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Chinese Sue Fed For Monopoly USD Devaluation

from Zero Hedge:

In what could to grow into a class action in US courts, a Chinese woman is suing the Federal Reserve after discovering that the real value of the USD250 she put in an account in 2006 had shrunk by 30%. She claims it was the result of the Fed issuing too much money, and as The South China Morning Post reports, her son Li Zhen, the lawyer, called the lawsuit “litigation for the public good”. Alleging “abuse of monopoly in issuing currency,” the People’s Court of Kunming has yet to rule on the litigants’ demand that the Fed cease-and-desist from its quantitative easing policy. While this may seem frivolous, there are some interesting points being made that bear watching, as Li notes, since “the Fed is private institution which enjoys monopoly over the issuing of currency, US Dollar holders can sue it for printing too much money.”

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2 comments to Chinese Sue Fed For Monopoly USD Devaluation

  • Troy

    Hey China, if you want to hurt the United States, just buy every ounce of silver on the planet, then charge factories that need silver $1000 per ounce. Doh!

  • Jonathan

    Now I understand what Bernanke is talking about when he says ‘there will be no currency war between the Governments of the world. The Federal Reserve isn’t a Government it’s a private institution waging war on the currencies of the world. So technically Bernanke is telling the truth

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