Don't Go East Young Man! [update]

What some have been saying for years, "Don't go East, young man!!", is playing out today. The Asian markets, led by China, have done a minor (one hopes) nosedive. Can another strategic devaluation from Beijing be far behind? All that anti-American off-shore profit by American corporations out to stick it to the working class going up in rubble dust? We'll see. But Beijing has done it before, and recently enough as to be remembered. One hopes.
[update]
Well, that didn't take long, a couple of days.

On Thursday morning, China's central bank set the rate for the renminbi at 6.5646 to the dollar, its lowest point in almost six years.

"People are worried about whether they are using currency depreciation to stimulate growth," said Steven Sun, head of China Strategy and Hong Kong and China equity research at HSBC.

Well, D'oh!!!! Of course they are. Just as every slave/indentured economy, China depends on being able to export to Blue States, worldwide. To the extent that the US kills off its Blue States, China's only option is to crater its currency to keep pace with Blue States diminishing buying power. Quants and pols (esp. of The Right) never want to admit that motive and incentive trumps (hehe!) data whenever they conflict.