Thursday, April 10, 2008

Exchange Rate Drops Below 7 Yuan/Dollar

More good news. The U.S. dollar is below 7 yuan (Chinese currency) for the first time.

The economy that those yuans represent is growing relative to the economy that our dollars represent. And with those yuans, power is growing too. Of course, the rising yuan is good in the sense of its effect on our massive trade deficit with China, but it's the trend in global power that it represents that we should be paying attention to. IF IT'S BAD FOR CHINA, IT'S GOOD FOR EVERYONE ELSE.

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