Asiatic Adventurism, Part I

Filed in currencies, deflation, democrats, economy, obama, Spot Gold, US Dollar, yuan by on October 5, 2010 0 Comments

Just when we think Democrats can’t do any more to damage the economy and Republicans cannot be any more gullible, the boys and girls in the House of Representatives get together, 348 to 79, to pass a bill so stupid the mind reels. The only thing I can think of worse would have been a declaration of war against a land mass in Asia. Uh…come to think of it, that’s what they did, without the threat of invasion and intercontinental ballistic missiles. They declared a currency and economic war. One which I expect to be every bit as successful as the punitive tariffs on tires some months ago. Mr. Obama fired the opening salvo last week, urging Chinese Premier Wen Jiabao “to speed up the revaluation of the yuan, telling him in a two-hour meeting at the United Nations that the slow pace of reforms was affecting both global and U.S. economies.” I’m going to give you a lot of quotes in this article because they are simply too hilarious to pass up. According to CNNMoney, “Lawmakers say China’s currency is unfairly cheap and passed a measure Wednesday that opens the door to tariffs that aim to help U.S. companies compete. The legislation, which authorizes the Commerce Department to impose duties on imports from countries with undervalued currencies, passed the House of Representatives by a vote of 348 to 79. The Senate, however, is not expected to take up the issue until later this year.” The article continues…

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Asiatic Adventurism, Part I

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