If the world is on the brink of an out-and-out currency war, a variety of battalions has been out on manoeuvres in the past few weeks. The Bank of Japan, after six years off the battlefield, has launched a fusillade of intervention to hold down the yen in foreign exchange markets. Brazil used the guerrilla tactic of doubling taxes on capital inflows to stop the real surging. India and Thailand warned that they too might bring heavy ordnance into play.
The main combatants, the US and China, continued to exchange rhetorical salvos. Washington (and Brussels) identified undervalued currencies such as the renminbi as a prime cause of global macroeconomic imbalances. Beijing retorted that such aggression risked bringing mutual destruction upon the great economic powers.

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This news is amazing.

Liu Xiaobo, an impassioned literary critic, political essayist and democracy advocate repeatedly jailed by the Chinese government for his activism, has won the 2010 Nobel Peace Prize in recognition of “his long and non-violent struggle for fundamental human rights in China.”

I think he got it right finally.He deserves it. The Nobel peace prize has restored its moral stature.