December 30, 2010
While the entire world looks on at the despair being seen in places such as Greece and Ireland, many are failing to see what is fast becoming the worst economy in the developed world, America.
There is not a single developed nation that is as dependent on another country for survival than the relationship the U.S has with China. In the last year, the US has been calling China a ‘currency manipulator’ – and they are quite right in their estimation, however, were it not for China manipulating the Yuan, then the U.S Dollar would have failed a long time ago.
It is because the Chinese have pegged their currency to the U.S dollar in order to keep the Yuan artificially low which benefits the Chinese export market, as many of their products are consumed in the U.S.
This article was posted: Monday, January 3, 2011 at 3:47 pm