Posted on 10/06/2019 6:33:03 PM PDT by LS
https://twitter.com/freeHKer/status/1180810938548547584
"China banks are running out of cash in HKD and USD. Maximum withdrawal limit drop from USD1300 to USD38. A drop of 34 times. China financial doom day coming. @Jkylebass @GordonGChang @robert_spalding
Wonder if they will go back to a 2 currency standard.
Yuan for internal and Renminbi for external transactions is what it was from the 70s-mid (?) 90s. Locals were only allowed a certain amount of RMB and then I think it had a time limit to transfer.
My house is actually in Dupont, a very nice little town just across I-5 from Joint base Lewis-McChord. It’s a great town for raising a family, and the housing prices reflect that.
1) He copied Gordon Chang, one of the leading Sinologists in the US. So that alone gives him credibility in that Chang didn’t contradict him.
2) This aligns with other evidence we’ve been seeing out of China regarding cracking down on currency.
3) It aligns perfectly with the Hong Kong protests.
Guess you don’t know how to analyze Twit posts much.
Toilet Paper. Heh...
https://www.wsj.com/articles/chinas-banks-are-running-out-of-dollars-11556012442
Oops. Appears to be real.
China can’t accelerate payment on USDebt.
If they want to convert to cash, they can sell their bonds. Plenty of buyers will show up when they do.
The US economy is the best looking horse in the glue factory.
Gordon Chang has been warning about China for over a decade. He’s Chinese and he knows that there is almost no truth coming out of that country.
China’s economic legs grow more splintery by the year. It’s population is aging at a velocity never before seen on earth. It is already older than the U.S. and 40% of it’s people will be over age 65 in a few decades. It’s workforce is already shrinking. It’s GDP growth rate is slowing every year. It will be lucky to hit 4 or 5% in a few years. Many of it’s rural people remain desperately poor. The eastern cities are losing more manufacturing jobs than they create.
It has no legs economically in the long run.
Yes. China is in a world of trouble. The combination of their energy demands (which they cannot meet) and their aging is going to cause massive dislocations.
We don’t want to be anywhere near them when they melt down.
Ran out of electrons?
Or physical money?
Chinese have how much gold?
I don’t know, and probably nobody really knows. I’m sure that’s a state secret.
I have over a half ton of lead shot in my garage. We are moving out of California next month and my wife suggested I sell it to offset some of the moving costs. Not a chance!
Never sell brass or lead; they’re valuable metals.
5 cent jefferson nickels are close to melt value .042 or so
Do you have a supply of them?
How ? Everything is made in China, so why don’t they just print some more ?
Funny thing about fiat money. It causes prices to rise if there is no comparable increase in production.
p
Except in the case of an Ice Age, in which case
a) ocean levels will fall, exposing more land
b) *arable* land will be a license to print money.
They have a s*** load. More than anyone else.
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