Replies to post #394469 on Zeev's Turnips Patch-No Politics (ZEEV)

[George the Greek]

OT They drive a Hummer, too, right?

[marketmaven]

China Tells US Treasury to FUKYU
(Agreed, as Volcker says, the final crash will be worse unless someone acts first to restrain the speculation and manipulation- US? China? Japan? "Caribbean"? NAAAAAAH)

China vice-premier: no yuan schedule
Conditions, not pressure, to determine timing –report

By MarketWatch
Last Update: 2:31 AM ET May 23, 2005

TOKYO (MarketWatch) - Chinese Vice Premier Wu Yi said the country has no timetable for lifting the dollar-peg on its yuan currency and will not do so unless conditions are right, according to a published report Monday. "As for when we will conduct the yuan rate reform, there is no timetable," Wu told a forum in Tokyo, AFX-Asia reported. "If the conditions are right, we will conduct reform voluntarily, even without pressure from foreign countries.""If the conditions are not right, we will not carry out the reforms, no matter how much pressure foreign countries exert," she said. "In a word, we will abide by market rules, but we will not succumb to external pressure."

China's trading partners are increasing the heat on the country to loosen its yuan peg which effectively keeps the Chinese currency at 8.28 against the dollar. Critics charge the undervalued yuan gives Chinese exports a competitive price advantage. Wu's comments were in line with those of other Chinese officials, including Premier Wen Jiabao, who made similar remarks last week to a U.S. trade delegation to China.

Wu acknowledged the general need for reform of the currency as the Chinese economy develops and said China had the technical means in place to revalue the yuan. "Frankly speaking, the yuan fluctuation band has become tighter since 1997," said Wu, referring to the time of the Asian financial crisis."As the economy develops, however, we must conduct yuan rate reform for sure." "We are now in preparation for the yuan rate reform. We need to have a good economic environment as well as good conditions in order to carry out such reform," she told the forum, which was hosted by the Nihon Keizai Shimbun newspaper. The process of reforming the yuan "must be placed under strict supervision and management," she said.

[extelecom]

ot, Yup, "People borrow hand over fist and spend money on crap."
Young couple bought a small house near by, their car payments on their Navigator and their "Range Rover" are probably more than the house payment.... At least they cut the grass themselves! <g>

[MasterPicker1]

don't let the debt fool you everyone out there is rich. I am sick of hearing how everyone taking out credit left and right. Who cares they can. Everyone is filthy rich. let the drive a hummer they can afford the $50 bucks gas fill up 2 times a week.