China unleashes the new yuan
Monday, April 16, 2012
Loosened restrictions on the nation’s currency to shift trade patterns and build a rival to the U.S. dollarKEVIN CARMICHAEL
WASHINGTON — In a shift that could lead to a reshaping of the global economy, China’s government has loosened the tether on its currency, signalling the determination of the country’s leaders to make the yuan a rival to the U.S. dollar
https://secure.globeadvisor.com/servlet/ArticleNews/story/gam/20120416/NWCHINAYUAN0416ATL
This same story is in today’s Wall Street Journal. The WSJ allows readers to post comments and I have posted mine with a suggestion on how the US could act to turn aronund its massive trade deficit with China.
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http://online.wsj.com/article/SB10001424052702304299304577345552390735874.html#articleTabs%3Darticle.
In 11 years, I have seen my USD income double while my eral income has remained almost the same. While inflation has taken its toll, the decline of the Dollar has made me seem richer and richer and more “fortunate” and the US believe that I should share in my “fortune” by paying for the services that they get and do not pay for.
What is worse, is that i am disallowed by the US to make tax deferred tax savings, and with the decline of the dollar, my meager gains on retirement savings and pension will be taxed at 127% by the US alone. When the Bush tax cuts expire, that capital gains tax will jump to almost 300%.
f the Dollar takes its rightful long term position well below its current inflated value, then all of these problems amplify. We will all be 1%ers in the eyes of the US.
China will not obey FATCA. They have everything to win and all of the winnings will come from the greed and profligacy of the US.
@zuludogm
Interesting comment – would you be willing to provide an example to take me throught this better?
Thanks,
FATCA will undermine investment in the US.
China will be the beneficiary.
Nice job Mr. Levin!
You deserve a medal — from the Chinese.
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