President Obama just finished a meeting with China’s President Hu in Hawaii. One of the main subjects: Revaluing the Chinese currency higher, and the value of the dollar lower.
It’s all part of Washington’s plan to try and inflate away our country’s debts by devaluing the dollar.
The numbskulls in Washington also think that a dollar that’s worth less than it already is will somehow bring back jobs to the United States.
They also believe it will miraculously lift the U.S. economy out of the doldrums. But in fact, it’s not the value of any currency for that matter that is behind the financial crisis; it’s Washington’s refusal to admit that it’s their spending and addiction to debt that is the problem.
Meanwhile China continues to prepare to make its currency a world-class medium of exchange. In addition to building its gold reserves, Beijing is expanding trade with the yuan throughout Asia and just last week concluded a major yuan-based trading agreement with the Russians.
Plus, yuan denominated bonds are now being issued in Hong Kong and Singapore. And I have no doubt in my mind that Beijing is also going to take a large position in Europe to help it with its currency and debt crisis, giving China a large stake and say in European affairs.
I repeat my warnings of late: While almost everyone’s eyes are on Europe’s crisis (and the Super Committee budget debates in Washington) — the biggest threat of all is being ignored: The rise of the yuan and inevitable fall of the dollar!
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