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Fintan
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 Posted: Wed Nov 03, 2010 6:33 pm Post subject: |
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No wonder the US television networks won't broadcast the
first video below. Maybe they'd air the second video?
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Peter
Joined: 26 Jun 2007
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Location: The Canadian shield
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| Posted: Thu Nov 04, 2010 6:57 am Post subject: Plus ça change? |
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Citizens Against Government Waste
Catastrophic Anthropogenic Global Warming
hhmmmnnnn..... 
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Fintan
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| Posted: Fri Nov 05, 2010 8:17 am Post subject: |
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| Quote: | Doubts grow over wisdom of
Ben Bernanke 'super-put'
By Ambrose Evans-Pritchard, International Business Editor
Published: 7:58PM GMT 04 Nov 2010
The early verdict is in on the US Federal Reserve's $600bn of fresh money through quantitative easing. Yields on 30-year Treasury bonds jumped 20 basis points to 4.07pc.
It is the clearest warning shot to date that global investors will not tolerate Ben Bernanke's openly-declared policy of generating inflation for much longer.
Soaring bourses may have stolen the headlines, but equities are rising for an unhealthy reason: because they are a safer asset class than bonds at the start of an inflationary credit cycle.
Meanwhile, the price of US crude oil jumped $2.5 a barrel to $87. It is up 20pc since markets first concluded in early September that 'QE2' was a done deal.
This amounts to a tax on US consumers, transferring US income to Mid-East petro-powers. Copper has behaved in much the same way. So have sugar, soya, and cotton.
The dollar plunged yet again. That may have been the Fed's the unstated purpose. If so, Washington has angered the world's rising powers and prompted a reaction with far-reaching strategic consequences.
Li Deshui from Beijing's Economic Commission said a string of Asian states share China's "deep bitterness" over dollar debasement, and are examining ways of teaming up to insulate themselves from the tsunami of US liquidity. Thailand said its central bank is already in talks with neighbours to devise a joint protection policy.
Brazil's central bank chief Henrique Mereilles said the US move had created "excessive dollar liquidity which we are absorbing," forcing his country to restrict inflows. Mexico's finance minister warned of "more bubbles."
These countries cannot easily shield themselves from the inflationary effect of QE2 by raising interest rates since this leads to further "carry trade" inflows in search of yield. They are being forced to eye capital controls, with ominous implications for the interwoven global system.
In London and Frankfurt the verdict was just as harsh. "In our view, this is one of the greatest policy mistakes in the Fed's history," said Toby Nangle from Baring Asset Management.
"The Fed is gambling that the so-called 'portfolio balance channel effect' – pushing money out of government bonds and into other assets – will lift risk asset prices. The gamble is that this boosts profits and wages, rather than simply prices. We remain unconvinced. How will a liquidity solution correct a solvency problem?" he said.
"A policy error," said Ulrich Leuchtmann from Commerzbank. The wording of the Fed statement is "potentially dangerous" because it leaves the door open to a further flood of Treasury purchases if unemployment stays high. "It is a bottomless pit," he said.
Of course, it is precisely this open door that has so juiced risk trades, from Australian dollar futures, to silver contracts, and junk bonds. Goldman Sachs thinks QE2 will ultimately reach $2 trillion, with no exit until 2015. Such moral hazard is irresistible. It is the Bernanke 'super-put'.
Yet the reluctance of investors to leap back into the US Treasury market as they did after QE1 is revealing. The 30-year segment of the Treasury market is too small to matter, but symbolism does matter. Vigilantes sniff stealth default. "If long bond investors continue to throw their collective toys out of the cot, it risks upending the Fed's policy," said Michael Derk from FXPro.
Mr Bernanke is targeting maturities of 5 to 10 years with purchases of Treasuries. These bonds have behaved better: 10-year yields fell 14 points on Thursday to 2.48pc. However, Mark Ostwald from Monument Securities said foreign funds may take advantage of QE2 to dump their holdings on the Fed, rotating the money emerging markets rather than US assets.
Bond funds are already restive. Pimco's Bill Gross says the great bull market in bonds is over, denigrating Fed policy as the greatest "ponzi scheme" in history. Warren Buffett has chimed in too, warning that anybody buying bonds at this stage is "making a big mistake",
Fed chair Ben Bernanke uses the term 'credit easing' to describe his strategy because the goal is to lower borrowing costs. If he fails to achieve this over coming months - because investors balk - the policy will backfire.
