Commentary March 6, 2004

China has also anchored its currency to the dollar to stabilize it. So when China's currency threatens to go down, the dollar absorbs the loss and is reduced in value, while China's currency remains at the same place. So China's currency is stabilized to the degree that the US currency depreciates... Really great ideas Greenspan has... Also China has huge tarriffs for the US to sell them products, but the US gives China all these deals where immense amounts of US currency is pumped into China, so the wealth of much of America is actually siphoned into China. Meanwhile Japan is underwriting American debt so we can keep buying stuff from them. America just consumes, and is a debtor nation on the way to becoming a banana republic. China actually is the big producer among nations, and America is producing little that the world wants. China may become a superpower, but the US won't be soon, as Russia's economic fate will be America's in the next 3 years or 5 at the longest.

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