Deal With the Devil: How the Global Elite Re-colonized China
The “Chinese dragon” of the last two decades may be faltering but it is still hailed by many as an economic miracle. Far from a great advance for Chinese workers, however, it is the direct result of a consolidation of power in the hands of a small clique of powerful families, families that have actively collaborated with Western financial oligarchs.
USA vs China: A War without Limits
What does the yuan’s decline mean for the U.S.?
What does a weaker yuan mean for China and the global economy? Greg Ip of The Wall Street Journal and Orville Schell of the Asia Society join Judy Woodruff to discuss the economic and geopolitical factors.
CHINA RMB CURRENCY WAR – Global Markets Turmoil After China Extends Yuan Devaluation
With the People’s Bank of China (PBC) move to devalue the Renminbi (RMB) on Tuesday spooking markets globally and raising yet more concerns about the health of the Chinese economy, it’s interesting look at the country’s debt profile to Gross Domestic Product (GDP). But the trend hasn’t exactly been looking too rosy for some time.
The “one-off” adjustment has now reached its 3rd day as The PBOC has now devalued the Yuan fix by 4.65% back to July 2011 lows. Even before this evening’s date with debasement history, Japan felt the need to step up the currency war rhetoric. Following disappointing Machine Orders data, Abe advisors Hamada warned that “Japan can offset Yuan devaluation by monetary easing,” and so the race to the bottom escalates. China has its own problems as BofAML’s leading economic indicator showed “the foundation for a growth recovery is not solid, facing more downward pressure,” and while confusion reigns over why The PBOC would intervene at the close to strengthen the Yuan last night, the reality is the commitment isn’t to a devaluation for China’s exports, but undoubtedly its actions are directed toward trying to keep the wholesale finance interfaces somewhat orderly. Finally, China’s devaluation couldn’t come at a worse time for Argentina – about a quarter of the country’s $33.7 billion of foreign reserves are now denominated in yuan, which suffered its biggest loss since 1994 on Tuesday.
Hong Kong consumers and savers with yuan time deposits yesterday reacted with caution but remained optimistic in the wake of China’s recent sharp currency devaluation. Gold Prices Rise; Safe Haven From Yuan’s Turbulence China’s currency devaluation is helping gold shine in the midst of a collapse in commodities and a pullback in stocks. China’s 2 percent devaluation of the yuan on Tuesday pushed the U.S. dollar higher and hit Wall Street and other global equity markets as it raised fears of a new round of currency wars and fed worries about slowing Chinese economic growth.
#5 The price of oil just closed at a brand new six year low. When the price of oil started to decline back in late 2014, a whole lot of people were proclaiming that this would be a good thing for the U.S. economy. Now we can see just how wrong they were. Increased pumping by OPEC as Chinese demand appears to be slackening could drive oil to the lowest prices since the peak of the financial crisis.
Almost exactly seven months ago, on January 15, the Swiss National Bank shocked the world when it admitted defeat in a long-standing war to keep the Swiss Franc artificially weak, and after a desperate 3 year-long gamble, which included loading up the SNB’s balance sheet with enough EUR-denominated garbage to almost equal the Swiss GDP, it finally gave up and on one cold, shocking January morning the EURCHF imploded, crushing countless carry-trade surfers.All of the above, incidentally, was explained in our post from March 6 titled “How Beijing Is Responding To A Soaring Dollar, And Why QE In China Is Now Inevitable“(youtube.com)
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