Interesting times on the horizon, or wishful thinking? China to take over gold price controls from the Comex via Shanghai Exchange and and then force a global currency reset by raising the price of gold to its true or actual value. http://www.examiner.com/article/china-will-use-gold-and-gold-pricing-to-force-global-currency-reset
Completely wishful thinking. Why would China make it's foreign currency reserves next to worthless by doing this?
The foreign reserves are going to end up worthless anyway I think this happening in the future is a foregone conclusion only question is when - might be one year or 20 years away.
How much foreign currency (assuming you mean US currency) do they have? And, how much gold do they have?
Raven has listed some more exact amounts (maybe not that much gold, who knows), but in a nutshell they have more USD and other foreign currency reserves than any other country, so why would they devalue them when they can have the best of both worlds (the most valuable fiat and Gold reserves)? Until the world's capital markets trust the Chinese government, the Renminbi isn't going to be a reserve currency anyway. No point having a reserve currency if only one country uses it - that's why the USD is so powerful.
If China spends it US dollars on imports, but only accepts payment for exports in Renminbi, how long until that changes? Anyone got the stats to run down this hypothetical?
China will now own 121 Park Avenue, the latest acquisition in the East's shopping spree in the West. that would take a very long time to spent those trillions. but on the trade fronts, gold backing in BRICS would divide the world trades away from the US$, this blocks would substantially cut down the US treasuries holdings for reserves.
Agree with that, don't think China would go it alone and back just their own currency. Serious moves being made to decrease the reliance on the USD as a country (bilateral trade agreements) and as part of BRICS with their own bank Press release
China will own nothing in America if they don't have the military might to recover what the US will have taken by force in the end. If you haven't noticed, that's sort of the way things work in the world today. EDIT: That doesn't mean I condone this way of life....just that I acknowledge it. .
That's only if they have the money to pay their military! :lol: Quote The federal government is still shut down. - The Washington Post October 14, 2013 (Ahh but that's all fixed now aye? But there's more mayhem to come: Congress has to deal with the debt ceiling. If lawmakers don't vote to increase the nation's borrowing limit by mid-October, the U.S. government won't have enough money to pay all its bills. Note that the debt ceiling doesn't determine how much the U.S. government is authorised to spend. Congress does that by setting the budget and passing various spending bills. The debt ceiling only determines whether the U.S. government can borrow enough money to pay for programs that Congress has already enacted, like Medicare reimbursements or military pay. http://www.washingtonpost.com/blogs...hing-you-need-to-know-about-the-debt-ceiling/
Reading all this reminds me of 25 years or so ago when I was a young naive buck. I would tell people that China will never take over the world....They are just going to buy it! Odd how simply that thought came to me then.
