Given the current buzz about "currency wars" and the mortgage/foreclosure frauds, these are very fluid financial times that we are living in. This article written by a highly respected economist reports on a fascinating financial move by China which I haven't seen reported elsewhere.
...China has made a strategic decision to counter any future attempt by US-based hedge funds and banks to attack the weak countries of the Eurozone, including Ireland, Spain, Portugal or Greece. Early this year, as we noted at the time, Wall Street banks such as Goldman Sachs, working in tandem with the US-based credit rating agencies, Standard & Poors and Moodys and Fitch, exploded the Greece financial crisis at the precise time China and other major investors were beginning to have serious doubts about the fiscal stability of the United States and of the dollar.
