Americans have been introduced to their first steps as citizen-slaves by recognizing rich Chinese economists and business leaders who have kicked the US dollar to new lows. With a flip comment from one Chinese business man, the US Dollar falls even lower.
P.S. King George remains MIA. Typical. King George has been MIA since the Alabama National Guard. (Far too busy spreading “democracy” in nuclear-rich Pakistan.) Let’s not talk about King George’s failing for now.
The euro broke the $1.47 barrier before retreating a little and the pound climbed above $2.10, a value it had not reached 26 years ago. Other currencies also posted gains against the dollar.
Remarks by Cheng Siwei, vice chairman of the National People’s Congress in China — a colossal dollar investor by virtue of its $1.43 trillion in currency reserves, most of which are presumed to be denominated in dollars — helped drive the dollar lower.
“In terms of the structure of our foreign exchange reserves, we should take advantage of the appreciation of strong currencies to offset the depreciation of weak currencies,” Mr. Cheng said, according to Reuters.
While some viewed the statement as out of step with other officials, it highlighted the new power of state-controlled pools of cash to drive buying and selling. Russia and several Middle Eastern countries, flush from oil and natural gas sales, have similar sovereign wealth funds, and their appetite for assets not denominated in dollars appeared to be growing by the day.
Yes it’s true: While King George fiddles with the Middle East, the Chinese has bought the American Dream. Now they can do whatever they want with it, regardless of what the harem of Republican whores tell you. Enjoy your fried rice and cashew beef!