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 Post subject: Sudden Abrogation - Part 2
PostPosted: Thu Aug 16, 2007 9:31 am 
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Thursday August 16, 2007
POLITICAL ESSAYS
Sudden Abrogation - Part 2
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From my original June 14th essay:
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{start}
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Under the June 12, 2007 headline "Greenspan Not Worried
Chinese Will Dump Treasuries," Reuters reports:
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"Greenspan played down the prospect that Chinese authorities
would sell Treasuries in earnest, forcing a sharp spike in
U.S. interest rates."
`
"Still, Greenspan said the reason such a withdrawal was un-
likely was that China would not have anyone to sell the
securities to, hardly the sort of comfort jittery bond in-
vestors were seeking."
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From a purely practical point of view--
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Not have anyone to sell Treasuries to? Those securities are
worthless!
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{end}
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Under the August 13th headline "Irresponsible Threats," the
NY times editorializes:
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"...efforts to diversify its investments into assets beyond
American Treasury bonds would likely, and rightly, be blocked
if China were seen to use them to pursue agendas other than
achieving better returns."
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Blocked?
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From my October 11, 2006 "A Helping Hand" essay:
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"...The Superpower will not tolerate any attempt by Japan's
rulers to assert real independence.
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Japan's rulers should keep in mind that The Superpower can
suddenly abrogate its external debt!"
`
Its external debt? Or any part of it --Japanese, Chinese,
Saudi, it matters not.
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Of course this Greenspan-NY Times threat presupposes:
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(a) it will have no effect on other countries;
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(b) the Chinese have not already diversified.
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Not already diversified?
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`
Under the August 6th headline "Excerpts from the Transcript
of the Meeting with Cabinet Members," kremlin.ru reports:
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PRESIDENT VLADIMIR PUTIN: You know there are fears associa-
ted with unfavourable conditions in certain markets, inclu-
ding in North American markets. How will this affect our
gold and currency reserves and the Stabilisation Fund?
`
ALEKSEI KUDRIN: The rules that govern the Stabilisation Fund
provide that the Stabilisation Fund is constructed so as to
best protect itself and to ensure a timely utilisation of a
number of currencies in the future.
`
It will therefore protect the funds it contains from crises
associated with a given currency or the collapse of certain
currencies.
`
For example, we made the decision to manage our Fund in the
following way:
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45 percent of our stock is kept as assets or securities that
are denominated in U.S. dollars,
`
45 percent in securities denominated in euros,
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and 10 percent in pounds sterling.
`
And because the dollar is falling against the euro we are
benefiting from the fact that a significant portion of our
Fund is denominated in euros.
`
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The Superpower is not nearly as clever as it imagines.
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Essay 1:
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http://groups.yahoo.com/group/Political ... essage/935
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NYT:
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http://www.nytimes.com/2007/08/13/opini ... nted=print
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Essay 2:
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http://groups.yahoo.com/group/Political ... essage/831
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Kremlin:
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http://www.kremlin.ru/eng/text/speeches ... 9968.shtml
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