No clear rationale for fresh QE can be found in orthodox monetarism. Data from the St Louis Federal Reserve show that M2 money supply stopped contracting in the early summer and has since been expanding at an accelerating rate, topping 9pc over the last four-week bloc.
The Fed has used the 'Taylor Rule' on output gaps as a theoretical justification for QE, but Stanford Professor John Taylor has more or less said his theories have been hijacked. "I don't think (QE) will do much good, and I also worry about the harm down the road," he said.
It has not been lost on markets that the Fed's purchases of $900bn of Treasuries by June (with reinvested funds from mortgage debt) covers the Treasury's deficit over the same period. The slipperly slope towards 'monetization' of public debt beckons.
Global investors mostly accepted that the motive for QE1 was emergency liquidity, and that stimulus would later be withdrawn. But there are growing suspicions that QE2 is Treasury funding in disguise.
If they start to act on this suspicion, they could push rates higher instead of lower, and overwhelm the Bernanke stimulus. That would precipitate an ugly chain of events for the US.
http://www.telegraph.co.uk/finance/economics/8111153/Doubts-grow-over-wisdom-of-Ben-Bernanke-super-put.html |
| Quote: | China leads backlash against US stimulus
as risk of currency war, protectionism grows
05 Nov 2010
China led an Asian backlash against US measure to boost an economic
recovery which has stoked concerns that a flood of 'hot money' could
destabilise regional economies......
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MichaelC
Joined: 06 Jul 2006
Posts: 1895
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| Posted: Fri Nov 05, 2010 9:09 am Post subject: |
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I often wondered why the Fed building in Washington DC looks like a giant, grim mausoleum.
The reason is to remind us of the fact that anyone who has ever posed a serious threat to the banking cartel's monopoloy has suddenly ended up in a coffin! |
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Fintan
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| Posted: Fri Nov 05, 2010 2:51 pm Post subject: |
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| Quote: | IMPACT OF Q.E. CANCER
by Jim Willie
The big event on the horizon has been the US Midterm Elections, just completed. Its outcome was close to poll expectations. Many decisions have been delayed. Much policy detail has been withheld. Unfortunate pauses to major programs have come as a result. A palpable dread can be identified and pointed to. Difficult unpopular decisions will now be made.
Some of the decisions will involve continued bank sector welfare after failed fiduciary responsibility. Some of the next programs or legislation will involve devious political and legal cover for criminal bond fraud related to the mortgage industry, which is fully in the open for dissection, outcry, and acrimonious debate. The keen observers should watch for cleverly constructed escape routes without the consequences of voter backlash.
Furthermore is the issue of political partisan gridlock. Only weak brain stems would call the gridlock constructive or a good thing in the current setting. When a nation is mired in a financial crisis, requires leadership, demands restructure, and urgently needs reform, any inaction from gridlock is like fighting over the steering wheel on a big tractor trailer truck unable to manage a winding road, certain to careen over the cliff. Activists should demand that private bank accounts be investigated of a long list of leaders, past and present.
The most reliable and expert sources within my contacts mention a specific point, with consistency. When the US elections are over, and after the USFed gives some guidance on the QE2 Launch for monetized debt, the system will experience tremendous added strains and will gradually show signs of breakdown again, in accelerated mode. This time, unlike September 2008, efforts to stabilize will not be possible. The system will degrade, since critical supports, control cables, and buttresses have been removed in the last several months. Next comes deeper breakdown.
The Midterm Elections served at the roadblock event, the beacon on the horizon, the delayed lit fuse. The actions taken in November will involve both the US captains and foreign entities. The US policy makers can act without as much concern of voter backlash. The foreign financial decision makers can act with knowledge that the USGovt, the USFed, and Wall Street will not make a single solitary move toward bank system reform, toward bank debt restructure, or toward debt liquidation on the balance sheets. Instead, the US will redouble the magnitude of what failed, their established habit, their engrained failure in policy, their legacy.
The main worry by the USFed and USDept Treasury will center on foreign creditors and abandonment. US bank leaders will ramp up the monetization under the QE2 banner with added motivation. Trade war stokes the fires of hostility, angst, and rebuke.
Foreign creditors are worried that their debt security paper is being diluted. Its value will be diminished, but later in time. Expect a new European Dollar Swap Facility to be announced soon, but with less delay than the last one. They must match and offset the power of the QE2 initiative.
