The arrogance of power
The American senators wanted to punish China for not revaluing its Yuan. What rubbish! They wanted the Yuan to float so that they can manipulate it to their advantage. And they have roped in the World Bank and the IMF to sing their song. How atrocious can they be? The world's greatest manipulator of currency complaining about China who refused to let its currency to be manipulated as the manipulator. At least the UN, through UNCTAD, could see through the flawed and mischievious American argument and is calling on China not to float its Yuan. The peg on the Yuan has ensured stability in the financial world to facilitate growth by the developing countries. Floating the Yuan will allow the Americans to continue in their mischievious role in money speculation, price confusion and trade distortion which led to the global economic crisis. And there was this article in mypaper by another mad man called James Rickards. He claimed that 'it is the greatest bubble in history with the most massive misallocation of wealth.' And he was pointing his finger at China and Russia. Didn't he realised that the biggest bubble in history has just burst, in America? The greatest bubble had popped and he failed to see it and is blaming everyone for it. The greatest and massive misallocation of wealth is in America, where money were made in the billions, or robbed, by the most unproductive people in the finance industry. They did not produce any goods except pieces of papers which they sold to the world as worthless collaterals. The world shall stand by and watch the greatest failure of the 21st Century. Will it be America or China? And if the guru of liberal economics goes down the drain, the ardent followers and unthinking students will go down together.