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Hot Money Is Fickle

Hot Money Is Fickle

(Conspiracy Nation, 07/05/08) – Speculative capital or “hot money�
is
attracted to China at the moment, reports The Economist. The Chinese yuan
lifts her skirt and promises 4 percent. The dowdy dollar has hairy legs
at only 2 percent. The “hot money� gets a hard-on and asks the yuan for a
date. (“Capital Inflows To China: Hot and Bothered�, June 26, 2008)

The “hot money� does not like the stock market lately. It does like oil
and other commodities. But “hot money� is fickle, like Scarlet O'Hara.

Ambrose Evans-Pritchard, a Brit (one of the cousins), is a pound man.
That is natural: he is British so he cheers their currency. For this
reason, Evans-Pritchard loves Ben Bernanke and his low rates. The “hot
money� likes the pound, compared to the dollar.

But Evans-Pritchard is aghast at euro rate rises. His beloved pound
begins to look less attractive in comparison. The fickle “hot money� has
a wandering eye, looking across the British channel at the seductive
european maid.

In the U.S., a crackdown against “hot money� licentiousness is preached.
“Hot money had better quit its amoral ways!� bellow some. This is instead
of raising the skirt on the dollar to attract the “hot money.� (In other
words, “Speculators had better quit their amoral ways!� bellow some. This
is instead of raising the rates on the dollar to attract the “hot money.�)

Worldwide, petroleum is denominated in dollars. With the dollar not
looking attractive lately, the “hot money� is exchanging dollars for oil
futures. The oil futures look mighty attractive and begin charging more
for a date.

Ben Bernanke, like an old-fashioned parent, keeps telling dollar, “Hot
money will appreciate you for your inner beauty.� But “hot money�
is
running loose, driving a sports car, and never phones plain-Jane dollar
for a date.

So plain-Jane dollar waits at the window, wearing a face which she keeps
in a jar by the door. Her wild twin sister, oil futures, meanwhile has
lots of dates. “How come oil futures has all the fun?� complains plain-
Jane dollar. “Never you mind,� counsels Ben Bernanke. “'Hot money'
will
appreciate you someday, when he decides to settle down.�

But will this happen? Or will plain-Jane dollar wind up an “old maid�?

Friends of plain-Jane dollar want to build lots of walls to inhibit the
wandering ways of “hot money.� They want rules and regulations mandating
the currency Casanova onto the upright path. Friends of oil futures, wild
twin sister of plain-Jane dollar, laugh at this. “'Hot money' is a
swashbuckling character!� they chuckle. “He will just climb the
walls!�

Conspiracy Nation

http://www.shout.net/~bigred/cn.html