Tuesday, June 17, 2008

Credibility of U.S. financial markets is zero

Booming, China Faults U.S. Policy on the Economy

In the last six weeks alone, a senior banking regulator blamed Washington’s “warped conception” of market regulation for the subprime mortgage crisis that is rattling the world economy; the Chinese envoy to the World Trade Organization called on the United States to halt the dollar’s unchecked depreciation before the slide further worsens soaring oil and food prices; and Chinese agencies denounced a federal committee charged with vetting foreign investments in the United States, saying the Americans were showing “hostility” and a “discriminatory attitude,” not least toward the Chinese.

Posted by sold out @ 05:43 PM (760 views)
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5 thoughts on “Credibility of U.S. financial markets is zero

  • How much of these Chinese complaints are just sour grapes? After having spent more than a trillion dollars to suppress the value of the yuan vs the dollar (rather than build schools that don’t collapse in an earthquake and kill thousands of school children), the Chinese are now losing billions of dollars a day as the value of the dollar falls worlwide. Of course the Chinese are going to complain about the dollar losing value, but this is the obbvious outcome of the economic strategy that they’ve pursued for the past 10 years.

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  • Interesting comment richc. The Chinese are caught between a rock and a hard place. They have suppressed the Yuan so as to keep exports cheap, keep employment high and avoid social unrest. Sooner or later the Yuan will appreciate and Chinese industry will be exposed for what it is: inefficient and polluting. My money is on the true inheritor of the Capitalist mantle: India.

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  • whiteknight says:

    China are just fine.

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  • “China are just fine.”

    Hmm, not sure. I’m increasingly sceptical since the BBC started ramping them up: “Oh China this, China that… Isn’t China wonderful…” (Subtext: please don’t release all those useless bits of paper you hold called British Pounds). Sycophancy towards the Chinese – who’d have believed it?!

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  • whiteknight says:

    Well. Showing their schools in action in this country on TV was good to show people what was coming to compete with them for each barrel of oil?

    Although there is still an alarming tendency towards … well they work hard .. but we are all creative and great in the ideas space… … hmmm..

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