China to announce currency revisions

investorzzo wrote:

My problem with this, is even if China does even the playing field of the renminbi, how can America compete with 50 cents to 3 dollars and hour wage or lack of regulations that America has to deal with.

Jon, I have to disagree on this one...it is commonly believed that slave wages give China an unfair advantage.  But Africa, Indonesia and Latin America are equally willing to work for low wages but their economies are languishing.  No doubt, China's business expenses are less than their American competitors but I agree with Ellen Brown (Web of Debt):

"Something else distinguishes China, and one key difference is its banking system.  China has a government-issued currency and a system of national banks that are actually owned by the nation....The Peoples Bank of China is unusual in acting as a national bank, focused on the country not on the currency.  The notion of "national banking" as opposed to private central banking goes back to Lincoln, Carey and the American nationalists."

Henry C K Liu wrote "The mandate of a national bank is to finance the sustainable development of the national economy...The mandate of a modern day [private] central bank is to safeguard the value of a nations currency in a globalized financial market...Through economic recession and negative growth if necessary...The best monetary policy in the context of central banking is...set by universal rules of price stability, unaffected by the economic needs or political considerations of individual nations."

We have a private parasitic banking system while they have a banking system designed to finance national commerce.  That's the big reason they are a creditor nation while we are a debtor nation.

Larry