The Currency Wars’ “Pearl Harbor”

Switzerland had just abandoned its peg of the Swiss Franc to the Euro. The result was mayhem with an immediate 30% drop in the value of the Euro against the Franc, and billions of dollars of trading losses by banks and investors around the world.Several foreign exchange brokers went bankrupt because their customers could not settle their losing trades. The Swiss operated in total secrecy.

Currency wars resemble real wars in the sense that they do not involve continuous fighting all the time. At certain times, there are intense battles, followed by lulls, followed by more intense battles. Continue reading

Exclusive: U.S. nuclear lab removes Chinese tech over security fears

A leading U.S. nuclear weapons laboratory recently discovered its computer systems contained some Chinese-made network switches and replaced at least two components because of national security concerns, a document shows.

The discovery raises questions about procurement practices by U.S. departments responsible for national security. The U.S. government and Congress have raised concerns about Huawei and its alleged ties to the Chinese military and government. The company, the world’s second-largest telecommunications equipment maker, denies its products pose any security risk or that the Chinese military influences its business. Continue reading