What a debacle! The G7 issues a rare statement on exchange rates that is intended to calm growing fears of an international currency war. Then they immediately turn around and start bickering amongst themselves about what it really meant.
In a terse, four-sentence announcement on Feb. 12, the G7 ministers reaffirmed “our longstanding commitment to market determined exchange rates and to consult closely in regard to actions in foreign exchange markets”. The statement went on to say that fiscal and economic policies of member countries will be aimed at dealing with domestic economic issues and “will not target exchange rates”. The countries agreed that “excessive volatility and disorderly movements in exchange rates can have adverse implications for economic and financial stability”.
more... http://www.forbes.com/sites/gordonpape/2013/02/16/the-race-to-debase-and-the-outlook-for-gold/
more... http://www.forbes.com/sites/gordonpape/2013/02/16/the-race-to-debase-and-the-outlook-for-gold/
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