8th November, 2010
The US Federal Reserve’s decision to pour more money into the economy is a form of indirect currency manipulation that could spark a global collapse, a Chinese state-run newspaper said on Monday.
Posts Tagged ‘Currency Wars’
China calls for unity against US “indirect exchange rate manipulation”
Posted by seumasach on November 8, 2010
Posted in Financial crisis | Tagged: Currency Wars, G20 summit | Leave a Comment »
The rest of the world goes West when America prints more money
Posted by seumasach on November 7, 2010
A section of the British elite seems to be beginning to see reason. But are they prepared to resist a new bailout and put the banks through bankruptcy?: this will be the crux of the matter.
Liam Halligan
6th November, 2010
America is now isolated and the rest of the world is furious. The widespread use of capital controls and even a lurch into 1930s-style protectionism are both far more likely than just a few days ago.
Posted in Multipolar world | Tagged: Currency Wars | 2 Comments »
Finance Minister Schaeuble sharply criticizes US Federal Reserve move
Posted by seumasach on November 5, 2010
5th November, 2010
The US central bank’s decision to buy additional government bonds in an effort to stimulate the economy is a breach of international agreements, German Finance Minister Schaeuble said on Thursday evening.
Posted in Financial crisis | Tagged: Currency Wars | Leave a Comment »
Chinese official calls for developing countries to impose capital controls
Posted by seumasach on November 5, 2010
5th November, 2010
The Federal Reserve this week said it will pump $600bn (£370bn) into the economy through debt purchases – effectively printing more dollars – to boost employment and growth.
Posted in Financial crisis | Tagged: Currency Wars | Leave a Comment »
U.S. “quantitative easing” is fracturing the global economy
Posted by seumasach on November 2, 2010
Michael Hudson
2nd November, 2010
Moreover, it may well be asked whether we can take it for granted that a return to freedom of exchanges is really a question of time. Even if the reply were in the affirmative, it is safe to assume that after a period of freedom the regime of control will be restored as a result of the next economic crisis. (Paul Einzig, Exchange Control (1934)).[1]
Great structural changes in world trade and finance occur quickly – by quantum leaps, not by slow marginal accretions. The 1945-2010 era of relatively open trade, capital movements and foreign exchange markets is being destroyed by a predatory financial opportunism that is breaking the world economy into two spheres: a dollar sphere in which central banks in Europe, Japan and many OPEC and Third World countries hold their reserves the form of U.S. Treasury debt of declining foreign-exchange value; and a BRIC-centered sphere, led by China, India, Brazil and Russia, reaching out to include Turkey and Iran, most of Asia, and major raw materials exporters that are running trade surpluses.
Posted in Financial crisis, Multipolar world | Tagged: Currency Wars | Leave a Comment »
QE2 risks currency wars and the end of dollar hegemony
Posted by seumasach on November 2, 2010
“It is becoming harder to mop up the liquidity flowing into these countries,” said Neil Mellor, of the Bank of New York Mellon. “We fully expect more central banks to impose capital controls over the next couple of months. That is the world we live in,” he said. Globalisation is unravelling before our eyes.
Globalisation Anglo-Saxon style, that is: a benign counter-globalisation, multipolar, is coming more and more to the fore. That said, this is an excellent article by Evans-Pritchard: it seems that, in Britain, some on the right are much closer to reality than those on the left, who are simply nowhere.
Ambrose Evans-Pritchard
2nd November
The Fed’s “QE2” risks accelerating the demise of the dollar-based currency system, perhaps leading to an unstable tripod with the euro and yuan, or a hybrid gold standard, or a multi-metal “bancor” along lines proposed by John Maynard Keynes in the 1940s.
Posted in Financial crisis, Multipolar world | Tagged: Currency Wars, dollar collapse, End of empire | Leave a Comment »
South Africa: Currency war marks beginning of shift from Washington Consensus to Beijing Consensus
Posted by seumasach on November 1, 2010
Saliem Fakir
25th October 2010
South African Civil Society Information Service
We sit amongst the vulnerable beneath the trampling of elephants as they fight it out. South Africa may be a big player in Africa, but is no match for the economic giants in the global arena. South Africa simply does not have the foreign currency reserves or trade power to fight a currency war.
Posted in Multipolar world | Tagged: Currency Wars | Leave a Comment »
Manila urges cooperation to face currency tensions
Posted by seumasach on October 30, 2010
30th October, 2010
Hanoi: Smaller Asian countries, faced with rocketing exchange rates that risk destabilising economies, should work together so that they have a bigger voice, Philippines Finance Secretary Cesar Purisima said yesterday.
Posted in Multipolar world | Tagged: Currency Wars | Leave a Comment »
Thailand calls for greater Asian cooperation and new trading currency
Posted by seumasach on October 30, 2010
30th October, 2010
Prasarn sees the scope for such cooperation, paved by existing frameworks like the Chiang Mai Initiative, and this could lead Asia into a new landscape in the next 10-20 years. The picture includes a new trade currency and a currency to store the value of assets, aside from the greenback.
Posted in Multipolar world | Tagged: Currency Wars | Leave a Comment »
Latin America in danger as U.S.-China wage currency war
Posted by seumasach on October 27, 2010
26th October, 2010
Latin America may suffer severe consequences as global heavy-weights China and the U.S. wage their currency war.
Posted in Multipolar world | Tagged: Currency Wars | Leave a Comment »
Chinese minister complains of “out-of-control dollar printing”
Posted by seumasach on October 27, 2010
27th October, 2010
Chinese Commerce Minister Chen Deming expressed his concern over the unfavorable environment for China’s foreign trade, particularly the excessive minting of U.S. dollars and the soaring commodity prices on the world market.
Posted in New Cold War | Tagged: Currency Wars, dollar collapse | Leave a Comment »
In These New Times 