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Congressman Says China Worried About the Dollar - Mike Swanson (06/09/09)

Submitted by Mike Swanson on Tue, 2009-06-09 08:18.

Last week when Treasury Secretary Geithner went to China the Chinese state newspapers ran editorials expressing fear over the value of the dollar and the growing debt in the United States.

When Geithner spoke at a Chinese University he was laughed at when he said that Chinese investments in the US were safe. Yes laughed at!

After the trip though in an interview on CNBC Geithner said that Chinese leaders had "justifiable confidence" in the future of the US economy.

Today though while speaking at a Washington think tank Republican Congressman Mark Kirk, who traveled to China with a delegation of US officials, said that Chinese people he met expressed "across the board - in private - substantial, continuing and rising concern."

It is no coincidence that gold is flirting with the 1000 an ounce level while gold stocks have been on the rise this year. The global crisis has caused worries about the dollar and so have Fed policies that have created exploding deficits and looming tax hikes around the corner.

This is a market environment in which we must all stick with stock trading basics and not try to make giant gambles in speculative stocks.

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