Thank You! Money Will All Become SHIT (read Chinese)

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http://news.xinhuanet.com/world/2013-01/26/c_114505985.htm


新华国际 > 正文
全球“印钞大赛”给中国出了难题
2013年01月26日 07:17:50
来源： 人民日报海外版
【字号：大 中 小】【打印】
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　　进入2013年，世界发达经济体印钞机马达轰鸣。1月22日，日本央行推出超量化宽松政策，包括无限制资产购买以及上调通胀目标至2%。放眼全 球，美国马不停蹄连推QE（量化宽松政策），欧洲央行有无限制购债计划。有学者比喻，世界很可能已进入一个中央银行印钞时代。经济发达国家竞相货币放水， 大水漫溢影响到新兴经济体，对中国而言，则增加了宏观调控的难度。有关专家建议，中国应尽快转变经济增长方式，减少对出口的依赖，提高自主、内生增长能 力。

　　竞相贬值玩得欢

　　日本央行最近声称，将通过提高资产购买和贷款计划规模放宽政策，在2013年末完成当前资产购买计划后，每个月将购买一定数量资产且没有确定期 限。目前每个月将购买13万亿日元资产，包括2万亿日元日本国债；2014年央行资产购买计划规模将增加10万亿日元，之后可能会维持。

　　日本自称此次货币扩张是为了解决通缩问题，但在外界看来，日本有让本国货币贬值以促进出口的嫌疑，属于明显操纵汇率。有欧洲出口商担心，日本是故意让日元兑欧元贬值。

　　美、欧、日大开印钞机，不管有意无意，其结果之一就是使本国货币贬值。分析人士认为，你贬我也贬，各国央行用宽松货币政策影响汇率的做法容易引发货币战争。德国央行行长指出：“让央行承担更多的责任并迫使央行采取更宽松的货币政策可能会引发一轮竞争性货币贬值。”

　　复旦大学经济学院副院长孙立坚认为，美国推出量化宽松政策，最明显的是让美元贬值，那么，欧洲央行要进行宽松的货币政策，才能在一定程度上抵御 美元贬值给欧元区实体经济带来的冲击，其实日本在金融危机开始之初也没有这么做，只是它的货币升值得非常厉害，所以才有过去升值时日本央行干预汇市、到目 前干脆就推出更大规模的量化宽松政策的做法，这样做短期的效果肯定是日元贬值。


　　中国宏观调控难度加大

　　美元、欧元、日元都是国际化货币，其大量放水必对他国产生溢出效应。孙立坚称：“打开‘印钞机’无疑会增加全球市场的流动性，风险资产的价格有可能上涨，发展中国家相对较高的投资收益率会吸引资金流入。这样会推动发展中国家的货币升值，同时带来输入性通胀。”

　　巴西对美国的量化宽松政策很不满，认为将引发大量资金进入巴西，造成经济过热。为避免发达经济体宽松政策造成本国货币快速升值，韩国、俄罗斯、泰国等央行的领导人最近表示，不放弃对本国货币升值采取措施。

　　对中国而言，外部极度宽松的货币环境将使宏观调控难度加大。专家分析说，首先，中国实现稳增长目标需要控制好通货膨胀，然而各国宽松政策将带来 输入性通胀。其次，中国大规模外汇储备因美元、欧元等贬值而造成外储资产缩水。第三，相比较发达国家，中国较高的投资收益率会吸引更多国际热钱流入，加剧 国内资产泡沫。

　　提高自主内生增长能力

　　面对随时有可能涌入的货币洪流，中国需要采取措施积极应对。有关专家建议，尽快转变经济增长方式，减少对出口的依赖，积极扩大内需，提高自主、内生增长能力，并鼓励中资企业“走出去”。同时，实现外汇储备投资多元化，实现外储保值增值。

　　还有人建议，中国也可以考虑超发货币来应对。对此，孙立坚指出，这种观点忽视了非常重要的一点，即别人的货币是国际货币，他们可以把货币超发转 嫁到人民币升值的头上，而中国的货币走不出国门，不能在世界上自由地兑换美元，最终中国将落入非常尴尬的境地。如果中国超发货币，那么人民币必然会对外升 值，对内贬值。

　　孙立坚认为，“采用‘宽财政、稳货币’这个策略，如果中国政府手里的资源能够利用好，可以推动城镇化建设。”（罗兰）

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Xinhua International < http://www.xinhuanet.com/world/ >>
The global "printing Competition to a problem January 26, 2013 07:17:50
Source: People's Daily Overseas < http://news.xinhuanet.com/world/2013-01/26/c_114505985.htm
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In 2013, the printing press of the world's developed economies roaring. On January 22, the Bank of Japan launched ultra quantitative easing policy, including unlimited asset purchases, and raised the inflation target to 2%. Looking at the world, the United States non-stop pushing and QE (quantitative easing policy), the European Central Bank have unlimited debt purchase plan. Some scholars metaphor, the world is likely to have entered a Central Bank Note Printing era. Economically developed countries are competing currency water,
Flood spillover impact on the emerging economies of China, increasing the difficulty of the macro-control. Experts suggested that China should transform the economic growth mode, and reduce its dependence on exports, independent, endogenous growth.

* Competitive devaluation played with joy *

Bank of Japan recently stated that it will relax the policy at the end of 2013 to complete the current asset purchase program by raising the size of the asset purchase and loan schemes, each month will buy a certain number of assets and no definite period. Currently, each month will purchase the assets of 13 trillion yen, including 2 trillion yen of Japanese government bonds; central bank asset purchase plan will increase the size of 10 trillion yen in 2014, after may remain.

