A Free Market in Everything but Renminbi?

Isn’t curious how the so-called “free traders” fight like dogs to prevent the exchange rate of China’s currency, the Renminbi, from being set by market forces?

Have you seen the preposterous spectacle of holier-than-thou “free traders” such as Larry Kudlow arguing vigorously for the Chinese government’s right to set the value of the Renminbi by dictatorial edict?

Every intervention in the economy made by the US government is decried as pure evil. But the Chinese government’s daily intervention in the currency market is sacrosanct.

Any protectionist move made by the US Congress is an outrage, but China’s profoundly protectionist suppression of its currency is just fine.

Funny how that works, no?

16 Responses to “A Free Market in Everything but Renminbi?”

  1. George says:

    It’s “political correctness” at its best.

    Nursing homes don’t allow names to be put on the outside of articles of clothing – only on the inside. The reason given is that it could hinder their privacy and represents a form of branding, or something like that.

    The real reason? If the name is on the outside, they can’t use it on someone else.

  2. after says:

    middle of the night report -ng-
    spoos down 5

  3. George says:

    SPY keeps bouncing off its 15min 36MA. Not looking good right now.

  4. George says:

    SPY lost the 15min. Its MACD could bounce off the zero line when it gets there (slow line).

  5. George says:

    p

    QID looks like it is breaking out on the daily.

  6. George says:

    Right now, the shorts ain’t letting the market break down with all their covering. At some point they may.

  7. George says:

    SPY is working its way down to this intraday gap. Should bounce when it gets there.

    http://i51.tinypic.com/166yj9g.jpg

  8. 2thfixr says:

    Shorts have been programmed to cover on all dips since the dip buyers won’t let it go down….get out of the way everyone and let the market fall please. :-)

    Drill, fill, and bill baby!

  9. George says:

    2th,

    You got that right. Shorts cover asap which pulls the bulls in.

  10. George says:

    …but this time it’s different. :)

  11. George says:

    SPY could be going up to its 15min 36MA where it may be rejected, according to the daily. If so, this is a reversal day.

  12. 2thfixr says:

    Just postponing the inevitable….bubble 3.0 in progress….the others ALL turned out soooooo well too!

  13. after says:

    added a smidge to short positions early, 1 % each to short of s&P and gold bullion…
    not enough i guess, ended the day in the red a bit, but nice to see tza bounce back of course…

  14. Robo says:

    It’s about time folks… to Buy dollars or short the stock market in my opinion.

    I have been reading daily and hearing on CNBC that I must “protect yourself against a collapsing U.S. dollar”.

    I’m also getting stuff in the mail as many others are I’m sure.

    In the short-term it very well could be about the dollar now.

    If the dollar has bottomed this rally and the metals are in trouble in my opinion. We should have a nice tradable pullback before the next leg up if the dollar finds support here.

    If not – well, the bulls win again and my short position is toast again!

    You think everything is ok in Europe just because CNBC doesn’t talk about it? ha… Greece and Ireland still exist and are still having plenty of problems….they will return to the headlines soon in my opinion.

    CNBC always need a reason to tell folks why the market sold off that day….Most are clueless! Why did the market sell-off today? I’m sure the folks that watched CNBC think they know.

    Bullshit I say, and they were probably telling folks to buy the dip.

    Maybe that is the correct move and we should buy the dip here. After-all, the Bulls are in control of this market, but I’ll pass. Don’t worry – the Fed has our back…..ha…that’s what they told me in 2008 when I bought some dips.

    Take Care and good trading this week Bulls and Bears.

    The swings will continue in my opinion both ways. We have had 5 days of around 3% gains since around late April -classic behavior that a bear market started for some indexes then.

    Matt,

    Keep up the good work!

  15. admin says:

    Thanks Robo.