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Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

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Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#51

Post by mooreds »

tim333 wrote: post #42
mahranch wrote: post #3

China's economic growth simply isn't sustainable, and that's even if it was true growth. There isn't a top economist alive who believes China's self-reported GDP numbers aren't fudged in one way or another (source: http://www.businessinsider.com/economist-reactions-to-chinas... ). Either one of those situations (an economic slowdown, China fudging the numbers, or the more likely situation: a combination of both) make…

>China's economic growth simply isn't sustainable, and that's even if it was true growth People have been naysaying China for a while but it's kept merrily growing. Mostly it's because the Chinese tend culturally to be pro education and hard working but in China were reduced to very low incomes by Mao's communism and have since been recovering and getting back towards the kind of economy they have in Taiwan, Hong Kon…

China recently and Japan from 1960-1990 took very similar paths to prosperity:

Click on the max timeframe for the first charts below to see the similar growth curves:

http://www.tradingeconomics.com/japan/gdp

http://www.tradingeconomics.com/china/gdp

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#52

Post by vinceguidry »

melling wrote: post #11
ryandamm wrote: post #8

Non WSJ-paywalled article by Reuters: http://www.reuters.com/article/uk-china-forex-hedgefunds-idU... Not the same article, FWIW.

Isn't that what the 'web' rules under the title is for? We really need an official with HN FAQ: https://h4labs.wordpress.com/2015/09/14/hacker-news-faq-1-ho...

Did not work for me.

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#53

Post by RA_Fisher »

incongruity wrote: post #47
RA_Fisher wrote: post #33

Earlier quoted context omitted.

One trick is to Google the headline. The article as linked-to from Google won't have a paywall. :)

I thought that approach always worked, but it looks like it doesn't for this article. What gives? I thought that was a requirement from Google that users see what the googlebot sees?

Hmmm, worked for me.

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#54

Post by [deleted] »

um_ya wrote: post #50
diego_moita wrote: post #39

Earlier quoted context omitted.

> China has a big us against the world mentality. It is a typical pattern on authoritarian mentalities and regimes. You'll find the same in Russia, widely spread among the Latin American left and the supporters of far right Republican candidates (Trump & Cruz). The best to do is to "give them enough rope so that they hang themselves", unfortunately. Authoritarian, centralized and anti free trade regimes end up broken…

And yet, people will continue to praise people like Bernie Sanders. Centralizing government authority does not make the world better.

[deleted]

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#55

Post by obrero »

PakG1 wrote: post #19

What I'm about to say is unfortunate but true. China has a big us against the world mentality. Economic "attacks" are often seen as attacks by nation states, not by individuals, and as such, directly reflect foreign policy attitudes. Language like this only adds fuel to the fire. Given the different worldview about how the world works, motivations will always be suspect. Official party mouthpieces will never view suc…

> China has a big us against the world mentality

In 2001, George Bush ordered the Air Force to fly along the Chinese border, to purposefully set off China's attack systems. Then, one of the fighter jets rammed into a Chinese pilot, crashing his plane and killing him. Then, the attacking US plane landed without authorization within Chinese territory. The Chinese sent a crew aboard the airplane and the US media and politicians went ballistic about how "the Chinese are spying on our technology!" and demanded the equipment be returned. The plane pilot was given the Distinguished Flying Cross upon his return to ticker tape parades.

Not long after this Bush said "You're either with us or you're with the terrorists". Which country has an us against the world mentality?

> Economic "attacks" are often seen as attacks by nation states, not by individuals

What is TPP but an attack by various nation states against China? The main purpose of the TPP is an economic attack on China (with some benefits thrown in for copyright holders etc.) Governments have been attacking China for the past 2+ centuries, they are not imagining it. General MacArthur was bombing China in the 1950s, causing China to enter the Korean war.

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#56

Post by khuey »

AznHisoka wrote: post #14
coliveira wrote: post #12

Earlier quoted context omitted.

Devaluing the currency is great for exporting countries, but remember that China's official plan is to develop a consumer based economy. People who use a devalued currency have no purchasing power and inflation can become a huge problem for growth.

Why does the economy need to grow? No growth = no bubbles = no busts. Don't see everyone's obsession with growth, growth, growth.

Ever if you adjust for purchasing power parity GDP per capita in China is a fourth of that of the US. It doesn't seem unreasonable to assume that they would like a higher standard of living.

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#57

Post by aborochoff »

incongruity wrote: post #47
RA_Fisher wrote: post #33

Earlier quoted context omitted.

One trick is to Google the headline. The article as linked-to from Google won't have a paywall. :)

I thought that approach always worked, but it looks like it doesn't for this article. What gives? I thought that was a requirement from Google that users see what the googlebot sees?

If you try to hit the link before googling you'll get paywalled. They Probably stick a cookie on you to prevent you from playing this trick (use another browser or private window).

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#58

Post by eru »

bcg1 wrote: post #38
eru wrote: post #29

I don't get how they can expect to make money off betting against the Hong Kong dollar---I thought the HKD was fully backed by USD?

They're probably betting that they can't maintain the peg.

Reminds me off the speculation against the Estonian currency---they had a peg against the Euro but were also fully backed. (I never followed up whether the peg broke.)

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#59

Post by maceo »

PakG1 wrote: post #19

What I'm about to say is unfortunate but true. China has a big us against the world mentality. Economic "attacks" are often seen as attacks by nation states, not by individuals, and as such, directly reflect foreign policy attitudes. Language like this only adds fuel to the fire. Given the different worldview about how the world works, motivations will always be suspect. Official party mouthpieces will never view suc…

This mentality was necessary for national survival given their history. From being doped up and murdered by imperialist westerners during the opium wars to being occupied and raped by imperial japan.

A unite and take on the world mentality is what allowed China to win sovereignty, and given how far they've come, I'd say the "us against the world" mentality has worked wonders for them so far.

Re: Currency War: U.S. Hedge Funds Mount New Attacks on China's Yuan

#60

Post by cylinder »

PakG1 wrote: post #19

What I'm about to say is unfortunate but true. China has a big us against the world mentality. Economic "attacks" are often seen as attacks by nation states, not by individuals, and as such, directly reflect foreign policy attitudes. Language like this only adds fuel to the fire. Given the different worldview about how the world works, motivations will always be suspect. Official party mouthpieces will never view suc…

>China has a big us against the world mentality

And Americans don't? Probably the most paranoid people with such limited understanding of the surrounding world...

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