Comments Re China's Rhetoric Of Yuan Exchange Rate Reform

There seems to be a big buzz regarding China's weekend statement that they are going to reform their currency. Some have viewed this as a statement of full float is coming. I think that's quite a stretch from the remarks they made. Ultimately who cares? Seriously. It's irrelevant to any position we have written of on here over the years or any future outcomes we expect. Twenty years of economics is not going to be cured or changed by some extraneous statement. Even if they act on it. Which, there is no reason to believe they will to any substantial degree. If you can't trust Washington politicians because they never do what they say, why would you believe communist dicktaters? This message has a self-serving intent and right now we don't really know what that is.

And the remarks coming out of Wall Street as it pertains to this statement are generally preposterous and show how deluded the financial morons are.