Can you blame them. I mean these Chinese have spoken to Hank the Hammer Paulson, they have looked in the eyes of the leaders of Goldman Sacks, and they have even had a best seller published over them about the vampire squid, Goldman Sacks. I mean the Chinese have been ruled by bloodthirsty killers lately, but even they have their standards. The only question is how long America is going to put up with this!
China should 1) sell into QE2
2) buy commodities and
3) steadily increase value of Yuan to keep inflation under control in China just as it is getting out of control in U.S. and other developed countries that are following U.S. lead of debasement.
The idea that developed countries exports will compete with China is a false assumption. The idea that China can be contained and will collapse under the weight of FED induced inflation is a false assumption.
If this is confirmed it is more than likely a direct response to talk of QE2 action by the FED.
Furthermore JPM's short silver position will kill it if this is true.
I found something else interesting last night.
The date of the Fed meeting minutes is September 21. I searched Google and the first story that I could find about the foreclosure crisis was dated September 22. Now there may be something that I missed out there but what I am going to describe next offers proof that there was an excessive delay in disclosing what was going on.
The article that I found was published on September 22, 2010 by Robbie Whelan entitled "GMAC spotlight on "'Robo-Signer'." The story is about Jefrey Stephan, whose job it was to sign affidavits, assignments of mortgages and other documents that establish a bank's ownership of a mortgage. Not only did he not inspect what he was signing, but according to the article when he joined GMAC in 2004, he went through a training program that lasted THREE DAYS.
The most troubling revelation that I read in the article was that Mr. Stephan GAVE 2 SWORN DEPOSITIONS OVER THE LAST 10 MONTHS about how he performed his job.
Now why did it take so long for this news to come out?
Later on this month when I have time I have a great article about the preferential treatment that has been given to Goldman Sachs throughout the crises we have been experiencing.
It is a story that will reignite voter outrage in this politically charged environment.
I have been saving it in order that it can have the most impact possible close to election day.