Mexican business magnate Hugo Salinas Price says that there are “many more” devaluations coming for China’s currency. Salinas Price thinks that many other countries will cut the value of their currencies because the world economy is in deep trouble. Salinas Price contends, “When China does this, that is very serious. Already, the United States is receiving huge quantities of Chinese goods. It has an enormous trade deficit with China, and now that they devalued, it’s going to get worse. There is going to have to be a corresponding move on the part of the United States. . . . This is going to be the beginning of a breakdown in international trade.
Is the United States going to stand by because China continues to devalue? How much has the Chinese currency been devalued, not even 8%. That’s not going to help the Chinese much. When you have a devaluation, it has to be about 40%. Then it really has teeth in it. I think the Chinese will continue to devalue.”
[youtube=https://youtu.be/fBqcdlYsl5I]
Salinas Price points out the real problem comes from countries printing money out of thin air and goes on say, “This entire fiat money circus the world has been on is coming to a head. I see many comments from diverse people, and the problems are just mounting up. You have Greece with 11 million people, and if they get this last bit of money, they will have some $400 billion of debt. How can 11 million people work off a debt of $400 billion? It just can’t be done. The people running the euro are in dreamland.”