News. Oct. 8 (Bloomberg) -- The BRIC countries are united in opposing U.S. efforts to weaken or eliminate mechanisms to control currency fluctuations, Russia’s Finance Ministry said. The BRIC countries “have agreed on a position that exchange rates aren’t themselves a problem,” Pankin said. “Rather they are a consequence of deeper processes, such as tendencies to save, to invest, of the investment climate.”
This is bad news. We are trying to solve our problems by telling other countries what to do.
A trade/currency war is bad news for the global economy. It eventually leads to protectionism and the freezing of internationl trade.
Instead of solving old problems, the global leaders are creating new ones. What is going on is incredible. I should say scary.
George Dagnino, PhD
Editor, The Peter Dag Portfolio. Since 1977
Ranked best market timer in the 12 and 6 months ending 8/20/10 by Timer Digest
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