When you see that trading is done, not by consent, but by compulsion — when you see that in order to produce, you need to obtain permission from men who produce nothing — when you see money flowing to those who deal, not in goods, but in favors — when you see that men get richer by graft and pull than by work, and your laws don’t protect you against them, but protect them against you — when you see corruption being rewarded and honesty becoming a self-sacrifice — you may know that your society is doomed.

Ayn Rand
Atlas Shrugged, page 413

Thursday, July 2, 2009

China Allows Yuan Trade Settlement, Offers Tax Breaks (Update3) - Bloomberg.com

The United States is the largest debtor nation in the history of the world. Our arrogant political class (I no longer refer to them as "leaders") is too intoxicated with its own hubris to see that the rest of the world will no longer bankroll our idiotic economic policies. The dollar is in deep trouble. Countries around the world are taking steps to reduce their dependence on the U.S. dollar. Once again, it's all about trust. Trust cannot be legislated or compelled by force; it must be earned. The world has lost confidence in our bank-owned government. Soon, we will be borrowing money in the currencies of our creditors. If you want to know what happens after that, I suggest reviewing the recent history of ICELAND for starters.

China Allows Yuan Trade Settlement, Offers Tax Breaks (Update3) - Bloomberg.com: "July 2 (Bloomberg) -- China will allow companies to use the yuan to settle cross-border trade and let them keep their entitlement to export tax rebates, seeking to reduce the reliance of importers and exporters on the U.S. dollar."
Posted by Gary at 9:44 PM
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