Speaking at the Asia-Pacific Economic Cooperation summit this weekend, President Obama chided China for not letting the yuan appreciate fast enough. "Enough's enough," Obama said, telling China start acting like the "grown up" economic power it's become. (See: Obama Says China Has "Grown Up" Economically. Has It?)
Meanwhile, GOP Presidential candidates have been trying to one-up each other on who will be tougher on China, with the notable exception of Jon Huntsman. "I don't know that this country needs a trade war with China," the former U.S. ambassador to China said during the CNBC Debate last Wednesday.
But trade wars with China - and other nations - are likely inevitable, according to Wall Street veteran James Rickards, author of Currency Wars: The Making of the Next Global Crisis.
Currency wars "have already begun," according to Rickards, citing comments from Brazil's finance minister in 2010. The Fed started this currency war with itsRead More »from The Next Global Crisis: Currency Wars Have Already Begun, Rickards Says