US rate cuts: Like a blow to the head by Julian Delasantellis
"CNBC's Maria Bartiromo was so gushingly giddy in her coverage of the [stock market] rally that you would have thought that Starbucks had opened a coffee stand in her electroshock therapy suite. ... [But the rate cut which sparked the rally has already caused, and will likely lead to further, dollar devaluation] China [which has close to a trillion and a half dollars in its reserves] could decide that it's a choice between losing a lot of money, fast, by selling its dollars, or losing a lot more, slowly, by keeping its dollars. ...so the US feels China will not do it. ...it probably hurts less to do it fast. Or, China could do it smart, slow and gradual; that's the way China likes to manage change. There are some indications that this is exactly what is happening. ...China probably is already diversifying away from the US dollar, but among all the cacophonous noise of the glorious roiling tsunami of inanity that is US public life, the actual signal information is being missed."
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