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No Greatly Anticipated RRR Cut From China, Just More Jawboning: Will It Be Enough
In the aftermath of China's worst manufacturing PMI since the financial crisis, which in turn sent the Shanghai Composite crashing to the "hard floor" level of 3500, below which the PBOC and Beijing officially are seen as having lost control, virtually every China expert and strategist rushed to defend China's policymakers (and its stock market) with predictions that an RRR cut as large as 100 bps is imminent, and would take place as soon as this weekend, a much-needed move to calm nerves that China is in control. This is what we said on Friday:
The sellside set the weekend stage with big hopes for a RRR cut as big as 100 bps which may be the catalyst for the next major leg lower because unless the PBOC delivers, the market will resume sliding on fears Beijing has finally given up on micromanaging and artificially pushing the stock market bubble higher. Case in point, via Bloomberg:
- Julia Wang, Hong Kong-based economist at HSBC:
- Economy’s recovery seems to have lost more momentum, reinforcing already weak market sentiment
- This will weigh on economic activity and labor conditions in coming months
- Expect further policy easing, including another 25 bp policy rate cut and 100 bp RRR cut in coming weeks
- Zhu Qibing, Beijing-based analyst at China Minzu Securities:
- Aug. flash factory PMI components reflect both weak domestic and external demand
- Further currency depreciation may not be the solution to lift Chinese exports, according to their relationship in recent years
- PBOC policy may not effectively transmit to real economy, but further RRR cuts needed to counter liquidity shortage
- Expect RRR cut at end of 3Q
- Jacqueline Rong, Beijing-based economist at BNP Paribas:
- Aug. flash PMI data reflects slowing property investment and manufacturing activities; infrastructure spending may have yet to pick up this month
- Slowing economic activity, together with equities’ performance, may risk 3Q GDP falling below 7%
- 7-day repo rate edging higher this week even after PBOC injected large amount of cash via OMOs and MLF; this suggests capital outflows may be accelerating
- Timing of another RRR cut is nearer, size of could 50-100 bps
- Nie Wen, economist at Huabao Trust:
- Yuan still has room to devalue as its REER is still relatively high vs other regional currencies
- Rising capital outflows are not a result of weakening yuan, but rather expectations for slowing economic growth
- PBOC easing is still much needed to counter the economic slowdown; another RRR cut may arrive as early as end of the month
Well, the weekend - traditionally the time when the PBOC announces any interest rate or RRR cuts - has come and gone, and... nothing. Which, as we further noted on Friday, was the biggest risk for Chinese stocks:
As noted earlier, everyone is expecting a 50-100 bps RRR cut this weekend. The risk is there isn't one http://t.co/oU5t45ERWw
— zerohedge (@zerohedge) August 21, 2015
Why did China do nothing, knowing very well the world's spotlight was aimed squarely at it over the weekend to do something, anything, and intervene in a forceful manner thus halting the outright liquidation that has gripped not only Shanghai but all the world's other capital markets.
One explanation is that, as was revealed two weeks ago, China is modestly pulling out of the "plunge-protection" business, to see just how big the stock market fallout is/will be. Indeed, now that China is actively involved in the FX market on a day to day basis following the depegging of the CNY, it may have its hands full with micromanaging every downtick in both stocks and the Yuan.
Alternatively, China is just too confused and naive when dealing with market demands for an imminent bailout, as happened on Friday with Chinese stocks, which crashed nearly 5% in a clear signal that more has to be done, demands which were subsequently echoed in the US as well, as now it is Yellen's turn to "assure" markets that selling is meaningless, at least according to America's "most trusted personal finance expert" Suze Orman.
Or perhaps it is even simpler: it could be the China, approaching the end of its intervention firepower and also unwilling to go back to square 1 in the monetary intervention camp, namely rate cuts, will henceforth engage in what its western peers do all the time: jawbone, spread rumors, and otherwise intervene verbally and with promises but not with actual deeds. This may explain why this morning the WSJ dedicated an entire article to what everyone else had already known should happen over the weekend: an RRR cut. To wit:
The People's Bank of China is preparing to flood the country's banking system with new liquidity to boost lending, according to officials and advisers to the central bank, as a weaker currency could spur more funds leaving Chinese shores.
The step--which involves cutting the deposits banks are required to hold in reserve--would signal that the Chinese central bank's exchange-rate maneuvering in the past two weeks is backfiring, forcing it to resort to the same easing measures that so far have failed to help spur economic activity.
