Wednesday, October 6, 2010
Phil Flynn: The Race for the Bottom
I said yesterday, in a currency war the country with the most ink wins as countries try to print themselves to prosperity in a global race for the bottom. Japan raised the stakes yesterday by hitting critics of their intervention policy by showing the world that there is more than one way to try to intervene in your currency.
The Bank of Japan, by cutting their interest rate to 0%-0.1% and buying 60 billion dollars in assets, was sendng a message of hypocrisy to the critics of their intervention. Now if the Japanese are going to print more money what choice does the Untied State have? The markets believe that.....Read the entire article.
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