China’s Bogus Currency War Promise

‘China is not trying to destroy the old boys’ club – they are trying to join it,’ said Jim Rickards in May of 2015.
It was Jim’s pithy way of saying Chinese leaders don’t want to kick over the table where Western powers make Big Global Decisions. They just want a few more seats at that table, in line with China’s status as the world’s most populous country and (depending on how you measure it) the world’s largest economy.
As if we needed any more proof of Jim’s proposition the Chinese President was front and center…
It’s the first time a Chinese president has dropped in on the global elite’s annual shindig in Davos, Switzerland – aka the World Economic Forum.
This year’s gathering is a hand-wringing affair. The elites are dazed and confused by the ascendance of Trump: ‘There is a consensus that something huge is going on, global and in many respects unprecedented,’ says Moises Naim from the Carnegie Endowment for International Peace. ‘But we don’t know what the causes are, nor how to deal with it.’
And so President Xi Jinping told the assembled worthies all the right things this morning, to wit: ‘No one will emerge as a winner in a trade war.’

This post was published at Wall Street Examiner on January 17, 2017.