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China dumps dollar
The timing of this is not a coincidence. I believe the Chinese will do whatever they can to disrupt markets in the lead up to the election. An effort, probably coordinated with Soros, to topple American capitalism through revolution at the ballot box. Not this time, perhaps, but they have enough to keep trying until they succeed.China cut its holdings of long-term Treasuries by $21.2 billion in June to $839.7 billion, a U.S. government report showed yesterday. Total Chinese investment in U.S. debt declined 2.8 percent to $843.7 billion, the least in a year, following a 3.6 percent slide in May. That's a lot of paper to put on the street. The effect is not immediately dramatic, but the cumulative effect will reach a tipping point. China, Americas largest creditor, is cutting back after scrapping its currency peg in June, giving it less reason to buy dollars and invest them in Treasuries. China is also turning more bullish on Europe and Japan, purchasing bonds of both nations. Posted by: Nimble Spemble 2010-08-17 |
| http://www.rantburg.com/poparticle.php?ID=303572 |