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Tag: beggar thy neighbor

AP Photo

Just How Bad Was Last Week’s Global Meltdown?

All eight of the major international stock indexes were down last week with an average loss of -6.57 percent, according to Doug Short, despite Friday’s -531 point plunge in the Dow Jones Industrial Average, driven by fears of an economic collapse in China.

China Mao statue (Mark Ralston / AFP / Getty)

China Devalues to Save 60 Million Chinese Jobs

The People’s Bank of China has devalued the yuan 2.9 percent since Monday–the biggest plunge in the currency’s value since the mid-1990s. China’s currency devaluation is a classic predatory trade war action to save up to 60 million Chinese factory jobs at the expense of millions of American and European workers.