Posted on 10/22/2015 7:30:31 AM PDT by Fennie
In yet another sign of its growing prominence on the global financial stage, China called for a new world reserve currency to replace the dominant dollar.
An ABC news report said China is showing "growing assertiveness" on revamping the world economy:
The surprise proposal by Beijing's central bank governor reflects unease about its vast holdings of U.S. government bonds and adds to Chinese pressure to overhaul a global financial system dominated by the dollar and Western governments.
(Excerpt) Read more at talkmarkets.com ...
I believe Americans in particular, and conservatives in general, have little idea how important having the world’s reserve currency has been to American power since WWII. It has allowed America, particularly America’s government, its cronies and hangers-on, to live far beyond its means.
The ability of the statist, progressive Federal Reserve to create massive debt in an unbacked, fiat currency and manipulate interest rates has been the foundation of the progressive-left government since WWII, and especially since 1971 when the US went off the gold-standard
Every leftist social engineering scheme, from Social Security to illegal immigration and even to abortion and gay marriage can be traced to this massive power of finance government has.
I think most conservatives are very well aware of it. Peter Schiff and his late father Irwin have been warning about this for decades.
If there was an alternative they would have taken it by now.
The fact that it’s still the dollar, despite all these years of the Fed printing like crazy, tells you there’s not.
Which also tells me they’re going to get away with print-and-spend for as far into the future as I can see.
Pax vobiscum
Wo-Oh, Pax vobiscum!
“Lawrence of Arabia is waiting in the wings
He’s got some Arab sheikhs and kings
And we’re in debt to them somehow
Lawrence of Arabia has got this perfect vision
Gonna sell him down the river
There’s no time for him now.”
http://www.youtube.com/watch?v=QqpUoivzvv8
These are your Gods oh’merica, who led you out of freedom.
>>Which also tells me they’re going to get away with print-and-spend for as far into the future as I can see.
How far can Vlad Pooty see?
Said this currency war was in motion a few weeks back...
Again???
Commie scum.
I nominate gold/silver.
Libertarians really do not understand that if I can have my cake and eat it too, I will at their expense. I will because human nature is basically lazy and greedy. The government takes away from the responsible and gives to those that vote themselves that treasure because it gives government power. August Caesar understood this well when he borrowed against his inheritance to buy the mob...
Has 0blama agreed, yet?
Many so-called Libertarians are actually just modern hippies - if it feels good, do it. On the other hand, I know many serious Libertarian commentators (Tom Woods, Lew Rockwell for example) who understand perfectly that loose money is the means by which aggressive leftists control government and fund social engineering schemes (and the necessary political agitation) that hurt civil society, religion and individual freedoms.
For example, they see a link between abortion-on-demand, and the fact that Planned Parenthood gets $500 million per year from the US Government - a government that is $19 Trillion in debt.
Government can only dominate civil society and the economy, as it does now, with a fiat currency. Its impossible otherwise.
The Chinese are a day late and a dollar short on their proposal as the chinese currency is falling and the US currency is rising.
The chinese are selling US bonds to keep their currency from falling further while US interest rates are falling because there is so much demand for US bonds.
Bitcoin?
Economy has been China’s major Ace up its sleeve for more than 2 decades.. with the help of USA.
This is very very serious.
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