The Bank of England matched cancer with cancer, announcing a fresh 200 billion Pounds in monetized debt on Thursday. The Euro Central Bank matched move will come later. It could be urgently declared by EU in next several weeks. They must defend against a rising Euro currency.
Do not be trapped into thinking a USTreasury Bond rally means a USDollar coincident rise. The USTBonds are paid from the Printing Pre$$, which means no source of funds to convert. The Jackass still believes 2.0% is an important 10-year USTreasury yield target. All hell breaks loose after the target is hit, as the USTBond bubble is likely to give off massive greenhouse gas afterwards......
The QE nametag is hyper-inflation in official parlance. QE is ruinous to the monetary system and the major currencies. QE represents a magnificent escalation in the currency war. It motivates central bank retaliation to devalue native currencies, often called the Competing Currency War, in the defense of large native export industries. It triggers amplified gestures toward trade protection. It can be easily stated and more easily defended that the United States has done more to worsen global trade war than any nation. Its export of fraud-ridden mortgage bonds and tainted USTreasurys that support annual $1.5 trillion deficits has flooded the global banking systems, inviting sharp response. Its decision to export a significant portion of its industrial base to China, the so-called Low Cost Solution, promoted from 2001 to 2005, is an unmitigated disaster not yet recognized as such. The USGovt turned from promoter of the factory export to China early on, only to condemn its fruit harvested by China in the form of $20 billion monthly surpluses.
A tight race exists between stupidity and corruption at the policy helm. The Quantitative Easing has been hinted in August, confirmed in September, and detailed in November. The QE program has been minimized in the press for its risks, while mention has been given of its likely ineffectiveness. It has been estimated to arrive as $500 billion more in pure monetary inflation, only to rise to another $1000 billion by next year. QUANTITATIVE EASING IS PURE HYPER-INFLATION of the most egregious magnitude in modern history. The bubble is found in the USDollar, with its traded and stored vehicle the USTBond. The USFed is playing a very dangerous high wire act, with dire consequences. The main effect will be fast rising cost structure for the USEconomy. The public will react next year.
The cancer is infectious and contagious, if not a metastasis in progress. Capital is in steady profound destruction. Europe took charge of $750 billion in Dollar Swap Facility that monetized European bank debt this past June. The entire world must quarantine the US cancer, but it feels somewhat helpless. Therefore, initiatives proceed behind the scene, like the movement by the Eastern Alliance to find a USDollar alternative in global trade settlement, like The Group of Central Europe in fashioning, implementing, and executing a New Nordic Euro currency. If Germany does not launch a new Nordic Euro currency with a gold component, it will sink into oblivion, and suffer a financial collapse, the same type that United States finds itself sinking deeper into.
http://www.gold-eagle.com/editorials_08/willie110410.html |
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atm
Joined: 16 Apr 2006
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| Posted: Sat Nov 06, 2010 6:22 am Post subject: Bankruptcy of U.S. is ‘Mathematical Certainty |
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| Quote: |
Bankruptcy of U.S. is ‘Mathematical Certainty,’ Says Former CEO of Nation's 10th Largest Bank
Thursday, November 04, 2010
By Terence P. Jeffrey
http://www.cnsnews.com/news/article/former-bbt-ceo-bankruptcy-us-mathematica
(CNSNews.com) - John Allison, who for two decades served as chairman and CEO of BB&T, the nation's 10th largest bank, told CNSNews.com it is a “mathematical certainty” that the United States government will go bankrupt unless it dramatically changes its fiscal direction.
Allison likened what he sees as the predictable future bankruptcy of the United States to the problems at Fannie Mae and Freddie Mac, whose insolvency he also said was foreseeable to those who studied their business practices and financial situation.
“I think the first thing we have to realize is where we’re going and to face it objectively,” Allison told CNSNews.com, when asked about the trillion-dollar-plus deficits the federal government has run for three straight years, the more than $13 trillion in federal debt, and the $61.9 trillion long-term shortfall the government faces (according to the analysis of the Peter G. Peterson Foundation) if the government is to pay all the benefits it has promised through entitlement programs.
“If you run the numbers, on all those numbers that you just talked about, which I think are accurate, very accurate, in 20 or 25 years, the United States goes bankrupt,” said Allison. “It’s a mathematical certainty.
