It seems that the unions have been enlisted in the currency wars as reference today's article ( http://www.theage.com.au/national/get-tough-on-china-unions-20111002-1l3zp.html ) Nobody bashed the Swiss when they overnight devalued by about 10%, or the Japanese who regularly devalue. The difference is that China refuses to strengthen it's currency ( as Australia has let happen) and allow it's savings to be used to finance the weaker financial countries. " "Countries with prudent finances will be penalized with a strong currency, factory closures and job losses." ( http://www.gata.org/files/MurrayPollittLetter-09-16-2011.pdf ) Australia will face the prospect of having it's savings and wealth sucked out by a strong aussie dollar unless it joins the currency "race to the bottom!"
