Lower U.S. dollar, more exports, more jobs.
no one is going to trust the Chinese. Their economy is command and control, their stock market is propped up by the state, and anyone who gets involved in that crap is going to lose his shirt, and several other people’s shirts.
> “It’s a strategic move swapping oil for gold, rather than for U.S. Treasuries, which can be printed out of thin air. – Grant Williams”
Gold is just a yellow metal that is a pain in the *ss to store and secure. It had its day in the Sun.
Oil is brimming in the US Bakken and the Permian Basin as well as other domestic regions. The Bakken alone has more than ten times the proven reserves of Saudi Arabia.
As China scoops up other world currencies using a gold standard, it will eventually be hit with the reality that currency is ultimately backed with the stamp of Caesar, meaning force.
As was written in years past, the reserve currency could just as well be backed by Puka Shells as long as there is a force behind it. Its value will be weighed against the measure of the force behind it. Gold isn’t a force, it’s a pain in the *ss.
The goal of maintaining value in US currency is to make the American living standard the wonder of the world, in other words, MAGA. With advancements and decentralization of robots and technology, the world will beat its path to America’s door because it wants those advancements.
Give me gold for my renminbi? What you gonna do with the gold?? Eat it? Hide it under the mattress?
The reality is the third world has in some instances such as China become the emerging world. But it’s still third world. They are thinking like it’s 30 or 40 years ago. They still think gold is special.
We’re already bankrupt, and the way I figure it, we’re less than two presidential terms away from complete insolvency.
And Washington, DC is not doing a single thing to change anything about it.
Sure, go ahead and trust the Chinese.
“Brian Silliman, ..has been to China and seen the counterfeiting operations there.”
““There’s a reliable supply of bogus coins coming from China into the U.S., ..”said Brad Karoleff, a veteran coin dealer”
“Glitters, but Not Gold: Fake Gold and Silver Coins ‘Flooding’ Market”
“Inside a Chinese Coin Counterfeiting Ring”
08/22/17
https://www.thespruce.com/chinese-coin-counterfeiting-ring-4071202
How do you say “Ponzi scheme” in Mandarin ?
Maybe off topic, but I often wonder about China. They are still officially communist. Yet they have introduced many free market reforms into their economy. They have opened up and trade with the rest of the world. Chinese millionaires are buying real estate in other countries.
I wonder how can it be, if under communism, everyone is equal, and there are no millionaire business owners, how can communist China have so many wealthy businessmen?
And what would Chairman Mao think of today’s China??
And just a general question, about communism. If communism is supposed to be such a superior system, why does a major communist country such as China institute so many free market reforms, rather than adhere to their communist ideology????
Go for it. Washington’s propensity to fund the deficit by rolling the printing presses has gone on long enough.
China has no oil and it’s debt to GDP is 300%. At least that is what is reported.
The US has more oil and natural gas than anybody and our debt to GDP is 100%. Our debt to GDP is a disgrace but China’s is insane.
Xi is a moron’s moron.
Shuuuuuuuuuuuuuuuuuuuuuuuurrrrre...............
Let’s us ALLL trust the Chinks.
What could POSSIBLY go wrong with that?