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Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion
Nation and State ^ | 04/16/2021 | Tyler Durden

Posted on 04/16/2021 9:55:52 AM PDT by SeekAndFind

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1 posted on 04/16/2021 9:55:52 AM PDT by SeekAndFind
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To: SeekAndFind

Maybe they are trying to destroy crypto

(and of course the USD, but our country is doing a great job of that right now) but I think they are trying to destroy crypto since it is the biggest competitor right now


2 posted on 04/16/2021 10:00:59 AM PDT by Trump.Deplorable
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To: Trump.Deplorable

There was a time the US Dollar was backed by gold. All that got thrown out the windows in the 1970’s.


3 posted on 04/16/2021 10:01:53 AM PDT by SeekAndFind
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To: SeekAndFind

Gotta wonder if there is anything in Fort Knox....


4 posted on 04/16/2021 10:03:53 AM PDT by Rurudyne (Standup Philosopher)
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To: SeekAndFind

Anything to help them and hurt us. And our administration will do nothing but help them. Trump had them being a little more fair. Now they helped biden and the dems steal the election because it benefited them.


5 posted on 04/16/2021 10:04:56 AM PDT by glimmerman70
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To: SeekAndFind

Revelation 17:4
The woman was dressed in purple and scarlet, and was glittering with gold, precious stones and pearls. She held a golden cup in her hand, filled with abominable things and the filth of her adulteries.


6 posted on 04/16/2021 10:06:54 AM PDT by Red Badger ("We've always been at war with Climate Change, Winston."..............................)
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To: SeekAndFind

maybe my gold stocks will go up?


7 posted on 04/16/2021 10:08:28 AM PDT by BipolarBob (Jeffrey Epsteins last words "I am not committing suicide".)
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To: SeekAndFind

1) There’s good and bad with being the reserve currency.

2) No other country has the reserve currency yet they manage to survive.

3) Other countries might not like us...but how many would trust China???


8 posted on 04/16/2021 10:08:41 AM PDT by jdsteel ("A Republic, Madam, if you can keep it." Sorry Ben, looks like we blew it.)
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To: SeekAndFind

By Richard Millstone Nixon.


9 posted on 04/16/2021 10:12:22 AM PDT by E. Pluribus Unum (Anti-racism looks suspiciously like racism.)
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To: SeekAndFind

Is this the same Chinese who get caught every couple of years selling gold on paper but never actually have the real stuff? I think the last one I heard of actually tried to pass off painted gold bricks when the inspectors came to check their actual holdings. The ChiComs are notorious for selling exotic metals on paper without actually having any true assets


10 posted on 04/16/2021 10:13:17 AM PDT by shotgun
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To: SeekAndFind
> There was a time the US Dollar was backed by gold.

And silver. At one time not so long ago you could go down to your local bank and exchange a ten dollar bill for a roll of shiny 90% silver quarters. But no more.


11 posted on 04/16/2021 10:19:21 AM PDT by Leaning Right (I have already previewed or do not wish to preview this composition. )
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To: SeekAndFind

There’s not enough gold to run a world economy.

Wars and feared/actual recessions destroy the discipline needed to have fiat currency stability.

Biden and his team so fear a stock market crash that they are going to sink the dollar, whose declining value will encourage foreigners to sell their shares of American companies. I suspect a stock market crash is only being delayed.


12 posted on 04/16/2021 10:30:01 AM PDT by Brian Griffin
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To: shotgun

The Chinese are pretty good at counterfeiting gold bars. They usually use tungsten because its density is very close to that of gold. Then they give the tungsten bar a thin gold coating.

I read a couple of years ago that you can even buy these fake bars directly from the Chinese manufacturer, “for entertainment purposes”. (Seriously, that’s how they are marketed. Wink, wink.)


13 posted on 04/16/2021 10:33:51 AM PDT by Leaning Right (I have already previewed or do not wish to preview this composition. )
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To: SeekAndFind

Gold notes from Nevada, Utah, New Hampshire.
$1 has 1/1000 oz. of gold in it
$50 has 1/20 oz. of gold embedded.
Pricey for the amount of gold and not really ‘legal’ tender.

https://www.providentmetals.com/gold-coins-bullion-bars-rounds/gold-notes.html


14 posted on 04/16/2021 10:36:09 AM PDT by dynachrome ("I will not be reconstructed, and I do not give a damn.")
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To: SeekAndFind

Also last week, Peter Thiel warned “Bitcoin should also be thought [of] in part as a Chinese financial weapon against the US... It threatens fiat money, but it especially threatens the U.S. dollar.”


China is also where the majority of crypto currency is generated.


15 posted on 04/16/2021 10:41:11 AM PDT by PIF (They came for me and mine ... now its your turn)
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To: SeekAndFind

Ultimately the value of a national currency is determined by the economic output and the rationality of the government issuing the currency. If the real production of goods and services declines or the printing of currency increases beyond reason, the value of that currency declines.

China will never be a strong international currency because their government, financial policies and banking laws are simply not trusted. Heretofore the US constitution, traditions, laws that respected property rights real productivity, innovation and rational government financial policies made the UD dollar the world benchmark currency. Things seem to be changing quickly .The CODID economic rebound will mask the detrimental effects of Biden’s anti capitalist and bizarre monetary policies for about a year, but eventually the piper will be paid. Gold has already begun its climb.


16 posted on 04/16/2021 10:44:20 AM PDT by allendale
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To: PIF

America is something like $30T in debt. And, so far, that doesn’t seem to be hurting us all that much, because we are the big dog and everyone trusts our money more than they trust anything else. But I bet that is about to change.

If China becomes the big player in digital currency, and also moves toward currency backed by a basketful of precious metals (not just gold), then the US dollar will lose its position, and when it loses that, people might start to worry a lot more about the $30T debt. I’m guessing the US economy might implode.

China is at war with us on many fronts. They aren’t firing bullets, but they seem to be winning in a big way.


17 posted on 04/16/2021 11:00:27 AM PDT by ClearCase_guy ("I see you did something -- why you so racist?")
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To: jdsteel

3) Other countries might not like us...but how many would trust China???


If China ties gold to its currency, there will be great pressure for others to do the same.


18 posted on 04/16/2021 11:11:38 AM PDT by TTFX ( )
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To: Leaning Right

That’s the story I was looking for. I couldn’t remember the base metal they used.


19 posted on 04/16/2021 11:12:38 AM PDT by shotgun
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To: jdsteel

“Trust China?”
.

Exactly.


20 posted on 04/16/2021 11:34:51 AM PDT by Big Red Badger (Be Still and Know that I Am God. Rev 19)
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