China Smacks Down Wall Street's Exuberance Regarding Currency Reform
When one listens to the general consensus over the weekend and on Monday regarding China's currency reform, one is listening to the same ideology from the same clowns that got us into this economic mess. So, when we hear how this is going to spark demand for commodities, increased wealth in China, the potential for the yuan to play a a role as a reserve currency, China's sticking it to the U.S., etc, we are listening to the same old bulloney. The repudiation of all of these statements and more is consistent with our remarks regarding China, the United States, currency and the future of the global economy over the last five years.
Each month, more and more of the pieces to the puzzle fall into place. Just months ago, who would have ever thought our long talked about end of global finance would become a reality. It was preposterous just like all of our other preposterous notions that are coming to pass. But now here we are. We no longer have governments bailing out banksters or their crony corporate friends in any given country. We actually have governments bailing out other governments everywhere. This is a repudiation of individual rights, national sovereignty and the rule of law by corporatist politicians and the bankster henchmen. How long is that going to last? We have a global financial crisis the likes of which the world has never seen. Ever. What we are witnessing is all part of the "process" as we head towards rising nationalism, ever increasing volatility, China's demise, a repudiation of globalization and the end of global finance. All part of our many long term themes on here.
China clarified its yuan position and tells us that its policy isn't really going to change. All of the bond traders who blew out the long term yield on Monday were crushed on Tuesday. Common sense tells us China's remarks about yuan float were likely timed before the next G20 meetings to appease Washington's incessant babble with respect to China's policies. Policies that Washington clowns created with their secretive trade agreements. Yes, China's economy is really in the hands of Washington. They created it. They will likely put the final nails in its coffin. Once again, in some days the G20 will convene the most expensive mental jerk off in the world today where bureaucrats will again come away with nothing. That a few dozen people are going to save the world is reminiscent of the self-aggrandizing megalomania of feudal societies run by kings and queens. (Masters) Bureaucrats make nothing, produce nothing of value, don't enrich society's culture one iota, are not critical thinkers, don't understand economics, nor do they create any of their own capital. Their skills are in oratory and empty promises while living on the public's dole. The art of the con is the skill of the politician. And as we have written numerous times, the G20 meetings are indeed a con.
By the way, for those who incessantly babble about China holding the cards to the future of the United States are so off base it isn't even worth arguing about. Completely. Rule number one in economics is the Golden Rule - those who have the gold make the rules. And as we have said countless times via countless different perspectives over the years, the world's gold is not defined by how many tons of the shiny metal that are being acquired by China or by the political bozos in Washington or their completely incompetent masters on Wall Street or the equally incompetent ECB. The world's source of gold is the American people. Those who have the gold make the rules. All in due time.
Each month, more and more of the pieces to the puzzle fall into place. Just months ago, who would have ever thought our long talked about end of global finance would become a reality. It was preposterous just like all of our other preposterous notions that are coming to pass. But now here we are. We no longer have governments bailing out banksters or their crony corporate friends in any given country. We actually have governments bailing out other governments everywhere. This is a repudiation of individual rights, national sovereignty and the rule of law by corporatist politicians and the bankster henchmen. How long is that going to last? We have a global financial crisis the likes of which the world has never seen. Ever. What we are witnessing is all part of the "process" as we head towards rising nationalism, ever increasing volatility, China's demise, a repudiation of globalization and the end of global finance. All part of our many long term themes on here.
China clarified its yuan position and tells us that its policy isn't really going to change. All of the bond traders who blew out the long term yield on Monday were crushed on Tuesday. Common sense tells us China's remarks about yuan float were likely timed before the next G20 meetings to appease Washington's incessant babble with respect to China's policies. Policies that Washington clowns created with their secretive trade agreements. Yes, China's economy is really in the hands of Washington. They created it. They will likely put the final nails in its coffin. Once again, in some days the G20 will convene the most expensive mental jerk off in the world today where bureaucrats will again come away with nothing. That a few dozen people are going to save the world is reminiscent of the self-aggrandizing megalomania of feudal societies run by kings and queens. (Masters) Bureaucrats make nothing, produce nothing of value, don't enrich society's culture one iota, are not critical thinkers, don't understand economics, nor do they create any of their own capital. Their skills are in oratory and empty promises while living on the public's dole. The art of the con is the skill of the politician. And as we have written numerous times, the G20 meetings are indeed a con.
By the way, for those who incessantly babble about China holding the cards to the future of the United States are so off base it isn't even worth arguing about. Completely. Rule number one in economics is the Golden Rule - those who have the gold make the rules. And as we have said countless times via countless different perspectives over the years, the world's gold is not defined by how many tons of the shiny metal that are being acquired by China or by the political bozos in Washington or their completely incompetent masters on Wall Street or the equally incompetent ECB. The world's source of gold is the American people. Those who have the gold make the rules. All in due time.
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