issue today in Seoul mainly to monetary policy and on the edge even over financial market rules.
Ladies & Gentlemen,
already before the World Summit in Seoul in the currency war between China and the U.S. had provided plenty of explosive material.
The People's Republic of China is massive interest in keeping the yuan artificially low to improve the export opportunities. This is exactly what the Chinese to make the U.S. has long accused.
In the U.S., unemployment remains high and the economic engine will not just jump on Obama. Therefore, recently, the U.S. countered with a policy of printing money cheerful: 600 billion U.S. dollars are used as economic aid. This will of course dilute the money market crowd. The goal is exactly the same thing that the Americans accused the Chinese. The dollar should be kept low in this way to the export of American goods to help get started.
China was horrified thereat, and even the German Finance Minister Schäuble, which one U.S. hostility can not blame it really criticized, with unusually strong words the incomprehensible actions of the United States.
The United States called on China and Germany, two countries that they may reduce their high export surpluses. Germany in particular argues that not weak euro for Germany's export success was responsible, but that it is the quality of German goods in demand on the world market very much. - Of course, no country can claim the world from Germany to supply inferior goods abroad in the future! Although the U.S. Treasury said Timothy Geithner, that would be a strong dollar is in America's interest. But that is my opinion only lip service. The flood of money of $ 600 billion speaks a different language.
What can we expect from the Economic and Währungsgezerre in South Korea? I suspect that will come of it, unfortunately, hardly any useful result. The states are preparing their mantra Points of view and each country will try to push his own interests. - As in the past.
But in the end will be announced officially: The G20 meeting was a resounding success. --- Peter Bröll
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