The move, which the people say could come before the end of this month or early next month, would involve a half-percentage-point reduction in the reserve-requirement ratio, they say, potentially releasing 678 billion yuan ($106.2 billion) in funds for banks to make loans.
It would be the third comprehensive reduction in the reserve requirement this year. Another option being considered at the PBOC is to only target the cut to banks that lend large amounts to small and private businesses—the ones deemed key to China’s future growth—though that strategy hasn’t proven effective in the past in channeling credit to those borrowers.
None of this should be news to anyone who has followed the Chinese stock market re-crash in the past month, where the entire 18% rebound has now been washed away, and where China is now the only world market supported by key support levels, both chartist and psychological. Thus there is one big problem with the WSJ story: not only is everyone aware of it, but everyone demands actions, not words, nor promises of a rate hike "before the end of this month or early next month", in order to prevent the SHCOMP from tumbling all support levels, and sliding back to its multi-year trading range of just around 2000. Should that happen, China will have bigger problems than just your plain-vanilla hard economic landing to worry about: it may be more concerned with civil disobedience and outright violence as tens of millions of "traders" suddenly feel betrayed by their government. Recall that as Nomura warned two months ago, a market crash "Poses Great Danger To Social Stability."
In other words, today's China open, and more importantly, close will may be the most closely watched yet. Because should the Chinese National Team prove too weak for the tsunami of selling now that the PBOC did not cut the RRR, and confirm that China is the first central bank to have lost control, then what happens in European and US markets after the China close could make last week's S&P decline seem like a walk in the park.
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No apparently real does not "reco'nize real", at least when it comes to reserve reqs.
Will you accept my chem warehouses as collateral, Wu?
Sum-Ting-Wong
The sandstorm continues this morning with Middle East markets getting WHACKED hard:
08.23 Stock Market Sandstorm Continues in World Markets – Saudi Arabia down 7%"micromanaging every downtick in both stocks and the Yuan"
Sounds familiar
Dont worry everyone. Our buddy JACK LEW was on the phone last week with CHINA trying to hammer things out so that they can keep the ILLUSION that the world economy is doing great!! I expect the DOW to gain 500+ points by the end of trading on monday. Keep the peace.
The Chinese government is perfectly willing to quickly and silently liquidate troublesome swaths of their population (and might even go so far as to acknowledge it).
It is not eager to do so and it would prefer not to have to, but to preserve order and sustain the Party Apparatus they have no qualms about having to “break a few eggs” to save their precious omelet.
China will do what it thinks is best for China and the decision will be political as much as anything. Now whether it is a good decision or a bad decision is a different subject.......
Just curious if two recent detonations may help guide PBOC rethink another devaluation?
You rike flied rice!!!??
China is a part of the globalist system. Every single thing about this analysis is premised on the fact that they're not. The PBOC is not "losing control" of anything. They are doing exactly what they're supposed to be doing: crashing the global stock markets just in time for September.
Sad that the "outsider" meme has to be refuted here as well.
A compelling thought, but then are they sabotaging their own chemical plants?
I'll venture the neocon anglo zios genuinely contend with the russo sinos.
Russia wants the wiki on "charas" censored. It has a recipe they don't like.
China has been invited to the Party, but I can assure you the real Party is in the back room, and Charlie ain't invited.
brain candy real party
https://www.youtube.com/watch?v=8FSErRx6EAM
China will suffer with the rest of the world when things collapse. However, China will emerge from the collapse as the global economic powerhouse:
> Modern manufacturing facilities
> Modern cities ready to be inhabited
> 20,000+ tons of gold
> BRICS
> and...the list goes on and on...
Remember, also, that the Chinese stock market is a small piece of the economy as compared to the American stock market, which is a major piece.
China bashers will be in for a rude awakening since they think short-term.
If there's one thing the Chinese have proven capable at, it is long-term planning. Every pundit from the head of the Fed to the little old lady down the street made fun of China for building "ghost cities", but I have always suspected they exist for a reason.
If you live in a developed country with no manufacutirng, little engineering, high cost of living, and crumbling infrastructure a brand new, state of the art, high tech "ghost city" is something to look at with envy, no ridicule.
the jews want, and will be granted, Hong Kong for a 'second' homeland.... the ghost cities in China were built to accept native Hong Kongers who will be forced to leave when the jews move in.......
