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incarnate Post time: 2015-5-3 09:45
Try as we might to explain and justify the exchange rate, interest rate, and banking reserve requirements of the PBOC, in the face of declining manufacturing activity (PMI skidded several times below 50 in the past several months), in the face of decline export income, in the face of factory cut-downs or shut-downs, leading to furloughed or laid off workers, in the face of failure of consumption to go up since the middle class and the working class have less to spend on housing, and other basic necessities, and in face of Japan brazenly devaluing the Yen to take advantage of China's upvaluation of the Yuan, picking up China's export earnings that have been left on the table for Japanese to take (this is just one step short of handing Japan hundreds of billions of dollars each year, but has exactly the same effect, because the same amounts of dollars have been transferred that are hard to trace because the money is left in the market, and picked up from the market), and . . .
with the realization that the fig leaf of China needing to maintain an overvaluation of the Yuan despite its pernicious effects on the Chinese people, "in order to be admitted as one of the IMF reserve currencies", is nothing but a joke, because the end result in the best of scenarios is that the Yuan will become 0.24% of the reserve currencies of the central banks of the world . . .
IT IS PLAIN OBVIOUS THAT THE PEOPLE'S BANK OF CHINA NEEDS TO BE RETURNED TO THE CHINESE PEOPLE BY APPOINTING A 100% PATRIOT TO TAKE OVER ITS REINS, ONE WHO HAS PROVEN HIS ABILITY TO RUN THE CENTRAL BANK OF CHINA, FOR THE PEOPLE, OF THE PEOPLE, AND BY THE PEOPLE OF CHINA, AND NOT BY THE IMF OR THE BANK OF JAPAN - ZHU RONGJI, ONCE FINANCE MINISTER, ONCE GOVERNOR OF THE PBOC, NOW RETIRED FROM ALL POLITICS, BUT A TREASURE NOT TO BE FORGOTTEN IN CHINA'S DARKEST HOUR, WHICH IS NOW.