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US and Chinese Presidents Trade “Ideas”

The goings-on this past weekend were something. Every time I would pull up the news, I would find more quotes and statements that would potentially move the markets come Monday morning… One of the big ones was our president telling the Chinese: “Enough is enough”… Oooohhhh… I bet the Chinese are shaking in their boots… Look, I’ve talked about this before… You know the “biting the hand that feeds you” thing… Does the administration (and lawmakers) truly believe that China will not get ticked off, and choose not to attend the next Treasury auction? What happens if they do? Well, we all know what happens, as I’ve been through all that before; but let’s just pretend that will never happen, that’s best you know, stick our heads in the sand, and forgetaboutit! NOT! That’s not going to happen as long as I have a laptop and an Internet connection!

And then there was Chinese President Hu Jintao, trying to get this message through to the US administration and lawmakers… “The US Trade Deficit and Unemployment are not caused by the yuan exchange rate, and a ‘large’ appreciation in the currency won’t solve US problems.”

So… The markets have something to talk about this morning, other than the Eurozone problems… Italian PM Berlusconi finally stepped down this weekend, and that has allowed the Italians to form a new government, which will be led by an economist named Mario Monti… The markets liked the resignation of Berlusconi, and the euro (EUR) was allowed to rebound a bit on the news.

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