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Yes, the point is that the pegged countries stop propping up the US$, so when it comes under serious pressure (the vague "controversy with the Fed"), its subject to falling against currencies across the board.

The premise in China sneaking out of a dollar peg ... which under the Singapore peg they can do, after all, if there is a period of relative stability in foreign exchange markets ... is that they hold the yuan/US$ exchange rate fairly steady, and attention is not focused on the means by which they are doing it.

Of course, blogging about it undermines the premise to a tiny extent, but for the sake of the fiction, I'll just assume that some blog somewhere blathering on about it is lost in the broader din, with a large number of mutually self-contradictory explanations about what is going on.


I've been accused of being a Marxist, yet while Harpo's my favourite, it's Groucho I'm always quoting. Odd, that.

by BruceMcF (agila61 at netscape dot net) on Wed Sep 30th, 2009 at 04:29:52 PM EST
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