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Originally Posted by Tchocky
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wOOhOO! How do you think countries like CHina remain competitive no matter what happens in the world? They purposely devalue their currency. This makes it so that anything done there is incredibly cheap. It makes no sense to offshore your business when the best price can be found right where you are.
Yes, rich people will whine because they no longer have the same buying power in the world economy, but this is for the better.
An example from this article:
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...I’ll have to leave currency trading to the experts, and the principles of hedging against currency devaluation to corporate treasurers around the world, and merely point out that some countries, like China, purposely keep their currency at a lower value than if it were left to free market forces. They do this to make the Chinese hats and shirts you purchase to wear on the golf course cheap and more competitive, while attracting more visitors to China....
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http://www.americanchronicle.com/art...rticleID=33232