G20

China Cautions Against Devaluation

Hello America? Were you paying attention as you bought all that cheap garden equipment? China owns part of you. Saudi Arabia has scrambled for whatever's left. You, however, still get to speak English, for now. HINA IS TELLING THE US to be careful, not to overspend and keep an eye on the dollar. "There are risks that China cannot control, so they're depending on the U.S. to maintain fiscal prudence and keep the dollar reasonably stable to prevent devaluation." said Kelvin Lau, regional economist at Standard Chartered in Hong Kong. Analysts estimate China keeps nearly half of its $2 trillion...

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The Economic Boiling Point

E PRESUME THIS UNDULATING G20 meeting is stirring the pot to keep us all from the boiling point. The economic powers have gathered for Bretton Woods II. While my well-meaning but fiscally ignorant friends in the art world tell me I am grossly pessimistic in always seeing the glass as half empty, I simply shudder at the bubbling abyss into which I stare, and decide the toilet is not half clean it is dirty. Read on—for I and the keen observers who first clarified these facts for me can't reiterate enough: The original Bretton Woods system was destroyed in '71...