“It reminds me very much of that story I told you about Freddie Mac and Fannie Mae,” said Allison. “We were running the numbers, and Freddie Mac and Fannie Mae went bankrupt, and we got there. In 20 or 25 years, the United States goes bankrupt.
“Now, countries don’t go bankrupt the way companies do,” said Allison. “They don’t file bankruptcy.
They usually hyper-inflate.
They print a bunch of paper money, or they become Third World economies like Argentina--unless we change direction.
So, we absolutely have to change direction. And the irony of that is it requires an interesting combination.
It requires both discipline, but it also requires a focus on growing our economy [cough, splutter.].
And it means a fundamental philosophical change from where we are today, from the idea of redistributing wealth to the idea of creating wealth.”
In his interview with CNSNews.com Allison said that when belonged [sic] to the Financial Services Roundtable they examined Fannie Mae and Freddie Mac and determined they were going bankrupt.
Congressional leaders, however, did not heed their analysis.
“I was on a committee, a Financial Services Roundtable, for nine years trying to do something about Freddie Mac and Fannie Mae,” said Allison.
“You couldn’t help but see it coming,” he said. “You ran the numbers, particularly the last several years, and it was mathematically certain Freddie and Fannie were going bankrupt.”
“We met with Congress. We met with [House Financial Services Chairman] Barney Frank and [Senate Banking Chairman] Chris Dodd and they absolutely wouldn’t see it,” said Allison.
Allison became president of BB&T in 1987 and was elected chairman in 1989. He remained CEO through 2008. He is now distinguished professor of practice at the Wake Forest University Schools of Business. By 2009, according to rankings done by SNL Financial, BB&T had grown into the nation's 10th largest bank.
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Big Boss
Joined: 04 May 2008
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Location: Outer Heaven
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| Posted: Sun Nov 07, 2010 1:39 am Post subject: |
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| Just have to be careful of this becoming a problem for "Bernanke" when we all know much better. Bernanke can be replaced at will. The problem concerns those who can move him at will. Things are playing out very interesting though, something has already started to crack and definitely getting worse better yet. |
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MichaelC
Joined: 06 Jul 2006
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| Posted: Sun Nov 07, 2010 4:43 am Post subject: |
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And would the 'bankruptcy' of the USA federal government be such a bad thing?
I think not. Life would go on. The individual 50 states would reclaim the power/responsibility that has always been rightly theirs and the federal government would be required to go 'hat-in-hand' to the citizens of those states for any money it may require. As it should be.
Much of the present problem has occured because the federal government has the power to borrow large sums of money, to be repaid with money extorted at gunpoint from taxpayers. |
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Fintan
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| Posted: Mon Nov 08, 2010 3:15 pm Post subject: |
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| Quote: | 
President Hu Jintao and his Portuguese counterpart Anibal Cavaco Silva
attend a press conference at Belem presidential palace in Lisbon. |
The visit by China's premier, Hu Jintao to Europe had
been arranged long before Helicopter Ben announced
his latest airborne mission: QE2
But it couldn't be more timely.
It gave the Chinese an opportunity to send a message.
China has already purchased Greek debt. On this trip,
Hu said that they are considering investing in Portugal.
It looks like the message is that China values Europe as
an ally in it's battle against the dollar-spewing US Fed.
And China is not going to see Europe falter for lack of
a few score billion dollars of loans or investment from China.
Plus China would like to cozy-up to peripheral Eurozone
countries which may be sources of trade and investment.
The defensive lines and battle lines are being drawn,
as the NWO banking system continues to implode.
| Quote: | Hu embraces Europe
08:14, November 08, 2010
President Hu Jintao sealed his four-day Europe visit on Sunday with stronger European ties, both politically and economically, and more support for China ahead of this month's Seoul G20 summit.
The official visits to France and Portugal brought China smoother access to the European market after a number of major trade deals were signed.
On Sunday, Hu presided over the signing of trade agreements and deals on infrastructure, logistics, renewable energy and tourism projects worth $1 billion with Portuguese Prime Minister Jose Socrates. The two sides agreed to work to double their bilateral trade by 2015.
"We are willing to take concrete measures to help Portugal cope with the global financial crisis," Hu said.
Hu also said he will encourage Chinese companies to invest in Portugal, while China invited Portuguese firms to sell more goods in the world's most populous country.
