Australia “manipulating currency”

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Awesome, from the SMH comes Cliffs Natural Resources chief executive Lourenco Goncalves:

…Mr Goncalves said the situation had started to “smell bad” in Australia.

“The Australians have very little do at this time beyond continuing to manipulating their currency. Despite that we are already seeing lay-offs and mines shutting down throughout the entire Australian iron ore mining landscape,” he said.

…”They want to help BHP, they want to help Rio Tinto, they want to help that lady over there, Gina whatever.

“They are going to continue to help Fortescue Metals Group and they will believe that they will always crush Chinese producers. Big mistake, but it is what it is.”

Yes it is, but competing with the US isn’t, king of the currency manipulators. I guess Cliff’s has given up on selling its local assets but they will close soon enough.

About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.