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The current global imbalance, a fight between rich and poor

October 11th, 2010 4 comments

Despite the moral posturing and smearing campaign against China in the Western media on the currency valuation issue, the essence of the current rebalancing of our world economic system is a fight between the rich and the poor (and between the rich themselves).

The U.S. really doesn’t have this currency valuation issue all that together. Here, NYT reports “Currency Rift With China Exposes Shifting Clout” where Jame D. Wolfensohn, a former president of the World Bank, on what this boils down to:
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