In an example of potential mutual investment, Portugal's largest company and utility EDP said China Power Holding International, with which it signed an agreement for a potential partnership, had expressed interest in buying a stake in the Portuguese company.
Analysts said that Chinese investment will help revive one of the European Union's frailest economies.
The deals came just two days after the 50-member delegation of Chinese company executives inked deals with French companies worth 16 billion euros ($22.8 billion) including the purchase of 102 Airbus aircraft and nuclear plant projects.
"China's deals with Portugal and France showed Beijing's strong confidence and support for their economies," said Jin Ling, a scholar on European studies with the China Institute of International Studies (CIIS).
"The direct help is what European countries need most now," Jin said.
Portugal - like France, where Hu spent three days - rolled out the red carpet for the Chinese leader, with ceremonial activities to convey a warm welcome.
The president began his two-day state visit by laying flowers at the tomb of the 16th century poet Luis de Camoes, whose epic poem "Lusiades" was partly composed in Macao, now Chinese territory but then a Portuguese enclave.
The commemoration was planned to embody the mutual respect of two great civilizations, diplomats close to the visit said.
China hoped to avail itself of Portugal's geography, to advance relations with Portuguese-speaking countries and southern Europe as a whole, Jin said.
As a European Union member and a eurozone founder, Portugal is closely integrated with European markets and enjoys advantages in economic and other ties with Portuguese-speaking countries in Africa and Latin America.
An economic forum on trade between China and Portuguese-speaking countries will be held in Macao on Nov 14 and 15. Premier Wen Jiabao is scheduled to attend.
The head of Portugal's foreign trade agency, Basilio Horta, told the media that Beijing could benefit from a gateway to Europe and to other Portuguese-speaking countries.
China has already developed relations over the years with such countries, notably Brazil and Angola.
China's trade with Lusophone countries has boomed, exceeding $58.5 billion between January and August this year, but its trade with Portugal is still very low.
Portugal ranks 77th on the list of China's suppliers, with goods worth 222 million euros exported last year, and 65th on the list of customers, with imports worth 1.1 billion euros.
Hu's European visit not only achieved stronger bilateral ties but also resulted in greater coordination on global issues ahead of the G20 summit.
As French President Nicolas Sarkozy flew to Nice to accompany Hu for more private talks on Friday, the two focused on the Seoul summit after which France will take the chair. Officials from both countries said that the two leaders achieved a consensus on reform of the global financial system.
In Portugal, President Anibal Cavaco Silva told Hu that as the country is to serve as a non-permanent member of the UN Security Council, it is wiling to strengthen cooperation with China on global issues, including the reform of the financial system and combating climate change.
Feng Zhongping, director of the Institute of European Studies at the China Institutes of Contemporary International Relations, said strengthened cooperation among relevant countries at the G20, "a major platform in a post-crisis era", is of great significance in efforts to handle global problems.
And for Jin from the CIIS, another notable achievement in Hu's trip is that the joint communique between Beijing and Paris for the first time "explicitly" touched upon French support on lifting the European Union's arms embargo on China and the recognition of China's status as a market economy. "That is huge progress," Jin said.
http://english.peopledaily.com.cn/90001/90776/90883/7190941.html |
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Fintan
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| Posted: Mon Nov 08, 2010 4:30 pm Post subject: |
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Thanks to helicopter economics,
significant inflation threatens.
A sobering graphic which shows how the poor and working class are
the most affected by an inflationary rise in food and energy costs:
| Quote: |  |
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Fintan
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| Posted: Mon Nov 08, 2010 8:36 pm Post subject: |
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Furthermore, there will be no economic
payoff for Main St from the helicopter.
As Dav Goldman sums up nicely:
| Quote: | Dave’s Top 10 Reasons Why
QE Won’t Help the Economy
November 4th, 2010 - By David Goldman
10. No-one to whom banks want to lend wants to borrow.
9. The kind of businesses that create jobs, namely start-ups, need equity rather than debt in any case.
8. The Fed will flatten the yield curve out to five years, competing against the banks, reducing their profitability and their capacity to lend.
7. The deflationary tendency in the US, such as it is, is mainly demographic: as the Boomers retire, they sell real assets (the US may have a 40% oversupply of large-lot family homes by 2020), and buy financial assets, just like the Japanese during their great retirement wave of 1990-2000 (which coincided with the lost decade). It has nothing to do with monetary policy which has been extremely lax throughout.
