On Tue, Nov 23, 2010 at 9:38 AM, c b <[email protected]> wrote: > Why Paul Krugman Waves the Flag for Uncle Sam > > by Michael Hudson > > The Fed and Congress have told China to revalue its currency, the > renminbi, upward by twenty per cent. This would oblige the Chinese > government and its central bank to absorb a loss of half a trillion > dollars - over $500 billion - on the $2.6 trillion of foreign reserves it > has built up. These reserves are not merely from exports, much less > exports to the United States. They are capital flight by US money > managers, Wall Street arbitragers, international speculators and others > seeking to buy up Chinese assets. And they are the result of US military > spending in its bases in Asia and elsewhere - dollars that recipient > countries turn around and spend in China.
What kind of tripe is this? I am tired of so-called progressives acting as apologists for the PRC regime. I am just surprised by seeing this sort of nonsense from a normally intelligent commentator like Michael Hudson. -raghu. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
