Thursday, January 13, 2011
US Treasury Secretary Tim Geithner calls on China to strengthen yuan... Suicidal
This is amazing!!! if china strengthen yuan, they will send the chinese inflation BACK to the US, and he is asking for it!!!!!!!!!!!!
Better read it.
Ahead of next week’s visit to Washington by Hu Jintao, China's president, Mr Geithner said the Eastern country needs to strengthen the “substantially undervalued” yuan because it puts other countries at a competitive disadvantage.
The yuan has climbed about 3pc against the dollar since officials in June scrapped a peg which had been in place since the global financial crisis.
Taking inflation into account, the yuan is rising at a rate of about 10 percent a year, “so if that appreciation was sustained over time, it would make a very substantial difference”, he added.
Mr Geithner warned that China faces inflation problems that are of global concern. Inflation accelerated to 5.1pc in November from a year earlier, the biggest jump in 28 months, driven by higher food costs.
“China presents enormous economic opportunities for the United States and for the world, but its size, the speed of its ascent, and its policies are a growing source of concern in the United States and in many other countries,” he said.
Prices rise as European Central Bank battles solvency crises
William Ickes
Agence France Presse
FRANKFURT, Germany: Inflation is on the rise as the European Central Bank tries to deal with diverging euro zone economic trends and China positions itself as a potential friend for indebted governments.
The E.C.B. has been battling solvency crises in peripheral euro zone countries and supplying commercial banks with cash to ensure lending to the 17-nation economy but must now again consider its primary mandate: price stability.
Euro zone inflation was expected to hit 2.2 percent in December, the first time in two years that it will have breached the central bank’s target of just below 2 percent.
Climbing energy and food prices indicate inflation can no longer be considered a back-burner issue, complicating the E.C.B.’s task as it works to help banks strengthen their reserves and capitals to solidify their finances.
If confirmed, the latest reading would oblige the E.C.B.’s president Jean-Claude Trichet to take another look at what he says is the only needle on his compass.
“The E.C.B. faces the tough task of balancing a raft of bad news from the euro zone’s periphery with the more positive developments elsewhere and the fact that inflation has risen above target,” said Ben May at Capital Economics.
He and other economists nonetheless expected the inflation increase to be short-lived as it stemmed in large part from a spike in energy and food prices.
And there was good news for central bank policymakers as well since euro zone economic sentiment and business activity are picking up, the economies of heavyweights France and Germany are growing, and China says that it is here to help.
Vice Premier Li Keqiang visited Spain and Germany last week, and Spanish daily El Pais quoted government sources as saying that Beijing is willing to buy about 6 billion euros ($7.8 million) worth of Spanish public debt.
Goldman Sachs chief European economist Erik Nielsen was doubtful however that China or other sovereign funds would provide rescue financing to euro zone countries.
“Highly unlikely,” he exclaimed. “The political cost – implicit or explicit – would be too big for core Europe to accept the arrival in the euro zone of financial rescuers from China, the Middle East or Russia.”
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Experts Call On UN To Prepare For Extraterrestrials
The United Nations (UN) should prepare a course of action, just in case the Earth should ever be contacted by extraterrestrials, scientists say in a new, extraterrestrial focused edition of the journal Philosophical Transactions of the Royal Society A.
The special issue, according to Guardian Science Correspondent Alok Jha, focuses on "all aspects of the search for extraterrestrial life, from astronomy and biology to the political and religious fallout that would result from alien contact."
The issue is currently available online and is dated February 13, 2011.
In one article, Professor John Zarnecki of the Open University and Dr Martin Dominik of the University of St. Andrews say that "a lack of co-ordination can be avoided by creating an overarching framework in a truly global effort governed by an international politically legitimated body." The UN's Committee on the Peaceful Uses of Outer Space (COPUOS) is ready made for the task, they argue.
According to the organization's official website, COPUOS was established by the UN General Assembly in 1959 in order to "review the scope of international cooperation in peaceful uses of outer space, to devise programs in this field to be undertaken under United Nations auspices, to encourage continued research and the dissemination of information on outer space matters, and to study legal problems arising from the exploration of outer space."
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