China, FreeMarket Gold?

[jtabeb]

Boy! If only we had this here. Think of the chage that we would have for the better.

(And if the communist Chinese are ALREADY DOING THIS, why can't we democratic capitalist Americans be doing it better and bigger and with silver, platinum and palladium too?)

http://jessescrossroadscafe.blogspot...ears-past.html

And what price freedom.

Just returned last night from Beijing. While on standby at airport from 11:30 AM until 6:30 PM (all classes of all half-hourly flights of all airlines were overbooked and loaded full, and so asia mile / marco polo gold membership were ineffective in attempts to cut in the queue). Beijing-HK air travel business must be good.

To kill time, I extracted paper cash from atm network and exchanged same for little one troy ounce monetary gold wafer at airport sub-branch of bank of china. The staff were courteous, and the sub-branch manager spent 5 minutes with me to explain the way to buy and sell back gold.

Each wafer is individually numbered, and registered.

China is progressing fast in its re-engagement with gold. Wonderful. It is interesting that gold seems to be everywhere now at the China retail level, legally bought, kept, sold back, and all tax free, at transparent pricing, in alignment with gold reform that was two decades in planning, implementation, and rollout.

[ThePythonicCow]

Re: China, FreeMarket Gold?

It is interesting that gold seems to be everywhere now at the China retail level, legally bought, kept, sold back, and all tax free, at transparent pricing, in alignment with gold reform that was two decades in planning, implementation, and rollout.

I'm surprised you returned to the U.S. :confused:.

[jtabeb]

Re: China, FreeMarket Gold?

I'm surprised you returned to the U.S. :confused:.

Never left, but I DO HAVE A POSSIBLE DESTINATION NOW (along with some of my "friends")

Anyone know what it takes to become a Chinese citizen?

The Chinese are gonna need Carbon Traders, Right?

Stupid Arabic, I should have studied Chinese.

[mooncliff]

Re: China, FreeMarket Gold?

It's not too late to learn Chinese... there are good online lessons now that have only become available in the last few years. With iPod touch capability, text can be selected, and then you will hear exactly that text spoken. There are also good videos where they explain what signs mean, etc.

[audrey_girl]

Re: China, FreeMarket Gold?

pretty impressive - thanks very much for the update....

methinks it is only a matter of time before they go back to some sort of metallic/bimetallic backed currency - then its bye bye US reserve currency

[jtabeb]

Re: China, FreeMarket Gold?

pretty impressive - thanks very much for the update....

methinks it is only a matter of time before they go back to some sort of metallic/bimetallic backed currency - then its bye bye US reserve currency

Ironic that the first country to develop paper currencies is also the first to leave it (what do they know that we haven' learned already).

Good luck to them.

(I guess I own a lot of Chinese currency, Eh?)

[mooncliff]

Re: China, FreeMarket Gold?

I recall correctly, there were thousands of different paper currencies in China over more than a thousand years, each eventually going bust, and then several hundred years ago they banned paper currency and went back on a metal standard, and they demanded payment in metal for tea and other products, which finally led to the East India Company and Yankee traders growing opium and using it to pay for the tea. I wonder of the reversion to the metal standard cause the economy to stagnate. In other words, is it possible that although all paper currencies eventually blow up and become worthless, if what you are interested in over the long term is "progress", maybe it is better to put up with the inevitable busts of paper currencies?

[jtabeb]

Re: China, FreeMarket Gold?

I recall correctly, there were thousands of different paper currencies in China over more than a thousand years, each eventually going bust, and then several hundred years ago they banned paper currency and went back on a metal standard, and they demanded payment in metal for tea and other products, which finally led to the East India Company and Yankee traders growing opium and using it to pay for the tea. I wonder of the reversion to the metal standard cause the economy to stagnate. In other words, is it possible that although all paper currencies eventually blow up and become worthless, if what you are interested in over the long term is "progress", maybe it is better to put up with the inevitable busts of paper currencies?

I don't think so. The have the flexibility of a FIAT currency, with a way for their population to opt out of possible currency devaluation problems. (Seems a fair trade off to give up interest payments in exchange for a STABLE savings vehicle, I'd take that choice in a HEARTBEAT).