Interesting article here. Probably same old stuff, but I have been saying for a couple of years that this will send gold prices rocketing. China Looks Set To Introduce Gold-Backed New World Reserve Currency Thoughts? Read more: http://www.exposingthetruth.co/chin...ked-new-world-reserve-currency/#ixzz2vALTYDDu
"China Looks Set To Introduce Gold-Backed New World Reserve Currency" IMO, not yet! But I am near to certain they will when they are good and ready. OC
Thanks for that its seems pretty legit......Realisically there is already WW3 happening right before our own eyes..... It is a financial war, and China is pushing ahead with all those ghost cities they're planning ahead for the day China does actually overtake the U.S and are the new Rulers of the world. Where will all the workers need to live? All those cities sitting empty waiting for the day Chinese workers get paid enough to rent/buy an apartment. The Chinese have been around for 1,000's of years and they know how the game works. Extreemley interesting times ahead of us all in the west!
noone will want to introduce it because all want free money. But if China surpassed US with gold holdings they could threaten to do that so that they get reserve status. If China had the gold and they introduce it, it would be like shackles for spending. Big empires dont like shackles
I understand China has recently signed a number of trade agreements recently which permits them to trade directly with various countries and not use the US$ They are already trading oil in Yuan, and Russia has promised to make sure they always have huge supplies for this purpose. Incidentally, Gaddafi was setting up a gold backed African currency to trade with, but the US killed him Oh, and Sadam Husein was selling oil in Euros, but the US killed him. I wonder what they will do to protect themselves from the gold backed Yuan? :/ Can they? I also understand that new rules this year permit banks to include gold as part of the reserves. So banks will also be hunting for more gold. I think all these things will bring gold up this year. And take down the dollar.
They can't be ready yet in my opinion. If China was satisfied with their stack the whole Ukraine situation would have played out differently.
IMO, China will make no move to claiming Reserve Currency status until AFTER SHTF Day. The USD will have failed, and a new Reserve currency needed. The Yuan will be the one,and no other currency comes close, including the IMF. JMO OC
I sort of doubt it. China wants all this to play out to its own timetable, and will not do anything to crash it all until they are ready. They will not sell their bonds or currency until it advantages them the most. The day that all happens, a US Bond etc will be worth peanuts. OC
I agree. I think China is holding all the cards, but playing them slow. There are some very wise heads in Beijing, I don't underestimate them at all.
I don't think China is too good when it comes to playing with the big boys. They rarely enter any conflicts directly unless within their borders of influence and I guess more now than ever they have the greatest influence on the world. Will have to wait and see when they think opportunity best suits them.
Their strategy could be pretty straightforward if they corner the world's gold. Create credit without limit until all fiat currencies collapse in a heap, then write-off all the credit related yuan based debts and stand tall with all the assets (domestic and foreign) the credit creation has delivered to you, along with all the gold the world could supply, while you printed to oblivion ... and then reset the global geopolitical paradigm.
I think maybe people are giving too much credit to the wisdom of the Chinese. Greedy powerful people are the same all over the world. Luck and randomness steer the world.
Look on the bright side. If China corners the world's gold then maybe everyone else will move to silver. Everyone here on SilverStackers will be rich!
I too thought China was meaning to back the yuan with their gold and make a bid for reserve currency status. But then, I spoke to someone who knows more about this sort of thing. Seems the problem with this is that China is a net lender and doesn't have the depth of sovereign bonds required for people to hold Chinese paper as their forex reserve. The economy just isn't big enough relative to the other big boys, especially in relation to their issued debt. Then I read some of Rickard's thoughts which chimed: China may not be seeking to hold the reserve currency. It might be enough just to topple the dollar as the reserve. IMF Special Drawing Rights could take the dollar's place and give China far greater influence than they currently have. China's even seeking more seats on the IMF board. Having a significant amount of gold to pledge would strengthen their bid.
