Posted on 04/01/2013 7:55:25 PM PDT by Lorianne
A month ago we pointed out that as a result of Australia's unprecedented reliance on China as a target export market, accounting for nearly 30% of all Australian exports (with the flipside being just as true, as Australia now is the fifth-biggest source of Chinese imports), the two countries may as well be joined at the hip.
Over the weekend, Australia appears to have come to the same conclusion, with the Australian reporting that the land down under is set to say goodbye to the world's "reserve currency" in its trade dealings with the world's biggest marginal economic power, China, and will enable the direct convertibility of the Australian dollar into Chinese yuan, without US Dollar intermediation, in the process "slashing costs for thousands of business" and also confirming speculation that China is fully intent on, little by little, chipping away at the dollar's reserve currency status until one day it no longer is.
(Excerpt) Read more at zerohedge.com ...
Someone please remind me how many times the Chinese currency became worthless in the last century?
Yes, I know. It is different this time. The communists would never allow this to happen again.
"China and Brazil have signed a currency swap deal, designed to safeguard against future global financial crises."
http://www.bbc.co.uk/news/business-21949615
Thanks
A second Ping for your thoughts.
” - - - Barack Obama and Ben Bernanke are destroying that by spending and printing. - - - “
All you money are belong to us !
When we lose reserve currency status we won’t be able to print money to pay our bills.
Haiti can’t print money to get out of dept because they don’t have access to other people’s money. We do. For now.
That’s ending - and when it does we’ll have to pay for our own foolishness...
Starting to feel unwanted and unneeded.
pretty much so
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