Osborne: Don't use currencies for economic warfare

MOSCOW Sat Feb 16, 2013 5:16am GMT

Britain's Chancellor of the Exchequer, George Osborne, speaks before the launch of the economic survey of the United Kingdom by Angel Gurria, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), at the Treasury in London February 6, 2013. REUTERS/Lefteris Pitarakis/pool

Britain's Chancellor of the Exchequer, George Osborne, speaks before the launch of the economic survey of the United Kingdom by Angel Gurria, Secretary-General of the Organisation for Economic Co-operation and Development (OECD), at the Treasury in London February 6, 2013.

Credit: Reuters/Lefteris Pitarakis/pool

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MOSCOW (Reuters) - The chancellor of the exchequer, George Osborne, said on Saturday that the Group of 20 would state its opposition to competitive currency devaluations.

"The G7 made a very clear statement this week. I think you'll see the G20 echo what was said, and say that currencies should not be used as a tool of competitive devaluation," the chancellor of the exchequer told a briefing in Moscow.

"Countries shouldn't make the mistake of the past of using currencies as a tool of economic warfare."

(Reporting by Jason Bush; Writing by Douglas Busvine)

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Comments (5)
DR9WX wrote:
You really have to read the words carefully. People do have a conscience and don’t lie unless they are forced too.

‘state its opposition to competitive currency devaluations.’

So, currency devaluations are fine. Currency devaluations are necessary to quietly remove wealth from anyone with any currency or investments (pensions) denominated in any of the worlds currencies.

Competitive currency devaluations are not fine as the ‘frogs’ in the water will notice sudden ‘temperature’ changes.

blah blah blah

Feb 16, 2013 10:29am GMT  --  Report as abuse
DR9WX wrote:
If only Government was bigger, then they could solve all our problems.
sarc/

Feb 16, 2013 10:54am GMT  --  Report as abuse
DR9WX wrote:
At some point this article will be adjusted and the comment box will show that there were no comments.

My new years resolution is now decided, I will not bother posting anywhere.

Reality is whatever you lot say it is. It doesn’t matter how accurate or sophisticated your view is. I’ll just make money from it, assuming I ever get the timing right!

Have fun, look after yourselves and one another.

Feb 16, 2013 10:59am GMT  --  Report as abuse
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