If you haven't visited one of those 'ghost cities' you should if possible. They are spotless and have solid infrastructure in place. So not all of China's QE filled bankers pockets like in the West, esp the usa. They actually built useful stuff with a large portion of that money -- bridges, roads, high-speed trains, etc -- while these infrastructures are crumbling in the usa and the EU.
Zero crime, clean streets, and plenty of room. Sounds goo dto me. They just need to get their pollution under control which I'm sure they will similar to the usa post-industrial revolution.
Good point, the Chinese have ridden the tide of Fiat currency and turned a lot of it into hard assets, when the fiat bubble bursts the tangibles will still be there - in Chinese ownership.
How much of Europe/US is now Chinese owned.
If you can't touch it you don't own it - is that not what they preach in ficght club??
Hard assets - housing - didn't prevent 2008.
I have visited some of their "ghost cities" and they are very much as Loki describes.
I suspect there is some method in what appears to be madness to us.
~ Tarjan
Ad if there was no more metod than there was in the USA in 2007?
"Zero crime, clean streets, and plenty of room. Sounds goo dto me."
Ya, just wait until about 8 billion people move into them!
Zero crime, clean streets and plenty of room in a ghost city? Hoo-da thought?
My humvee is ultraeconomical too.... so long as I dont drive it.
Ghost cities exist as a result of bubblenomics and malinvestment. It was all about creating "productivity" to support jobs and to create some ROI for those with access to free money. Whether these cities provide value in the future is an entirely different question.
Entropy begs to differ.
Yes, a nice apartment isn't all that valuable if it leaks cyanide, radiation, and smog. There is wealth you can touch and debt you can neither touch nor see.
You assume those facilities and cities won't be smoking craters; there's little to validate that position in the event of a real collapse.
What country in the world is going to target empty cities over the currently filled population and manufacturing centers?
The difference between China (well, all the North-Central Asian and Central African countries really since the Chinese have been building everyone "ghost cities") and the West is that our survivors don't have state-of-the-art, high technology, ready-made cities to retreat to.
you understand very little about the after effects of a nuke exchange...and where would the occupants of these ghost cities come from when the not-ghost industrial centers are targeted?
I'm sure they can bring every backwards ass hick out of Qinghai, but they will do little more than look at any remaining start of the art high tech and blink politely while waiting for food.
You think those ghost cities are 'prepper' artifacts, when in reality, they're just the side-effect of bubblicious stimulus and interventionism gone wrong.
China does not have an issue with feral savages who turn said ghost cities into New Baboontown. If you hand one of those empty high-tech cities over to a feral chimp-pack, it'll look like 8-Mile in less than 2 years.
Yep like south side Chi-town or as you say the Motor City
Furthers a nuke-Armageddon, then ghosts will live in the ghost cities
Furthers a nuke-Armageddon, then ghosts will live in the ghost cities
So... the old wreck my car and burn down my house and have a fresh start with the the insurance money strategy, eh?
Agree. China creates global crash and then emerges as top dog. USA rachets down another notch after crash on its longterm trajectory to shitsville.
+1. Lonestar. Good point. While both US and China lie on economic stats., China has seen only a 'reduction in growth rate', whereas the US is in an 'economic death spiral'. People get loss in the numbers and don't not see the basics.
China devalued to maintain exports, while the state continues to built a domestic market. This is a sound basic. While Americans drive on pot holed roads buying Chinese products at Walmart, saying all is right in Oz, bashing the other guy along the way.
I agree with everything on your list, LoneStarHog, except the one citing modern, ready to move in cities.They have not grown organically for people needing a place to live their lives, but as an investment to sit on with a hope to sell in the future at a handsome profit.
The infrastructure in these 'ghost towns' has not been tested in the real world.
What happens when 500k new residents start turning on their taps, flushing the toilet, and plugging into the electrical grid in an untested city that has been vacant for ten years? Do you think the buildings have been getting proper maintenance over the years?
These 'modern' cities are thrown up on the cheap with cut corners, substandard materials, and of course, practically non-existent engineering standards and inspections by corrupt officials on the take. Take a look at the collapse of a 13 story building that was under construction at the Lotus Riverside residential complex on the outskirts of Shanghai, China in 2009. The building was revealed to be supported by hollow concrete pilings with no rebar support!
