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Currency Wars Continue

Monday, October 11, 2010, 10:49 AM
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I admit, there are certainly some very interesting things unfolding over in the mortgage world, but as much as I think they are important and worth following, they are not the greatest risk we face at this time.

The mortgage fraud mess has the potential to trigger for the next down-cycle, but it's not going to supply the majority of the fuel for the next conflagration.

For that we need to keep our attention riveted upon the looming currency wars.

This weekend at the IMF's annual meeting, the world's economic leaders tried to iron out some differences on the subject of currency manipulation and debasement.  The bottom line is that everybody wants a cheaper currency; practically all major countries are actively pursuing cheap-currency policies.  And tensions are building.  Here's how the US press described the outcome:

 

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