The European Tribune is a forum for thoughtful dialogue of European and international issues. You are invited to post comments and your own articles.
Please REGISTER to post.
I must admit, I don't have a good grasp of what currencies countries are trading. I mean China is running a current account surplus. But I guess you mean that they are using their already established USD stockpiles to buy back Yuan, which of course they can do at the same time.
(It fits the three others.)
If the definition is as broad as you read it, it's completely redundant because surpluses must be recycled by accounting identity. So anybody who fits the foreign surplus criterion would automatically, by accounting identity, fit that broader interpretation of the foreign currency purchasing criterion.
Friends come and go. Enemies accumulate.
None of which is to say that Germany isn't a currency manipulator, just that the definition doesn't really parse for individual members of a currency union. I'd argue that Germany in fact is a currency manipulator, and the whole point of the -Mark, as the Germans saw it, was to be able to do such manipulations without buying foreign currency in the open market to support it, something the Germans have a sentimental aversion to.
But I also have very little sympathy for the Americans' whining about other countries' currency policies. The Americans are free to discount the dollar at any time; they do not need permission from the ECBuBa or the PBC to do so. But they don't want to do that, because the tribute they collect from the colonies is settled in USD, so doing the obvious, easy thing to counter BuBa or PBC shenanigans (real or perceived) would reduce the value of incoming tribute flows. So instead they posture and try to browbeat other people into subordinating their currency policy to the US (even further than is already the case).
by Frank Schnittger - Oct 16 21 comments
by Frank Schnittger - Oct 12 30 comments
by Frank Schnittger - Oct 17 12 comments
by Frank Schnittger - Oct 2 33 comments
by fjallstrom - Sep 29 41 comments
by Frank Schnittger - Sep 30 21 comments
by Frank Schnittger - Sep 26 2 comments
by Oui - Sep 23 10 comments
by Frank Schnittger - Oct 1712 comments
by Frank Schnittger - Oct 1621 comments
by Frank Schnittger - Oct 1230 comments
by Frank Schnittger - Oct 233 comments
by Frank Schnittger - Sep 3021 comments
by fjallstrom - Sep 2941 comments
by Frank Schnittger - Sep 262 comments
by gmoke - Sep 24
by Oui - Sep 2310 comments
by Luis de Sousa - Sep 223 comments
by gmoke - Sep 191 comment
by Cat - Sep 1422 comments