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How China Destroys America

- Andy Hoffman -

With apologies O.P., but Prattling Andy has rarely been able to make sense of the tidbits of information he stumbles across. The peg was lifted 8 years ago and since, the yuan has appreciated some 20%. In real terms what that means is that the $3 trillion in Yanqui paper that they hold is now worth $2.4 trillion. Was China supposed to sit by and do nothing as their foreign reserves' value was melted away by Easy Al and Helicopter Ben?

And let us not forget that unlike the other serial printers who have next to nothing to show for all the new money created, China has been very busy building high speed rail, subways, airports, hydro electric generating plants, port facilities, warehouses, factories, sporting venues and the like. Those are the sort of things that give value to paper money; a concept totally lost on those who like to proclain that our money is backed by nothing.

Correct me if i am wrong, but there were no complaints to be heard about the peg when it gave Yanqui companies a competitive edge to have their manufacturing done there. But now we get constant complaints from the nattering class because the Chinese do not want to see their hard earned foreign reserves turned into so much kindling by utterly irresponsible western (and Japanese) central bankers.

Sorry, but twits like Prattling Andy need to stop and think about what they are about to say before opening their mouths and exposing their deep ignorance.

Commented 4070 days ago

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Beginning of the headline :The Yuan – or Renminbi – is the national currency of China. Few understand its inner workings, as – like most Chinese financial data – transparency is limited; particularly regarding the currency; which has been “pegged” to the world’s major currencies for two decades… The Forgotten Peg: Chinese Yuan and U.S. Dollar Per the chart below, the Yuan/Dollar exchange rate was UNCHANGED from 1993-2005;... Read More

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