I diagree.
I believe it is a historic and major event. It will lead to the death of the US Dollar, the birth of a single, world currency.
Posted on 11/30/2015 12:48:55 PM PST by familyop
HONG KONG--The International Monetary Fund on Monday designated the Chinese renminbi as one of the world's elite currencies, a major milestone that underscores the country's rising financial and economic heft. The decision will help pave the way for broader use of the renminbi in trade and finance, securing China's standing as a global economic power. Just four other currencies--the dollar, the euro, the pound and the yen--have the I.M.F. designation...Many central banks follow this benchmark in building their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the I.M.F. effectively considers a currency to be safe and reliable.
(Excerpt) Read more at nytimes.com ...
Nothing wrong with this, the size of their economy warrants this. It also means they will have to be more responsible with their currency or the world will ignore it anyhow.
We are no longer 50% of the world’s GDP, this is a non-event.
Part of Obamas legacy is to destroy the dollar.
I don’t think Obama is dumb enough to go against the bankers, especially considering how much money they have donated to him over the years.
This is what Obama wants. His goal is to destroy the dollar.
then why is he doing everything short of starting a war with Russia and Syria to keep it propped up?
Nothing wrong with this...as long as China quits manipulating the value of their currency.
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This is huge. A big source of US power is the monopoly of the dollar as a global store of value. It enables us to sanction who we want when we want, because everything goes through Wall Street.
Starts 10/1/16.
China has been working a long time for this, as well as cutting out the use of dollars with their own trading partners.
When they finally reveal how much gold they have amassed, the yuan may actually become the preferred world reserve currency, as it will be backed by something.
And if the Saudis start leaving the dollar for oil payments, we will have an economic implosion the likes of which we have never experienced.
“This is huge. A big source of US power is the monopoly of the dollar as a global store of value. It enables us to sanction who we want when we want, because everything goes through Wall Street.”
We haven’t been the only game in town for decades now.
The Euro and the Yen have plenty of reserve currency use too, which is why Gold has no longer kept up as a storage of value. The Pound still holds a lot of influence in the Commonwealth countries too.
Deficit spending.
Unbalance of trade.
Giveaways to other countries, the UN, illegals.
Endorsing the global warming scam.
Where have you been?
I diagree.
I believe it is a historic and major event. It will lead to the death of the US Dollar, the birth of a single, world currency.
It would make the Great Depression look like a slow retail day by comparison.
so will they still be allowed to peg to the dollar or be forced to let it float???
We are in interesting times.
What meds are you on?
Obama is defending the dollar and the dollar remains strong and stable.
Obama “defends” nothing American. He does the opposite. Anything that happens that is good for America while Obama is in office is not intentional on his part.
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