worldwide currency debasement buoying gold
posted on
Oct 13, 2010 06:06AM
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And just to confirm that the world is going to hell in a depreciating handbasket, Geithner essentially has guaranteed that a currency war is imminent. Also from Reuters:
U.S. Treasury Secretary Timothy Geithner said on Tuesday he sees "no risk" of a global currency war and wants to maximize incentives for China to allow its yuan to rise in value.
He told the Charlie Rose Show in an interview that China would work against its basic development objectives if it kept its currency undervalued.
"I'm very confident over time that this is going to happen," he said of Chinese currency appreciation. "We just want to make sure it's happening at a gradual but still significant rate."
Mm hmm. And for a vivid demonstration of Geithner's top-ticking predictive capacity, we bring you: "Welcome to the Recovery", the SecTres' August 2 OpEd, which appeared days before the massive July NFP miss set off America on its trajectory with fate and QE2. In other words, stock up on that Costco year-long ration. It will be a long, devalued winter.