“There is a currency war, insists Gerald Celente, editor and publisher of the Trends Journal, and it’s going to degenerate into all out combat.
Celente’s declaration and forecast stand in sharp contrast to those of global finance leaders who are aiming to bury concerns about a currency war, as the act of competitive currency devaluation is called.
At last weekend’s G20 meeting, the finance leaders promised to “refrain from competitive [currency] devaluation,”
“It’s quite clear … that everyone around the table wants to avoid any sort of currency dispute,” Canadian Finance Jim Flaherty told reporters, according to Reuters.
“We all agreed on the fact that we refuse to enter any currency war,” Reuters said French Minister Pierre Moscovici told reporters.
“Who are they kidding?” Celente asked.
“The only reason the world economies — the United States, Europe and even China — are doing anything is because of all the cheap money they are dumping into the system. But they don’t call it currency wars. They have white shoe boy names for them,” he told Yahoo.
Names such as OMT, or Outright Monetary Transactions, and QE, or quantitative easing, sound nicer. They sound “proper,” he noted. But Celente said these programs and efforts by the likes of Japan and Venezuela to devalue their currency are part of a currency war that is definitely occurring…..”Comments »