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To: pingman

“It’s worse than that. They know that the reserve currency status of the USD hangs by a thread,as the “petrodollar”. So they are actively seeking its replacement with a gold backed Yuan/Renembi by entering into currency/trade agreements with other nations across the globe, undercutting the use of The Buck to settle commerce. When/if the fall of the USD occurs, the SWHTF like we can never imagine.”

That’s only partly right.

China has been enjoying a trade surplus because they have been pegging their currency to below market rates.

Moving to a gold-backed currency would be against all of the goals or the Chinese gov’t.


6 posted on 08/18/2012 5:20:24 PM PDT by webstersII
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To: webstersII

The Chicoms are dumping USD and buying gold at a rate of 3—400 tons a month. Why do they need us when the government is bankrupt? They’re no longer stepping up to buy our debt, so the Fed and private money are keeping our bond auctions afloat, for now.

It could all go ‘poof’ faster than you can log on and hit “sell”. Believe it.


7 posted on 08/18/2012 6:26:23 PM PDT by pingman ("Human history seems logical in afterthought, but a mystery in forethought." (Strauss & Howe))
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