from Sovereign Man:
As the saying goes, “Fool me once, shame on you. Fool me twice, shame on me.” (… to which George W. Bush famously added after flubbing the aphorism on live TV, “can’t fool me again!”) For months, despite every shred of data pointing to a weaker economy, China’s currency has been strengthening. This was really counterintuitive. When an economy is weak, its currency tends to suffer.
But that didn’t happen in China. Even when China’s stock market suffered one of the biggest crashes in history a few weeks ago, the currency barely moved. None of this made any sense.
Just look at Greece– problems in that single nation, one of the smallest economies in Europe, dragged down the currency used by 18 other nations in Europe to its lowest level in more than a decade.
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