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Originally posted by Mr Tranny
reply to post by spy66
Uh…….. Considering we are a net exporter of meat, and grain….. there evidently is enough cows….. pigs and even buffalo, to go around for us, and a lot of people besides us….
If the US stopped exporting grain, then the majority of the people in Africa will be dead from starvation in a few months.
Originally posted by Dragon33
Very misleading title...
Shame, shame, shame...
SEOUL (AP) —Leaders of 20 major economies on Friday refused to back a U.S. push to make China boost its currency's value
The G-20's failure to adopt the U.S. stand has underlined Washington's reduced influence on the international stage, especially on economic matters.
The biggest disappointment for the United States was the pledge by the leaders to refrain from "competitive devaluation" of currencies. Such a statement is of little consequence since countries usually only devalue their currencies — making it less worth against the dollar — in extreme situations like a severe financial crisis.
The statement decided against using a slightly different wording favored by the U.S. — "competitive undervaluation," which would have shown the G-20 taking a stronger stance on China's currency policy.
The crux of the dispute is Washington's allegations that Beijing is artificially keeping its currency, the yuan, weak to gain a trade advantage.
U.S. business lobbies say that a cheaper yuan costs American jobs because production moves to China to take advantage of low labor costs and undervalued currency.
A stronger yuan would shrink the U.S. trade deficit with China, which is on track this year to match its 2008 record of $268 billion, and encourage Chinese companies to sell more to their own consumers rather than rely so much on the U.S. and others to buy low-priced Chinese goods.
But the U.S. position has been undermined by its own central bank's decision to print $600 billion to boost a sluggish economy, which is weakening the dollar.
Friday's statement is also unlikely to resolve the most vexing problem facing the G-20 members: how to fix a global economy that's long been marked by huge U.S. trade deficits with exporters like China, Germany and Japan.
Americans consume far more in foreign goods and services from these countries than they sell abroad.
The G-20 leaders said they will try to reduce the gaps between nations running large trade surpluses and those running deficits
Originally posted by morder1
EDIT: Yes what the poster above said, buy silver!!! it will protect your assets at the minimum, what have you got to lose?
China and Russia are gradually revolting against the U.S. dollar. This latest move to shift bilateral trade away from it is significant in itself because China-Russian trade
Moreover, as this policy extends to Russian exports of oil and natural gas to China, it threatens the global "petro-currency" status of the U.S. dollar.
Russia is already the second biggest oil exporter and the biggest natural gas exporter in the world.
In other words, the growing importance of Russia and China in the global energy picture -- and their phasing out of dollar usage for trading energy commodities -- would marginalize the status of the dollar.
Read more: www.ibtimes.com...