China BLASTS the Dollar!

[Mega]

http://www.reuters.com/article/2011/...tent=Google+UK

Mike

[Chris Coles]

Re: China BLASTS the Dollar!

Good find Mega; I particularly like the third comment.

[sishya]

Re: China BLASTS the Dollar!

This article aligns with an earlier thread I started about "SDR II : Geroge Soros".

I find these comments interesting
He said the International Monetary Fund should also play a policing role.


"If any international reserve currency depreciates, the IMF would be responsible for issuing a timely alert, increasing international pressure to force the country in question to take measures to stabilize its currency," he said.


.....
....
Xu also suggested that the Special Drawing Right, the IMF's unit of account, should gradually be built into a global reserve currency, although he noted this would still be a long time off.
Chinese central bank governor Zhou Xiaochuan said two years ago that the SDR would be better than the dollar as a supra-national reserve currency, disconnected from the interests of any single country.

It looks like all the Elites are on the same page. Soros, China, Zoellick are all agreeing, with only difference being Zoellick wants to use Gold as a reference point for the currencies in the SDR basket. SDR II looks to become a reality. Are we ready ?

[blazespinnaker]

Re: China BLASTS the Dollar!

The solution is for china to ween itself from dependence on the American import market and stop buying treasuries.

I mean .. seriously.

[cbr]

Re: China BLASTS the Dollar!

the global currency is necessarily linked, if indirectly to the global ensurer of free trade in the physical sense... in essence, the dominant military. Only acquiescence by this power, currently the USA, and likely followed by a period lacking any such power, ensures the stability of environment the current generation of pampered pets is used to.

[GRG55]

Re: China BLASTS the Dollar!

When China announces that it is prepared to free float the yuan, allow it to be freely traded internationally, and is prepared to run chronic trade deficits to promote the yuan's role as a reserve currency then I might sit up and take notice. Until then they are all bluster, NO substance.

China's biggest problem is that they are starting to realize that Bernanke is going to win [the race to depreciate their respective currencies]...and that must scare hell out of them.

China is no better than an obese kid who insists on feeding on fries at MacDonalds, and then wants to blame someone else for his predicament...

[Fiat Currency]

Re: China BLASTS the Dollar!

When China announces that it is prepared to free float the yuan, allow it to be freely traded internationally, and is prepared to run chronic trade deficits to promote the yuan's role as a reserve currency then I might sit up and take notice. Until then they are all bluster, NO substance.

China's biggest problem is that they are starting to realize that Bernanke is going to win [the race to depreciate their respective currencies]...and that must scare hell out of them.

China is no better than an obese kid who insists on feeding on fries at MacDonalds, and then wants to blame someone else for his predicament...

So ...

Does the $USD really float freely? No TARP, QE, TBTF or other effects there eh?

Are silver and gold really floating freely? Is China preventing them from floating freely?

Who exported all the jobs that created the trade imbalance?

If China is the obese kid here ... then what do we call the behaviour of the owner of the World's Reserve Currency?

2 currencies ... both printed recklessly, and neither with a common denominator or standard unit of measure.

[GRG55]

Re: China BLASTS the Dollar!

So ...

Does the $USD really float freely? No TARP, QE, TBTF or other effects there eh?

Are silver and gold really floating freely? Is China preventing them from floating freely?

Who exported all the jobs that created the trade imbalance?

If China is the obese kid here ... then what do we call the behaviour of the owner of the World's Reserve Currency?

2 currencies ... both printed recklessly, and neither with a common denominator or standard unit of measure.

The theme of your argument is that China can be excused for claiming to be virtuous when in reality it is not, simply because there's someone else out there that is even less virtuous by comparison.

Sorry, but China's obesity and gluttony doesn't become acceptable just because the neighbour's kid is even worse.

As I said, China's problem is that Bernanke is going to "win" this dumpling eating contest...the rest of us need to watch out we don't get barfed on in the process...

[Fiat Currency]

Re: China BLASTS the Dollar!

GRG55,

I am quite certain that we are both capable of civil discourse here – but I must confess that your response hit an ever-increasingly-sensitive nerve ending with me, and let me assure you that my following comments are not directed at you personally.

The theme of your argument is that China can be excused for claiming to be virtuous when in reality it is not, simply because there's someone else out there that is even less virtuous by comparison.

No it is not. My apologies if I gave you that impression. My personal epiphany of our coming economic “Appointment in Samarra” was complete in 1995. Since that time, I have watched events unfold often with sheer disbelief and horror, and at other times with unwarranted admiration of how successfully easy it is to engage in lies, corruption, malfeasance, misdirection, and obfuscation – all the while lulling the populace into a deep coma-like state ... rife with total inaction.

As a past, and soon-to-be-again public Board of Directors member – I take fiduciary responsibility very seriously. It is my belief that being the custodian of the World’s Reserve Currency (WRC) should not only be a great honour, but it should also come with the highest level of transparency and ethics. I once marvelled at the U.S. Constitution, American pride, America’s entrepreneurial spirit, and it’s respect for people’s rights and freedoms. Not so much today.

Events over the last 3 years are moving in an exponential fashion, and not for the better. The actions of the Fed, FIRE, the Military-Industrial Complex, Politicians, the POTUS (well, lack of actions here), the Supreme Court, and their mega-cast of cheerleaders and supporters is flabbergasting.

As I said, China's problem is that Bernanke is going to "win" this dumpling eating contest...the rest of us need to watch out we don't get barfed on in the process...

Unless you are Charlie Sheen, there is no “#winning” here. This not a friendly game of “Risk” where bragging rights are at stake. The lives and livelihoods of literally billions of people are at stake. It almost makes me cry when I think of the world we are leaving for my 2 daughters.

As a seasoned Marketer, I thought the election theme of “Hope and Change” was brilliant. While I am optimistic that there is still some of the former, the latter is not materializing. Anybody with Internet access, and who’s IQ is greater than their weight in kilograms can now figure out what is going on here.

It disgusts me that once-great nations like Canada, Australia, Great Britain, and ALL of Europe are willing participants in the current Global Malfeasance. I find China's willingness to at least speak out on these issues admirable. Odd that what is sometimes called "communist China" is at least telling the truth on this issue - even if some perceive that it is because of their Treasury holdings.

There are currently people who are unelected and unaccountable who are plotting the next WRC via some SDR-II-like mechanism. I urge everybody to peacefully do whatever they can to stop them. The Road to Serfdom is running out of pavement.

I hope that clarifies what I was trying to say.