http://tinyurl.com/ag5ll3
- - -
The story originally had this key passage:
Mr Luo, speaking at the Global Association of Risk Management's 10th
Annual Risk Management Convention, said: "Except for US Treasuries, what can
you hold?" he asked. "Gold? You don't hold Japanese government bonds or UK
bonds. US Treasuries are the safe haven. For everyone, including China, it
is the only option."
Mr Luo, whose English tends toward the colloquial, added: "We hate you
guys. Once you start issuing $1 trillion-$2 trillion [$1,000bn-$2,000bn] . .
.we know the dollar is going to depreciate, so we hate you guys but there is
nothing much we can do."
However, Mr Luo said Chinese officials would encourage its banks to
finance domestic mergers and acquisitions rather than provide rescue finance
to distressed financial companies in other countries: "There will be no
bottom-fishing of financial institutions, particularly in the US, because
there is a lot of uncertainty about the quality of the books."
The bolded paragraph, particularly, was removed. Completely. I know because
a copy was originally emailed to me. Note: Reuters did not disclose that
this was an updated version of the release, nor did they change the
timestamp on it from Thu Feb 12, 2009 8:22am EST, yet I can confirm the
story has changed since 6:56pm on the 13th.
It seems like Reuters couldn't take the heat on how touchy this
barely-balanced standoff between the US and China is, and how the runaway
deficit spending threatens devaluation or hyperinflation.
Or maybe someone told them this part had to go.
- - -
Still think the idea of a war involving China provoked by our fiscal
insanity is crazy?
You don't want the Chinese saying stuff like "We hate you guys but there is
nothing much we can do." They will find something else they can do, and they
have other problems...like overpopulation... to deal with too.
- Bob
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