Oh boy, here we go, doing exactly what China warned against, see my previous posts listed below:
Geithner Steps up China Yuan Policy Criticism
Chinese think tank warns US it will emerge as loser in trade war
This was one of the triggers I discussed in that post. If China retaliated by selling off (dumping) our treasury debt, then we would see the Federal Reserve need to jump in a purchase our debt by printing money to do it. Another trillion dollars of inflationary printing, with China alone, not counting others that pile on to the sell off. It would crash our currency over a short period of time.
This could set us up for the coming single world currency and vulnerable/open to the single world government scenarios as we search for stability. As I have stated above, we don’t know what will trigger it, but it will be interesting to see what is the final straw…
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US Congress committee approves China sanctions bill
A US Congress committee has approved a bill that would place retaliatory trade sanctions on China.
It means the House of Representatives – the lower chamber of Congress – will vote on the bill next week.
The bill would allow the US to impose import duties on countries who have fundamentally undervalued currencies.
To become law, the bill would also need support in the Senate, which is less certain ahead of mid-term Congressional elections due in November.
The US accuses China of holding down the value of its currency, the yuan, in order to give its exports an unfair price advantage.
(more…)
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