Here is an excerpt from a New York Times story following the collapse of numerous schools during the 2008 Sichuan earthquake:
'In the aftermath of the quake, a handful of bricklayers and builders have visited Xinjian Primary School out of professional curiosity. A builder from nearby Meishan City recognized the faulty columns and flooring problems. Then he picked up a chunk of concrete from the rubble and rubbed it in his hands.
“The ratio of sand and concrete isn’t right,” he said. “It fell down because of cheap materials." '
"However, China will emerge from the collapse as the global economic powerhouse"
NOPE. Not for a long time afterwards. The last linked article below makes me wonder if the Fed isn't so clueless after all considering what China has been suckered into via, as usual, greed.
Forget the Fake Statistics: China Is a Tinderbox
August 10, 2015
http://www.oftwominds.com/blogaug15/China-tinderbox8-15.html
China, the Hollow Dragon
August 17, 2015
http://www.oftwominds.com/blogaug15/hollow-dragon8-15.html
Could the U.S. Become the Unrivaled Superpower Again?
Jan 29, 2015
Answer: very likely for very simple, fundamental post-crash FX reasons that don't rely in any way on the Keynesian economic theory garbage.
http://www.oftwominds.com/blogjan15/superpower-US1-15.html
Totally contained.../s
I get the strange feeling China might be wanting a global collapse.
They are not alone in that feeling, but I do not wish to project.
I am not comfortable radiating microagression.
I think they understand that it is inevitable. They are far more realistic than Western "planners"; as in The American Dream.
Well said bucko. Until one day, the Dream becomes the Nightmare.
And without consequences too, can you picture that?
2nd half of August isnt typically a month of much equity market movement. The central banks better line up their playbooks for Oct. Choices: (1) more of the same, i.e. QE/NIRPvana; (2) financial judgement day; where the insolvent go BK; (3) something new, i.e. global .gov and a single world currency; and (4) a good ole world war.
This round will be #1. Those other options come later.
I'm looking at a 25 year chart of the Shanghai Composite, and I fail to see the "crash".
http://finance.yahoo.com/echarts?s=000001.SS+Interactive#{%22range%22:%22max%22,%22allowChartStacking%22:true}
Hysteria, anyone?
Point made.Just a reversion to the long term trend line.
I'm begining to think its a deliberate move now seeing as how they love central planning.
Someone let go of the steering wheel, and now they are back in control.
Which, being the exact opposite of what everyone thinks, is probably
correct.
"Good gawd, someone do something!!! I'm on vacation, you have no idea what it's really like out here!!!" - Suze Krammer
"Help us Obi-Yellen, you're our only Pope!"
lol...it does have a certain air of statist desperation to it doesn't it? I guess they're all in taxable stawk accounts and can't stomach the thought of doing their "patriotic duty" and selling.
Well now, I guess the central planners will just have to grab the other leg & shake a little harder now to get at all those yummy taxable profits left inside that bubble.
Ying & Yang or the devils always in the details or...sumpin ;-)
And so is the day of your demise, all you've seen are the decoys so far.
OUCH, that hurt.
In the Hampsteins?
There or some other Free Money Printed While U Wait paradise-on-earth Keynesian enclave they've built for themselves as a testament to their economic & fiscal brilliance.
It's why I don't go for the whole "Every American taxpayer owes X to pay off the debt." meme. I don't owe jack shit, I'm not now, nor have I ever been a crony-socialist where someone else assumes all the risk and I take all the profit.
Why do you spend so much time thinking about it then?
Summer flies getting to ya? it is that time of year.
If a country is heavily dependent on exports - why would it want to crash the rest of the world economies?
Wouldn't that be like trying to drive all your customers out of business?
Only those who want additional credit extentions. Think of as changing the airline miles program, forceing you to get all new miles.
More like driving all your competitors out of business. The people will still need to buy and China will be the only producer. China even seems to be increasing the amount of food items it exports.
And then there is the eliminating of the nonnuclear threats and world dominance of some countries that have used their military might to destroy/destabilize parts of the world while taking control of natural resources.
Because buying (every)things on the cheap is the new bloodsport.
China has a fairly (and I did say fairly) homogenous ethnic mix. This is a strategic advantage versus the West, particularly if one's population is calm, intelligent, and useful. If you cut the EBT cards off in this nation, you'd have Ferguson . . . everywhere. China knows this, so they might just try to create an event that would stir up the chimps from sea to shining sea.
China [luckily] doesn't have any kockout punchers.
