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- Davos does not look like the party it normally is. Maybe there is the silver lining in it all...

Davos- we have trouble folks

Yes, some still made the trek to Davos, Switzerland for the summit of the elite in business, politics, banking- well, "the elite" and what they are saying is concerning.

Not so much that the annual survey done by PricewaterhouseCoopers shows only that 1 in 5 were positive about 2009 (the worst reading ever- of course), but this here comment from the World Bank's chief economist on President Obama's bail-out plan and his/our new policy towards China. It reads in part:

"World Bank Chief Economist Justin Lin said today the world was in a “protracted recession” and that injecting capital into banks won’t revive it. “We need to have coordinated fiscal stimulus that’s large enough,” he said.


Roach said that it was “delusional” to expect the U.S. fiscal stimulus plan crafted by President Barack Obama to “jump start” the economy.

He also criticized Obama’s Treasury secretary, Timothy Geithner, for calling on China to let its currency strengthen.

“I’ve never seen an economy in recession voluntarily raise their currency,” Roach said. “It’s economic suicide, it’s horrible advice.”

SOURCE: http://www.bloomberg.com

Whoa- what a swing Roach took. And I thought former president Bush had arranged for the World Bank to be in our back-pocket (If you believe all what you read here on the 'internets')? Well anyway, as we know from this article titled, "Non-USD investments - a time to act; China is planning to ditch the USD in favor of their Yuan for inter-Asia trading (along with 8 other nations). This coupled with the GCC (Gulf states) countries plans to do similar, amounts to no less than a warning shot for the future of our dollar and thus America. Our net worth could drop heavy, just based on a sinking USD.

I'm not sure about Treasury secretary, Geithner and his tax problems, nor this new President Obama stimulus plan we have brewing now either- it stinks and as a tax-payer we do not want it; so don't do it. (change we wanted?) However pressuring China on their currency is long over-due. Not sure if it is realistic at this stage, however to take a cheap-shot like that will not make The World Bank many friends in the new American administration.

Back to lunch...

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Comments on this item:

30-01-2017 10:26:52
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