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Follow on Google News | New Western Economic Policy: “Better Them Than Us”.“Continental-Trade” “Every man for himself” rule has supplanted the “coordinated effort” rhetoric of the G20.
By: Paul Vermolen Just this week in the US, the House of Representatives Ways and Means Committee backed legislation that permits America to levy duties on imported goods from nations with fundamentally undervalued currencies. No doubt, the Chinese will be keeping a close eye on how this develops in the full house but according to analysts at “Continental- One “Continental- China has proven remarkably adept at this but the US is just as guilty of the offence given its propensity to print money and issue record levels of debt. Two weeks ago, Japan intervened in the forex markets to subdue the strength of the yen to ease the pressure on its export giants like Toyota and Hitachi. The euro has rallied against the dollar as has sterling so how long will it be until Jean Claude Trichet and Mervyn King tinker a little more with their currencies? “Not sure”, the “Continental- So it looks as if we are all faced with earning our money in currencies that soon won’t be able to buy very much in the shops or take us very far away on holiday. The price of gold hit a record high this week when it traded at $1300 per ounce but “Continental- End
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