Too funny. The only people that will have problems are the libtard gun grabbers. If something bad happens it will be "open season" on the urban fauna, and they will most likely do an amazing job of decimating their own populace first
Not cutting is being in control.
Based on the 'success' of easing by the United States, Japan, and Europe, I would think the Chinese may have learned about what NOT to do!
The press has been turning a bit negative on the leadesrship in China. The latest story out this weeked: efforts by Li to lower financing costs for SMEs isn't having much effect.
Li Keqiang Losing War on Financing Costs; 70% of SMEs Have Seen Financing Costs Rise in 2015I wouldn't worry about China. The magnetosphere and heliosphere are collapsing and small solar eruptions are now knocking out flights among other things. Let's see what happens Monday.
One thing I haven't seen touched on if China goes completely tits up is the German export machine that props the Euro up.
Expect Mr Draghi to revisit the printing presses with a sympathetic devaluation some time soon, because we all know who actually calls the shots at the ECB.
Enough for what.... Enough is a word I despise, it is measurably mis-understood; from an inviting sort of way.
America is now run like a Southern plantation. A single rich plantation owner, a few middle class overseers to control the slaves and stables and crops, and a whole mess of slaves.
Not that different than what China or Japan or Thailand had in their past.
Today America has 'faith in finance' while China has 'faith in factories'.
Who gives a flyin' fuck how low they go. Stock markets are a secondary casino, er market, as we all know and the most easily manipulated market of them all. If stocks are priced at their true value great. If too low there will be buyers, if too high few buyers but more sellers....in a real market. Let them crash and let money trade hands as it will teach many a big lesson that the stock market is infested with sharks circling just off of blue chip reef. Caveat emptor As for the holders of derivatives, more so in the bond maeket lets have that scenario wiped clean so they can all stop pretending how much money they're gonna be worth when thew payoff comes. What a friggin mess......
Markets go through three stages:::complacency , concern, and capitulation. After many survey calls, it looks as though we are still COMPLACENT. To wit, mostly smiling faces on CNBC recommending BTFD.
The BlowHorn will say BTFD all the way down. They are all brainwashed and in deep outer space.
China is about 3,000 years old.
I don't see it collaping any time soon.
I am still waiting for someone else to join the dots.
Forget the bullshit and hype about China losing the plot.
Lets look at some fundamentals.
First, they assume that the Chinese are stupid. Nw that alone is the dumbest comment ever, because to assume the Chinese are stupid is to assume they are more stupid than the Fed. So look at what we have, that fucking ripe bitch yellen has a fucking brain the size of a gnats,and bulltard, a fucking retard if ever I saw one, a lobotomized pig is smarter, in fact not one of them has the brains of the heaps of fucking monkey shite adorning the Whitehouse. courtesy the Kenyan faggot in residence, and if you want the fucking knock out blow, Well, these fucking morons listen to cunts like Krugshit.
For fucks sake, does anyone in their right minds and not on mescaline actually believe the Chinese would listen to a cunt like krugshit.
Now start joining some dots, Who had hundreds of billions parked in Belgium secretly. and where is it now.
Who has been buying every spare ounce of gold everywhere and pretending they have far less than the really have.
Who says they will crack down on capital flight from China and then has a PBOC branch in Guangzhou secretly tasked to do precisely that until found out.
And who is allowing back door methods to proliferate and turn a blind eye.
I know because I do it. And its simple, I set up $20 corporations in London, no address, no telephone just a mark on a wall of a box office and a bank account and transfer the shares to a Chinese company who wants to get out as little as 50,000 RMB a year, by simply invoicing them with upfront payment and a year or more to delivery for fantasy goods with an option to cancel at any time. Do you believe a single official in China is going to even want to now about it.
I know for a fact they do not.
China wants the trillions of fiat it printed to flood the world and that is precisely what it is doing and buying real assets offshore in the process.
Who just devalued the currency at precisely the right moment to inflict maximum pain on the fucktards at the Fed. Who the fuck is going to listen to silly the yellen cow now when she kicks off QE 4 next month instead of her shit about raising rates.
Now look at the rest of the picture.
Which bunch of retards wants to start wars everywhere to keep their hegemony going with particular emphasis of tacking China because they see china as the dominant threat to their global hegemony.
Now look where the fucking heaviest blows are going to fall.
China built in 3 years what it took the US to build in infrastructure, including tens of thousands of state of the art factories and brand new cities.
