country song goes, how about, "a little less talk and lot more action".<br /><br />Clearly, they don't want to revalue their currency upward. <br /><br />You're exactly right with your overall analysis. And Jefferson was so amazingly right on so many things, the guy was genius.SiGraybeardhttps://www.blogger.com/profile/00280583031339062059noreply@blogger.comtag:blogger.com,1999:blog-1592992209402300549.post-69126368040480037762010-12-08T10:22:41.077-05:002010-12-08T10:22:41.077-05:00And as other countries (along with China) follow s...And as other countries (along with China) follow suit we get competitive currency devaluation - the modern equivalent of protective tariffs - and trade wars. It then becomes a global race to the bottom and the winner loses, at least the people in the winner's country lose. Ben doesn't see it because he's not looking at what its doing to the domestic economy, from the .gov/international perspective what he's doing makes sense. It really looks like they're willing to sacrifice us all for the sake of papering over the spectacular losses from the economic bubbles and all their side bets. Socialism in banking = privatize profits, socialize losses = too big to fail. And the stink of it all is that they claim to be doing it for "our own good." Sure they are, in a short-term-gain/long-term-loss kind of way...<br /><br />Thomas Jefferson was right, "If the American people ever allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered."<br /><br />Amen!Anonymousnoreply@blogger.com