Chinese Hate

clipped from www.dailyreckoning.com 02/13/09 London, England “We hate you guys…” Mr. Luo Ping, director general at China’s Banking Regulatory Commission, speaking in New York on Wednesday, shared his opinion of U.S. bailout policies: “Once you start issuing $1 trillion-$2 trillion …we know the dollar is going to depreciate, so we hate you guys but there is nothing much we can do.” Reports in the press this week say that China is considering ways to diversify out of the dollar. The Chinese are no fools. They see what is coming. And they know what it will do to them – the holders of the largest pile of dollars ever assembled. The Financial Times made it perfectly clear to them in a cartoon yesterday. It shows Barack Obama in front of a huge smoking trashcan filled with dollars. The president is pouring on gasoline. Yes, dear reader, Mr. Ping has caught on.