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Author Topic: FT: Brazil in ‘currency war’ alert  (Read 1865 times)
jgarzik
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September 27, 2010, 10:14:42 PM
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Today's Financial Times:  Brazil in ‘currency war’ alert

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An “international currency war” has broken out, according to Guido Mantega, Brazil’s finance minister, as governments around the globe compete to lower their exchange rates to boost competitiveness.

Mr Mantega’s comments in São Paulo on Monday follow a series of recent interventions by central banks, in Japan, South Korea and Taiwan in an effort to make their currencies cheaper. China, an export powerhouse, has continued to suppress the value of the renminbi, in spite of pressure from the US to allow it to rise, while officials from countries ranging from Singapore to Colombia have issued warnings over the strength of their currencies.

Jeff Garzik, bitcoin core dev team and BitPay engineer; opinions are my own, not my employer.
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September 28, 2010, 12:34:41 AM
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http://www.zerohedge.com/article/brazil-confirms-what-everyone-knows-currency-war-has-broken-out

A better source.

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hugolp
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September 28, 2010, 04:26:45 AM
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Yes, since Japan started devaluating about two weeks ago it has spiraled down.

Not only Brasil is devaluating the currency, also Perú and Colombia, and many others are probably doing it but not saying it.

And the Japan-China diplomatic conflict that is going on now in reality is a hidden monetary conflict, because China is buying a lot of Japanese bonds, pushing the yen up.

Isnt keynesianism great? I hope Marc Faber is wrong and this crisis does not end up in a war.
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September 28, 2010, 08:47:52 AM
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Isnt keynesianism great?

The worst is that this reaction of these dumb-ass third world* central bankers isn't really Keynesian.
The reason they want to devaluate their currencies is because they want to boost exports. You know, it's always better to sell than to buy, right hein?

Impressive. It's pure "mercantilism", centuries after it has been proved a wrong economic thought.

And then, of course, the means through which they will promote this devaluation is through Keynesian ideas, what will make things even worse than plain simple inflation. Following a bad idea through horrible means.

I hope Marc Faber is wrong and this crisis does not end up in a war.

+1

* Before the politically correct police jumps on me, let me just say I'm a "third world" citizen.

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