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Wait to devalue the dollar, which will cost America a lot of manufacturing, logistics, mining, etc., jobs, in the long-term.
The international oligarchs still want to use the US as a massive sink for excess production. It has worked so well for 35 years, so why change?
A little more milk can be squeezed out of this cow. Sure, we are pretty well tapped out on debt, but it has been paired down a little from the highs. And if we get a Rep in the White House, then it will be time to float another debt-fueled bubble. We can all celebrate for a few years then until the inevitable crash.
My prediction is that nothing will be done beyond blowing hot air, and domestic investment and wages will continue to be depressed for a long time.
Relax all you dooms day preppers, this is merely a political message from China to the US and Japan for heavy behind the scenes lobbying against the inclusion of the yuan into the SDR basket of currencies despite open support from the head of IMF.
This is primarily targeted against Japan and Europe which have devalued their currencies sharply. 2% is tiny compared to the devaluations allowed to take place elsewhere, if not encouraged outright by the Fed.
It's all part of the currency wars that have been going on for a while.
The Petrodollar has been under attack for quite a while by many countries.
China also has a lot of dollars that it needs to get rid of.
It's all part of the currency wars that have been going on for a while.
The Petrodollar has been under attack for quite a while by many countries.
China also has a lot of dollars that it needs to get rid of.
China can't get rid of too many dollars because of the amount of trade we do with them. Why do you think they hold so much of our debt?
Who Owns The Most U.S. Debt? - Forbes
According to the U.S. Treasury Department, at the end of August 2014, more than a third of the debt was owned by foreign countries (34.4%). The largest foreign holders of U.S. debt were Mainland China (7.2%) and Japan (7.0%).Oct 28, 2014
7% of 34% is about 2.5% of total US debt.
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