China Officially Disses the Dollar (and Treasury Debt)

Although Treasury Secretary Geithner has issued this statement:

We welcome China's decision to increase the flexibility of its exchange rate. Vigorous implementation would make a positive contribution to strong and balanced global growth. We look forward to continuing our work with China in the G20 and bilaterally to strengthen the recovery.

This move by China is about as welcome as a visit to a proctologist who use dental drilling tools.

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