Currency war hots up: what happened to Pittsburgh promises
The IMF talks this weekend ended in acrimony, with no agreement between China and the USA over currency manipulation and dire warnings coming from the mouths of all the intermediaries that we are entering a competitive devaluation phase of the crisis that will, with certainty, lead to competitive trade policies once everybody realises currency tactics take you nowhere.
It's all a far cry from Pittsburgh last year, where G20 countries agreed to co-ordinate not only fiscal and monetary policies, banking re-regulation but also macro-economic policies. In a way they are - they are all in a co-ordinated way trying to shovel the economic dirt onto another country. The one certainty - the gold bubble ain't a poppin' anytime soon.
Open thread below while I follow up this story and work on my US films (TXing Tuesday and Wednesday).