Guido's Still Pissed

November, 2010:
 Brazilian Finance Minister Guido Mantega has been saying out loud what his colleagues have been whispering: the time of the US dollar as reserve currency is over.

Although nations now have the tools to defuse a standoff, the possibility of a currency war "absolutely" remains, Brazilian Finance Minister Guido Mantega said at the conclusion of the two-day summit.

July 2011:
Brazil's Finance Minister Guido Mantega recently told the Financial Times that the global currency war "was absolutely not over," and cited two countries that, according to him, have not ceased the hostilities: China and the United States.

February 2012:
Brazil has declared a fresh “currency war” on the US and Europe, extending a tax on foreign borrowings and threatening further capital controls in an effort to protect the country’s struggling manufacturers.

Guido Mantega, the finance minister who was the first to use the controversial term in 2010, said the government would not “sit by passively” as developed nations continue to pursue expansionary monetary policies at the expense of Brazil.

“When the real appreciates, it reduces our competitiveness. Exports are more expensive, imports are cheaper and it creates unfair competition for businesses in Brazil,” he said on Thursday after announcing changes to the so-called IOF tax

The Fed is a patsy. It is a pathetic dependent of the big Wall Street banks, traders and hedge funds. Everything (it does) is designed to keep this rickety structure from unwinding

"I'm a libertarian. If someone wants to do leveraged buyouts, more power to them. If they want to have a brothel, let them run a brothel. But it doesn't mean that public policy ought to be biased dramatically to encourage one kind of business arrangement over another. And right now public policy and taxes and free money from the Fed are encouraging way too much debt, way too much speculation and not enough productive real investment and growth."
Bernanke is a Coward Thief


“Do they want Chinese banks to turn into liars and parasites?” said Du.

Yes Du, they do.

“State-owned industry should not be privatized,” Du shouted as Zoellick was talking, adding, “this report from the World Bank is poison.”