So what did the US build, fuck all is what, instead it pissed a couple of trillion on financial engineering in buybacks and dividends and options and its billionaires pissed it all away or salted in tax havens. And 2/3 rds of 4/5 ths of the square root of fuck all went into capex.
Ans infrastructure crumbling all around
Then went full retard by wasting trillions on fracking to poison the water and set off earthquakes and train wrecks, only to see it all come crashing down with oil, a dump started by,, guess who, Yes China, despite all the bollocks from the shit for brains oil fell because global demand is crashing and who is the one not buying that every half wit had hopes pinned on. Yep good ole China.
Now some one, somewhere, and not that rancid moron krugshit tell you don't believe that China knew that the days of blowing its 21 trillion budget would come to an end and growth too.
So now China can devalue at its leisure, knowing full well that every country in the world is going to get desperate for dollars to stay afloat with their debt and guarantee the rise of the fiat ponzi tat that is worth nothing in reality.
Manufacturing in the US without any capex for half a generation is fucked, SME's are closing doors or not stating at record rates, Poverty is growing at rates unimaginable with SNAP at over 45 million and rising and a bunch of fucking wet behind the ears worthless fucking libtards in charge with more poncy fatuous regulations and its fixation on making faggots and immigrants feel loved than actually doing a fucking thing to aid rather than hinder the economy.
Does anyone seriously think Americans whether the flabby fucking balls of lard watching fucking kardashian fatass having it so soft for generations and so used to a life on handouts can survive when it crashes. Or the mealy mouthed arty farty mob or the wankers in SF in their $1.25 million sheds and shacks.
Does anyone really believe when push comes to shove that the Chinese, who only left that cunt Mao behind a single generation ago that they forgot how to survive hardship with 60% plus still eking a living on the land.
China planned this all along, they saw the ineffably stupid fat fuck unshaven tramp Ben Wanker and knew the time was ripe to get the show on the road.
When the cretinous yellen slag took over it sealed it.
They stole the manufacturing, well had it gifted really by the fucking Fed and its crony bunch of criminal bankers and crony corrupt executives, and stole a twenty year march on the US in just 3 or 4 years
Now china has its currency flooding the world, its world banks are open for business, it is in bed with China Iran Brazil and India and has the assets all bought and paid for around the world .
And it is not wasting trillions on the fucking neocon cocksuckers pathetically fucking about with the sand pigs in the Middle East.
The fucking zionazi neocons started this war and then put the dumbest fucks on the planet in charge of the finances with fucking so called elite academics like krigshit their to advise them with his fucking shite.
China saw its chance and economic war is now aimed squarely at the retards at the Fed and the state dept.
My money is 100 % backing China
OK tear it to shreds now.
All we have to do to screw China is to export 10 million breeding gimmiedats. It really is that simple. Watch those shining high tech cities become New Monrovia, watch their race interbreed and lose a standard deviation of IQ, and watch commerce activity grind to a halt with an equally proportionate spike in violent crime.
Sure....because no white person ever contributed to the demise of US manufacturing or the FSA.
Lulz.
damicol
Fantastic rant. More truth than not.
The one thing I would disagree with is that Central Planning will lead China (and the rest of the BRICS) to much grief.
I agree with much of the analysis, but too many f-bombs...more than one is one too many. As the language of a nation is degraded; that nation goes in that same direction. Women are generally the last ones to follow that path and they already have. Really; look it up.
Imagine this.
When the Chinese population have lost enough on equities, the Chinese Government offers to compensate them by paying them over the odds for their gold.
Punters get made whole and can now afford to buy property in ghost towns.
Gold gets revalued "inadvertently" (not an act of currency war no sirree!) and the State now has vast amounts of it.
How could they pay for all this?
Dumping their USTSY.
Creates a consumer class, acquires enough gold to back their currency and destroys the currency of their biggest enemy.
Overnight.
Sweet move Ken.
Suze Orman, if she takes her own advice, will probably be panhandling for a living with Jim Kramer.
I think at this point the Fed has to protect the dollar.
This in a little while ago from John Galt: "In Desperation Move, China Allows State Pension Fund to invest up to 30% into Stock Market"
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http://johngaltfla.com/wordpress/2015/08/23/in-desperation-move-china-al...
Chinese Stocks & FX Keep Tumbling, Tumbling and Tumbling …
http://forum.prisonplanet.com/index.php?topic=272403.0