>> 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.
raghu wrote: > What kind of tripe is this? _why_ do you think that it's "tripe"? > I am tired of so-called progressives acting as apologists for the PRC regime. I agree. we should declare pen-l a "no apology zone." -- Jim Devine / "Segui il tuo corso, e lascia dir le genti." (Go your own way and let people talk.) -- Karl, paraphrasing Dante. _______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
