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Thursday, November 4, 2010
China schools America: 'Printing Worthless Dollars is a HUGE RISK. We will build a FIREWALL'.
Posted by kotang at 7:52 AM...no doubt similar to their Great Wall.
Reuters (h/t Drudge)...
Thanks! for noticing.
Reuters (h/t Drudge)...
"..a few wise Westerners lament".U.S. dollar printing is huge risk - China Central Bank adviser
Nov 4 (Reuters) - Unbridled printing of dollars is the biggest risk to the global economy, an adviser to the Chinese central bank said in comments published on Thursday, a day after the Federal Reserve unveiled a new round of monetary easing.
China must set up a firewall via currency policy and capital controls to cushion itself from external shocks, Xia Bin said in a commentary piece in the Financial News, a Chinese-language newspaper managed by the central bank.
"As long as the world exercises no restraint in issuing global currencies such as the dollar -- and this is not easy -- then the occurrence of another crisis is inevitable, as quite a few wise Westerners lament," he said.
Thanks! for noticing.
Labels: China, FAIL, Federal Reserve, Voodoo Keynesian Economics
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