Posted on 01/29/2024 9:51:30 AM PST by george76
The recently-retired banking oracle - who forecast the 2008 housing crisis - made the dramatic prediction this week..
Bove, 83, claimed other analysts won't make the same admission because they're 'monks praying to money' who rely on the mainstream financial system..
It comes despite the collapse of its property sector, which accounts for roughly a quarter of the country's economy, and US growth
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China will soon overtake the American economy and the US dollar will catastrophically collapse, according to famed financial analyst Richard X Bove.
In a characteristically histrionic forecast, the recently-retired 83-year-old banking oracle has announced that 'the dollar is finished as the world's reserve currency'.
His dire prophesy comes despite the collapse of China's Evergrande - impacting its property sector which accounts for roughly a quarter of the country's economy
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Bove said you won't hear his latest prediction from any other analysts because they are 'monks praying to money' who won't speak out about the mainstream financial system their livelihoods depend upon.
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Evergrande, one of China's biggest real estate companies, has defaulted on a loan for the first time - sparking fears of a ripple effect on Chinese and global markets
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Not all of his financial forecasts have borne out, but he's known for predicting the 2008 housing crisis three years before it happened
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Evergrande Group is among dozens of Chinese developers that have collapsed since 2020 under official pressure to rein in surging debt the ruling Communist Party views as a threat to China´s slowing economic growth.
But the crackdown on excess borrowing tipped the property industry into crisis, dragging on the economy and rattling financial systems in and outside China.
(Excerpt) Read more at dailymail.co.uk ...
Guess I should go ahead and convert my dollars to the yuan.
bump for later
Mao murdered upwards of 80mm of his own people. In China life is cheap. I lived in China for many years. You don’t know what you are talking about.
There is no trust in China. At least there is a little Christian sense of fairness in the US still. What is being spoken about here is the takeover of the world by the forces of evil. There is no good in China.
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