Mish's Global Economic Trend Analysis |
Reader From Budapest Explains Hungary's Refugee Predicament Posted: 05 Sep 2015 06:31 PM PDT In response to US Role in Europe's Refugee Crisis; Migration in Numbers a reader Peter from Budapest explains Hungary's predicament in the European refugee mess. Peter Writes .... Hi Mish,The main points of entry are Hungary, Greece, and Italy and those countries are the ones struggling most under the weight of existing rules. The heart of the matter is open borders. The borders should be open to every county in the EU, but to open the borders to all takers from Syria, African nations, etc., is 100% guaranteed to cause a problem. And it has. Australia's solution was to send them back. Europe eventually faces the same decision. Mike "Mish" Shedlock |
G20 Hypocrites Want to "Double Down Against Competitive Currency Devaluation" Posted: 05 Sep 2015 10:07 AM PDT In a joint meeting of totally useless finance and labour ministers, the G20 Seeks to 'Double Down' Against Devaluation There is a shared belief among the members of the Group of 20 leading economies in the need to "double down" against competitive currency devaluation and avoid it in both policy and language, a senior U.S. Treasury official said on Saturday.G20 Hypocrites Translated The G20 believes the yuan should go higher. That's quite a collection of clowns all in one place. All they lack is ample makeup. If those hypocrites actually believed what they stated, QE would go out the window in a second. ECB president Mario Draghi is the top clown at the moment. He hopes to drive the euro lower to increase inflation. His method of choice is QE rather than a peg or fixed rate of exchange. For some reason QE is an acceptable means to drive a currency lower, but China's peg is not. The irony is the yuan might plunge if China floated it as the G20 and US treasury wants. Mike "Mish" Shedlock |
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