Japan claiming the monetary expansion is in the outside world in order to solve the problem of deflation, but, Japan suspects devalue its currency to boost exports, are obviously manipulating the exchange rate. European exporters worried that Japan is deliberately let the yen against the depreciation of the euro.

Open the printing press in the United States, Europe, Japan and large, whether intentionally or unintentionally, the result is to make one of the devaluation of the national currency. Analysts believe that you demoted me also banished, the practice of central banks with a loose monetary policy to affect the exchange rate is likely to lead to currency wars. German central bank governor pointed out that:

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The Xinhua International> body
The global "printing Competition a problem
January 26, 2013 07:17:50
Source: People's Daily Overseas Edition
【Font Size: Big Middle Small】 【Print】
[Error correction]

In 2013, the printing press of the world's developed economies roaring. On January 22, the Bank of Japan launched ultra quantitative easing policy, including unlimited asset purchases, and raised the inflation target to 2%. Looking at the world, the United States non-stop pushing and QE (quantitative easing policy), the European Central Bank have unlimited debt purchase plan. Some scholars metaphor, the world is likely to have entered a Central Bank Note Printing era. Economically developed countries competing currency water, flood spillover impact on the emerging economies of China, increasing the difficulty of the macro-control. Experts suggested that China should transform the economic growth mode, and reduce its dependence on exports, independent, endogenous growth.

Competitive devaluation played with joy

Bank of Japan recently stated that it will relax the policy at the end of 2013 to complete the current asset purchase program by raising the size of the asset purchase and loan schemes, each month will buy a certain number of assets and no definite period. Currently, each month will purchase the assets of 13 trillion yen, including 2 trillion yen of Japanese government bonds; central bank asset purchase plan will increase the size of 10 trillion yen in 2014, after may remain.

Japan claiming the monetary expansion is in the outside world in order to solve the problem of deflation, but, Japan suspects devalue its currency to boost exports, are obviously manipulating the exchange rate. European exporters worried that Japan is deliberately let the yen against the depreciation of the euro.

Open the printing press in the United States, Europe, Japan and large, whether intentionally or unintentionally, the result is to make one of the devaluation of the national currency. Analysts believe that you demoted me also banished, the practice of central banks with a loose monetary policy to affect the exchange rate is likely to lead to currency wars. German central bank governor, said: "The central banks to take on more responsibility and forcing the central bank to adopt a more accommodative monetary policy may lead to a competitive devaluations."

Economics, Fudan University, vice president of Sun Lijian, the United States launched the quantitative easing policy, the most obvious is the dollar, then, the European Central Bank to loose monetary policy to cope to some degree to the depreciation of the dollar to the euro area real economy brought the impact, in fact, Japan in the beginning of the start of the financial crisis did not do so, just very much the appreciation of its currency, so have the past appreciation of the Japanese central bank intervention in the foreign exchange market to simply launch massive quantitative easing approach doing short-term effect is certainly weaker yen.


China's macro-control difficult

U.S. dollar, euro, yen internationalization of the currency, its a lot of water will generate spillover effects on other countries. Open 'printing press' will undoubtedly increase the liquidity of the global market may rise in the prices of risky assets, the relatively high rate of return on investment in the developing countries to attract capital inflows. This will push the currencies of developing countries, said Sun Lijian: appreciation, while imported inflation. "

Brazil U.S. quantitative easing is very dissatisfied, that will throw a lot of money into Brazil, caused by overheating of the economy. Causing rapid appreciation of the national currency in order to avoid easing in developed economies, the leaders of South Korea, Russia, Thailand, the central bank recently said, do not give up on the appreciation of the national currency to take measures.

As far as China is concerned, the external extremely loose monetary environment will macro-control more difficult. Experts said the First, to achieve steady growth targets need to control inflation, however, countries imported inflation easing will bring. Second, China's massive foreign exchange reserves shrink due to the devaluation of the U.S. dollar, euro and other foreign reserve assets. Third, compared to developed countries, China's high investment rate of return will attract more international hot money inflows, exacerbating the domestic asset bubbles.

To improve independent endogenous growth ability

Face at any possible influx of currency torrent, need to take measures to cope with. Experts suggested that the transformation of economic growth mode as soon as possible, to reduce its reliance on exports, actively expand domestic demand to improve the ability of independent, endogenous growth and encourages Chinese enterprises to "go out". At the same time, achieve a diversified investment of foreign exchange reserves, increasing the value of foreign reserve.

It was also suggested that the Chinese can also be considered super-currency to deal. In this regard, Sun Lijian pointed out, this view ignores a very important point, that someone else's currency is the international currency, they can the currency over passed on to the head of the appreciation of the renminbi, China's currency get out of doors, not in the world on freely against the U.S. dollar, and eventually China will fall into a very awkward position. If the Chinese currency, the RMB is bound to the external appreciation of internal devaluation.

Sun Lijian think, "'wide financial stable currency' strategy, if the resources of the hands of the Chinese government to make good use can promote urbanization." (Roland)

 

[shctaw]

Only protection is to buy physical gold.
Buy from UOB Bank, UOB plaza one.

Don't buy from Genneva; The Gold Guarantee etc.

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[Einfield]

Paper currency is being diluted by the seconds, many don't understand the impact as they don't see the link between the overheating printing presses and the dollars in his wallet.