The train wreck


Photo Courtesy of Dennis Mitchell

I’ve recently had to recall the discussions —held when things were looking good in 2005— of the imminent derailing of the US Treasury purchasing by the Chinese. The tenets of those ideas still hold true, the Chinese will have to discontinue —at some point in the future— their mercantile policy of increasing market share at the expense of debasing their own holdings of US Treasurys.

Apparently, China is changing its portfolio policy.
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