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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 366.51

+1.2%

Nov 5 4:00 PM EST

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To: KyrosL who wrote (57994)	11/16/2009 1:24:41 PM
From: Maurice Winn	2 Recommendations Read Replies (1) of 217549

It looks as though China has it right: <Unfortunately, the Chinese don’t seem to get it: rather than face up to the need to change their currency policy, they’ve taken to lecturing the United States, telling us to raise interest rates and curb fiscal deficits — that is, to make our unemployment problem even worse.> But China should add, "Repeal the minimum wage laws" so that people can get jobs instead of making it illegal to work. If people around the world think that China is getting sales of Made in China by selling things too cheaply, they are free to offer to work for less pay. They don't do that so they are obviously happy with what they choose to accept as pay. Krugman thinks the yuan is too cheap. It is perhaps too expensive. The trade deficit is because people in China are happy to be given US$ in exchange for goods. Holding mountains of US$ seems a dodgy idea - like backing a drug addict to give up drugs or an alcoholic to give up booze. The USA will continue to pixelate umpty mega$billion more of them because they will not be able to give up their fix. Government employees like their sinecures. Empires don't just give up their empire and kings don't abdicate to become monks. They like the manner to which they have become accustomed, the cash flow, the exotic fine hotels, sumptuous food, lovely women, the status and power. It's true that being a permit clerk in a California county is not quite a kingdom, but it beats competing with Mexicans for a job picking beans in the sun at less than minimum wage, with no benefits. Mqurice

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