All Hail China

Thursday, July 21, 2005
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For telling the US to get lost. China will no longer peg its currency to the US dollar. From Euro-Pacific Capital comes Peter Schiff’s commentary on the China no-peg:

In conclusion, July 21, 2005 will be another date likely to live in infamy. This time the aggressor is China not Japan, and the bombs are purely economic. Though there will be no immediate loss of life, and no American retaliation, the financial damages will be devastating. History will remember this date as the beginning of Chinese independence, and the beginning of the end of America’s ability to depend on China.

Will we soon see an end to the Bubble economy? Stay tuned for further information.

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