by metatron 42 Replies latest jw friends
http://www.zerohedge.com/news/2013-10-13/chinas-official-press-agency-calls-new-reserve-currency
China is openly calling for the End of US political and economic dominance of the world. They ain't playin'. They are reported to have imported 2000 tons of gold in the past two years. Consider also that many nations such as Brazil are openly angry about the NSA and that the fighting in Congress is playing directly into Chinese complaints about the US as a declining power.
metatron
Yep, and England hasn't been a world power since before wwtwo, and is certainly not amalgamated with the USA...Anglo American world power was fictitious. Even so, we saw the British empire dismantled from wwtwo onwards, and we'll now see the US empire come undone too.
I am unsure of what a continuation of this governmental stand-off could mean for the rest of the world' though there are warnings that it will precipitate a huge financial crisis
and http://www.bbc.co.uk/news/business-24511283 )
but I think it does mean that the US dollar should no longer be the world's reserve currency, if only because of the US governments policy of weakening the dollar over the previous couple of years.
I also doubt that the Chinese government is wanting their Yuan (RMB) to become the future reserve currency. They are certainly promoting nation to nation deals that by-pass the US dollar as the reserve currency, but my observation is that they are advocating a new international reserve currency to be established for the benefit of all nations, not just the USA.
The Chinese have supported US borrowings based partly on the US dollars reserve currency status, but as noted above they have become deeply concerned about the US governments inability to manage its finances, and my guess is that whatever level of gold reserves they are holding is more of a hedge against US financial failure.
Does this mean societal collapse in the USA?
Should I commit suey now?
I'm not joking.
or, hari curry?
More seriously, there's some conspiracy theory crap floating around. Some of the stuff I've seen suggest that the US Dept. of Homeland Security is buying a huge number of bullets, a huge number of coffins etc, etc.
Does anyone think those stories are true?
And, this is one of the more serious minded discussions on the problems facing people in the USA.
The Chinese have signed a number of bilateral agreements to exclude the US dollar in trade with many nations. So, while they not be ready to establish the Yuan as the world's reserve currency, they are steadily chipping away at the US dollar.
metatron
The Chinese have signed a number of bilateral agreements to exclude the US dollar in trade with many nations. So, while they not be ready to establish the Yuan as the world's reserve currency, they are steadily chipping away at the US dollar.
metatron
Yes, the nation to nation agreements are certainly true - that's what I referred to when I said:
They are certainly promoting nation to nation deals that by-pass the US dollar as the reserve currency, but my observation is that they are advocating a new international reserve currency to be established for the benefit of all nations, not just the USA.
But wouldn't you agree that any sensible trader in the rest of the world, would want to try and work outside of the US dollar?
I don't think that the US needs any help from China (or anyone else). The US is doing quite well by itself in chipping away at the US dollar.
watch out for war..
all great powers end eventually. they either inbreed until retarded or become so successful that corruption destroys it from within like rust.
like the theory that technology can go only so far before people develop tech to destroy themselves. a society can only go so far before it destroys itself.
but not to worry, cuz i can skin a buck and run a trout line.