6. If you keep interest rate slow in the advent of an enormous retirement wave, then people will save more and spend less, because they expect to earn less income on their savings.
5. If you increase the inflation rate, prospective retirees will save more and spend less, because they expect to have less future purchasing power. That is the opposite of what the Keynesian short-term model predicts, namely that inflation prompts people to spend money (why keep it in the bank if its value is falling)? That’s the trouble with the Keynesian approach: it’s a blindered, short-term view of things. But some times the long-term, for example demographics and the retirement cycle, affects the short term.
4. QE has raised inflation expectations without causing much inflation: the price of insurance against inflation, e.g. TIPS and gold, has risen, while housing prices, wages, and so forth continue to fall. That’s the worst of both worlds. Rather than shift portfolios from “safe” assets like Treasury bonds into real assets, which the Fed hopes, investors may simply shift their portfolios into stores of value like gold and foreign currencies (which is precisely what I have been doing).
3. Inflation, as even the Fed will admit, helps some people and hurts others. The idea is that it will help more people than it hurts by forcing investors to buy real assets. The kind of inflation that QE is likely to cause will have an almost entirely damaging impacta on the US. In fact, the devaluation of the dollar and the rise in raw materials prices will hurt every American household and most American businesses; it will benefit Middle East oil producers, Vladimir Putin, Aussie mining companies, and all sorts of people who don’t live in the United States.
2. With 22% of the adult non-institutional population unable to find full-time work (according to the estimable Shadow Government Statistics website, no reduction in interest rates will persuade Americans to go back to the borrowing binge of the 2000s.
and Dave’s Top Reason why QE won’t work is:
1. It undermines the dollar’s world reserve currency role. That’s why gold keeps going up. If the US were Greece or Ireland, we’d be in front of the International Monetary Fund in sackcloth and ashes right now. But we’re the world’s only superpower, and the central banks of the rest of the world have to hold their reserves in dollars. Why? Because there isn’t enough of anything else (unless the price of gold were to go to $10,000 an ounce, which I doubt) and because they hate each other more than they hate us — at least for the moment. With Obama shrinking America’s strategic footprint and the Fed behaving like the neighbor whose septic tank overflows onto everyone else’s lawn, Washington is testing the world’s patience. It will have consequences.
http://blog.atimes.net/?p=1607 |
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MichaelC
Joined: 06 Jul 2006
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| Posted: Tue Nov 09, 2010 4:36 am Post subject: |
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Sweden seems to be getting it's house (more) in order:
http://www.bloomberg.com/news/2010-11-08/sweden-s-money-market-disruptions-show-trichet-what-comes-after-ecb-exit.html |
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Fintan
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| Posted: Tue Nov 09, 2010 7:47 am Post subject: |
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Now China is talking about capital controls.
They're not the only ones.
Expect much more along these lines.
From many countries.
Shock! Horror! Restrictions on capital are total
anathema to neo-libral economic orthodoxy.
But this is the real world, now.
No more WTO/G20 superdeals.
Bilateral and regional blocks.
Friends will trade with friends.
This little news snippet heralds the
death of neo-liberal globalization:
| Quote: | China cracks down on inflows, slams QE
Forex regulator vows to get tough with China-bound hot money
Nov. 9, 2010, 2:28 a.m. EST - By Chris Oliver, MarketWatch
HONG KONG (MarketWatch) — China announced new measures Tuesday to curb inflows of foreign speculative capital, as senior government officials stepped up criticism of excessively loose monetary policies abroad, such as those of the Federal Reserve.
The State Administration of Foreign Exchange (SAFE) said in a statement it will strictly control its financial institutions’ quotas for the use of short-term foreign debt.
The nation’s foreign-exchange regulator also said it will tighten its oversight of funds shipped home by Chinese companies operating abroad, as well direct investments into China by foreign investors.
Joint Thai-Chinese military exercise
The news measures echoed a statement Friday by People’s Bank of China Gov. Zhou Xiaochuan, who said China could use capital controls to curb speculative inflows.
Zhou cautioned that China faced a difficult challenge in keeping out speculators because of its relatively high interest rates and expectation of gains in the value of the yuan.
http://www.marketwatch.com/story/china-cracks-down-on-inflows-slams-qe-2010-11-09?dist=beforebell |
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