TimT

China's Investing in a New Currency... And It Ain't the Dollar

Let's look at all the facts before making a judgement. Yes the Chinese are deliberate, contemplative, and have a long term perspective --they are a remarkable people. But they also have selfish motives just like everyone else. Moreover, they were lobbied for a long time by the developed economies who trade with them to float their currency. Their response was to let their currency trade in a tight range set by them--no real market mechanism there. If they want to play in the world of free market economies then they need to play by free market rules. They didn't float their currency so screw 'em. We devalue our currency and they lose--game over.

The American Crisis and the Case for an Inflationary Depression

Probably a smart man but clearly lacking in any kind of wise judgement. He uses good facts but his obvious internal personal bias causes him to come to extreme and wrong conclusions. Gold only has value because people perceive it to have value--no different from fiat money.