Anti-European tide sets Britain's ruling party against Brussels | Reuters

Anti-European tide sets Britain's ruling party against Brussels | Reuters: "Europe has never been popular among British Conservatives.

There is a tradition of resentment of Brussels, dating back to the era of Margaret Thatcher, who demanded and secured a rebate from the EU budget for Britain in the 1980s. Back in 1967, French President Charles de Gaulle accused Britain of a 'deep-seated hostility' towards the European project." (My selection)

And there has been a currency war lead by the US against the Euro and most Americans including the very liberal have a dislike of the European Union and wish its failure. The US led currency war is lowering the dollar value at a huge expense to its citizens who pay the bills and the brunt of the taxes: See "Currency war warnings follows US Fed's "quantitative easing" (My comment)

Analysis: China's currency foray augurs geopolitical strains | Reuters

Analysis: China's currency foray augurs geopolitical strains | Reuters:

China will use its own currency for trade and investment.
"Displacing the dollar, Beijing says, will reduce volatility in oil and commodity prices and belatedly erode the ‘exorbitant privilege' the United States enjoys as the issuer of the reserve currency at the heart of a post-war international financial architecture it now sees as hopelessly outmoded." (My selection)

Lofty oil new headache for debt-ridden Europe | Reuters

Lofty oil new headache for debt-ridden Europe | Reuters: LONDON (Reuters)- "No sooner are Europe's debt anxieties easing a touch than a sharp rise in oil prices threatens to impede the economy's tentative recovery from the euro's near-death experience with Greece."

Renminbi - Wikipedia, the free encyclopedia

Renminbi - Wikipedia, the free encyclopedia

"The Renminbi (RMB, sign: ¥; code: CNY; also CN¥, 元 and CN元) is the official currency of the People's Republic of China (PRC). Renminbi is legal tender in mainland China, but not in Hong Kong or Macau. It is issued by the People's Bank of China, the monetary authority of the PRC.^[4] Its name (simplified Chinese: 人民币; traditional Chinese: 人民幣; pinyin: rénmínbì) means "people's currency".

The primary unit of renminbi is the yuán (元). One yuan is subdivided into 10 jiǎo (角), which in turn is subdivided into 10 fēn (分). Renminbi banknotes are available in denominations from 1 jiao to 100 yuan (¥0.1–100) and coins have denominations from 1 fen to 1 yuan (¥0.01–1). Thus, some denominations exist in coins and banknotes, but they are usually used in coins if under ¥1. Coins under ¥0.1 are used infrequently.

Through most of its history, the value of the renminbi was pegged to the U.S. dollar. As China pursued its gradual transition from central planning to a free market economy, and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has been claimed that the current official exchange rate is lower than the value of the renminbi by purchasing power parity, undervalued by as much as 37.5% (see below).^[5]

Since 2005, the renminbi exchange rate has been allowed to float in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. China has initiated various pilot projects to "internationalize" the RMB in the hope that it will become a reserve currency over the long term.^[6][7]"

China's Wen tells Obama exchange rate reforms successful | Reuters

China's Wen tells Obama exchange rate reforms successful | Reuters: (Reuters) - "Chinese Premier Wen Jiabao told U.S. President Barack Obama on Saturday that China will strengthen the flexibility of the yuan's exchange rate, and that it had already achieved notable success in exchange rate reform, state media reported."

China currency bill passes Senate procedural vote | Reuters

China currency bill passes Senate procedural vote | Reuters: (Reuters) - "U.S. legislation to press China to revalue its currency narrowly cleared a Senate procedural vote before a formal vote later on Thursday but it faced stronger opposition in the House of Representatives."

China warns of trade war if U.S. bill passes | Reuters

China warns of trade war if U.S. bill passes | Reuters: (Reuters) - "An angry China warned Washington on Tuesday that passage of a bill aimed at forcing Beijing to let its currency rise could lead to a trade war between the world's top two economies."

Business: Washington Post Business Page, Business News

Business: Washington Post Business Page, Business News

China state media takes aim at U.S. currency bill | Reuters

China state media takes aim at U.S. currency bill | Reuters: (Reuters) - "China's official news agency derided on Sunday U.S. lawmakers' efforts to pressure Beijing over its currency policy as "expedient and shallow," saying they were resorting to an old habit of deflecting blame on China."

Currency war - Wikipedia, the free encyclopedia

Currency war - Wikipedia, the free encyclopedia: "Currency war, also known as competitive devaluation, is a condition in international affairs where countries compete against each other to achieve a relatively low exchange rate for their own currency. As the price to buy a particular currency falls, so to does the real price of exports from the country. Imports become more expensive too, so domestic industry, and thus employment, receives a boost in demand both at home and abroad. However, the price increase in imports can harm citizens' purchasing power."

By the end there won't be a middle class left, it will have been squeezed out of its wallet.