The finance minister of a Eurozone countryseeks to promote China’s currency – and doesn’t notice anything wrong with that
Published:
October 23, 2013 at 12:46am
Edward Scicluna’s remark about promoting the Rembibi (sic) as a global currency should have killed any doubt about Labour’s real relationship with China.
Malta uses the Euro, not the Yuan Renminbi. Anything that undermines the value of the Euro undermines the Eurozone economy, which includes Malta, and devalues anything we own, individually or collectively, which is denominated in Euros.
Why does the economy minister of a Eurozone country want to promote the Renminbi as a global currency, putting it in direct competition with the Euro, unless he hasn’t understood his job and what is expected of him, or has been instructed to serve his party’s ultimate paymaster?
Answers on 1 Yuan note, please.
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Is anything making any sense nowadays? It is like the blind is led by the blind. Everything seems degenerating so fast. Poor Malta!
Edward Sicluna’s remark means that we have been sold lock,stock and barrel to China.
Why? Because he’s daft, that’s why.
Scicluna would probably refer to it as his “Rembaby” if he could. Always a socialist or perhaps, even a suppressed communist at heart, it was never much of a surprise when years ago, he first showed his true political colours. Neither am I surprised by this rapprochement to the Chinese. Scicluna is, after all, the product of a socialist government.
Economically speaking a strong RMB is what the US and Eurozone have been pushing for since 1999. The problem with the RMB is that it’s not a floating currency and the Chinese government keeps its value artificially low by a process of manipulation.
The scary part about Scicluna’s comment is that I think he was trying to suck up to our new masters, by telling them something he thought they wanted to hear, but in actual fact a strong RMB is the one thing they don’t want since it would shut down their export driven economy.
Scicluna’s expressed concern for the value of China’s currency and his positive effort to promote it would only make sense if it were this government’s intention to somehow make the renminbi much more relevant to Malta.
Maybe an ‘outright replacement’ is already inked somewhere there on their long-term roadmap.
Meta qatt il-Labour kien lejali lejn dal-pajjiz? Hawwadni ha nifhmek.
http://www.independent.com.mt/articles/2013-10-23/news/draft-budget-suggests-15m-not-30m-from-citizenship-scheme-2968354817/
Basta qaghad ibasbas b’tletin miljun.
Kollox China issa….we received this from the University of Malta FEMA:
Seminar Title 1: ‘Marketing Opportunities and the Chinese Economy’
Speaker: Prof. Yan Chen, Professor of Economic, Xiamen University, P.R. China
Seminar Title 2: ‘China and the Mediterranean: Some observations on the evolving relations with Malta’
Speaker: Dr. Philip Von Brockdorff, Head of the Department of Economics
Time: 12.30 – 14.00hrs
Venue: FEMA Seminar Room 420, 4th Floor, FEMA Building
This monsignor has already had problems of obedience within the Catholic Church, having come head to head with the Bishop of Gozo at the time, Mgr Cauchi, on the holding (or otherwise) of a Good Friday Procession in Victoria.
He made a rather vitriolic attack on the Bishop when he was Cathedral Archpriest.
The so-called “order” that he has been made Grand Prior of is an interesting one that calls itself “United Grand Priories of the Hospitaller Order of St. Lazarus of Jerusalem”. This is not a recognised branch of the various Orders of St. Lazarus, which are the Orleans Branch (under the protection of HRH the Count of Paris), the Seville Branch (under the Grand Magistracy of HE Don Carlos Gereda de Borbon, Marques de Almazan) and the Order of St. Maurice and St. Lazarus under the magistracy of the Royal House of Savoy.
A number of disaffected members seceded from the Seville Branch following the union of two previously separate Orders (the obedience of Paris and the obedience of Malta) and set up their own – as you do! The “United Grand Priories” (what a sham) have no legitimate fons and jus honorum and can be safely called a “non-recognised order”.
The Very Reverend Monsignor (who calls himself a “Dr” because he holds a PhD) is again disobeying the catholic church’s orders by taking over the command of an “order” that does not have the recognition of the Holy See.
False orders are in existence to allow their members to pin scraps of metal to their coats and to help an otherwise injured ego. They are pathetic and do no good other than cause strife and create titles by the handful every minute – which of course are not worth the paper they are written on.
It is most deplorable that this senior clergyman aligns himself to such a set-up.
And look who’s on the Renminbi notes:
http://upload.wikimedia.org/wikipedia/en/2/22/Renminbi_banknotes.JPG
It’s a copy. How ironic.
Just in case you didn’t notice, though most probably you did and decided to leave concealed from your unaware fans:
http://uk.reuters.com/article/2013/10/15/uk-china-uk-rqfii-idUKBRE99E06Y20131015
[Daphne – 1. Britain is not in the Eurozone but firmly against the euro. 2. The Chancellor of the Exchequer does not speak about his desire to strengthen China’s currency. 3. The ‘its latest move’ in the second para refers to China, not Britain.]
And by the way, though all Europeans would face problems when buying Chinese products should the EUR devalue against the Renminbi, such a thing would still benefit the Eurozone economies as a whole given that their exports would become cheaper compared to Chinese products. A strengthening Renminbi would cause Chinese exports to become less competitive compared to European ones.
Finally the EUR is already in direct competition with the Renminbi as it is with the USD, and that competition will only get more fierce as China takes more steps to remove its strict control over its currency as well as its economy grows.
The UK government is attempting to do the same thing if i am not mistaken.
[Daphne – Yes, you are mistaken. Sorely so.]
Not so sure D, you may want to check again.
Osborne was in china making all sorts of overtures.
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/10381311/Osborne-aims-to-make-London-renminbi-hub.html
There is also an FT article but I am not registered with them so couldn’t share.
Similarly, china is investing in nuclear power in the UK also.
[Daphne – My post is about the wisdom of a Eurozone finance minister saying that he wishes to act to strengthen the Chinese currency, the euro’s competitor. It is not about making overtures to China, but if you wish to talk about that, I suggest you read the welter of criticism of both China’s investment in Britain’s nuclear power and of Osborne’s moves, in the London newspapers.]
Yes of course, Gavin, because China has cutting edge nuclear technology.
I believe tested somewhere in Siberia in the early sixties.
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