The equities markets were down worldwide today as were most commodities markets except for gold. The Dollar continues its slide and China isn’t happy because it’s cheap Dollars that has been driving the markets up. The markets are already overvalued and this will either cause the mother of all market crashes or spark hyper inflation and then a crash. China has been manipulating its currency for decades and resents the US doing the same thing and more.
Obama's last stop in Asia was in South Korea where he was very warmly received. He returned the warmth by promising to push for a free trade agreement between the US and Korea.
Obama’s Sec. of Treasury appeared before the Joint Economic Committee of Congress today and was not warmly received. Liberal Congressmen want his resignation and the Republicans smelling blood jumped on him too but he didn’t hesitate to point out it was Republicans that were in charge when everything fell apart and that they are wrong about everything.
All true, but Tim Geithner has a lot of explain’n to do just the same, he has been up to his eyeballs in current practice of shoveling money to the Wall Street Banks that are driving the market bubble. Money created out of thin air is flowing through the banks and into markets worldwide. The lone economic super power in the world told Obama how displeased they are about it when he visited them this week with hat in hand.
Congressman Barry Frank’s new legislation will force all foreign exchange currency trading to go through a central clearing house and that has the foreign exchange bankers all up in the air. They are warning that transparency and regulation will bring on the end of the world. The blood sucking leeches prefer to keep the lights turned off.
Obama is apparently trying to fix our problems with a "just print money" monetary policy. China has been eating our lunch with their monetary policy but they also have a trade policy, a policy on manufacturing, an economic growth policy, a health care policy and a bunch of other policies that we just leave to predatory corporations. The kind of criminals are in charge here that end up on the organ market in China. www.prairie2.com