Well, what the Fed meeting started, the Obama administration seems intent on continuing; namely, the trashing of the dollar and the elevation of gold. First, the Fed announced that they are ready to print more thin-air money, something that comes as no surprise to anyone here, as this has been predicted on these pages for several years. It is just the most obvious outcome (or ending) for any fiat currency.
Then the Obama administration, almost certainly engaging in pre-election maneuvering, poked a very sharp stick at China in a manner of which the potential impact should not be underestimated:
With Warning, Obama Presses China on Currency
UNITED NATIONS — President Obama increased pressure on China to immediately revalue its currency on Thursday, devoting most of a two-hour meeting with China’s prime minister to the issue and sending the message, according to one of his top aides, that if “the Chinese don’t take actions, we have other means of protecting U.S. interests.”
But Prime Minister Wen Jiabao barely budged beyond his familiar talking points about gradual “reform” of China’s currency policy, leaving it unclear whether Mr. Obama’s message would change Beijing’s economic or political calculus.
The unusual focus on this single issue at such a high level was clearly an effort by the White House to make the case that Mr. Obama was putting American jobs and competitiveness at the top of the agenda in a relationship that has endured strains in recent weeks on everything from territorial disputes to sanctions against Iran and North Korea.
by sagerxx 
