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Why are the billionaires always laughing?

Because they know the corporate media will never call bullshit on their bullshit.

Why are the billionaires laughing?

It’s easy to laugh when the corporate press treats you as a glorious success instead of the epitome of a broken social order. They laugh because they know the corporate media prefers to fawn over them rather than hold them to account.

Today, we ask you to support our nonprofit journalism because we are not impressed by billionaires flying into space, their corporations despoiling our health and planet, or their vast fortunes safely concealed in tax havens across the globe. We are not laughing.

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Traders work after the opening bell at the New York Stock Exchange on August 5, 2019 in New York City.

Traders work after the opening bell at the New York Stock Exchange on August 5, 2019 in New York City. (Photo: Johannes Eisle/AFP/Getty Images)

Stock Market Tumbles After China Devalues Yuan in Response to Trump Tariffs

"If this was an all out currency war—the U.S. would hands down lose."

Eoin Higgins

U.S. stocks tumbled Monday on the heels of news that China is devaluing its currency in response to President Donald Trump's tariff war. 

The Dow Jones Industrial Average posted a loss of 767 points by the close of business as world markets also fell to the news that the Chinese yuan was reduced to its lowest valuation in a decade. 

The move came after Trump's announced tariffs last week on $300 billion in Chinese goods. 

NPR reporter Jim Zarroli laid out what the currency devaluation could mean for U.S. businesses:

The decline makes Chinese imports in the United States less expensive, and thus makes U.S. companies less competitive. It also lowers profits for U.S. companies that do business in China.

"If this was an all out currency war—the U.S. would hands down lose," tweeted strategist Viraj Patel. "Beijing far more advanced in playing the currency game and [has] bigger firepower."

Trump took to Twitter to vent his frustrations Monday.

"China dropped the price of their currency to an almost a historic low," the president tweeted. "It's called 'currency manipulation.' Are you listening Federal Reserve? This is a major violation which will greatly weaken China over time!"


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