JDN, I only know Chinese from a few friends who are Chinese. You are absolutely right about their pride. Right on target with that, but, at some point international monetary reality steps in and dictates what must occur. It's very likely from a that if they don't devalue their currency they will suffer enormous financial hardships. Now, perhaps they are willing to do that, or perhaps they are not, based on "pride" or political reasons. If the yen keeps dropping against the dollar China will devalue. If China devalues, our DOW will go into the low to mid 7000's. All the pride in the world won't change these economic facts. People with a lot of "pride" still have to face economic reality. Still, you could be right, but I'm not betting on it...
Best Regards,
R. Gates |
