Posted on 03/02/2011 7:19:32 PM PST by FromLori
In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China.
The statement, google translated as "Pragmatic and pioneering spirit to promote cross-border renminbi business cum on monitoring and analysis to a new level" is presented below:
(Excerpt) Read more at zerohedge.com ...
I wonder if china gets it or not, when they keep buying up US tbill which tell me they don’t
Just damn.
We are borrowing rope from a hangman who has not been silent about their love, respect and plans for us and Western society.
It's not China who doesn't get it, but we are about to.
When you borrow 10 pounds from the bank, the bank owns you. But borrow 10000 pounds and you own the bank.
I was told that once by a wise Welshman. Its still too early to see who is holding the short end of this stick. Soon, soon though, we shall find out.
They are in the process of shorting the dollar. They’re only buying short term and bond auctions and they are quietly unloading the long term ones they already own. The Federal Reserve Note’s days are numbered.
"The road to hell is paved with borrowed money."
That was an often repeated warning/observation to me from a rich old Dutchman.
sfl
Also, the dollar will not only have to compete with the yuan, but the euro as well.
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