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Keyword: currency

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  • Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion

    04/16/2021 9:55:52 AM PDT · by SeekAndFind · 23 replies
    Nation and State ^ | 04/16/2021 | Tyler Durden
    In 2018, the Chinese launched a gold-backed, yuan-denominated oil futures contract. These contracts were priced in yuan, but convertible to gold, raising the prospect that “the rise of the petroyuan could be the death blow for the dollar.”Two weeks ago, The IMF reported that the global share of US-dollar-denominated exchange reserves dropped to 59.0% in the fourth quarter, according to the IMF’s COFER data released today. This matched the 25-year low of 1995.And just last week, China became the first major economy to unleash a Central Bank Digital Currency, "cementing its trailblazer status in virtual currencies far ahead of other...
  • What Is BitClout? The Social Media Experiment Sparking Controversy on Twitter

    04/14/2021 9:42:52 AM PDT · by Jan_Sobieski · 2 replies
    Coin Desk ^ | 03/22/2021 | Brady Dale
    Prominent users of Crypto Twitter have suddenly discovered they have another profile on a new social network called BitClout, except over there some people are buying and selling tokens representing their identities. It does not matter whether the people behind those profiles have ever touched the social network.“The core insight behind BitClout is that if you can mix speculation and content together, you can not only get a 10x product that creates innovative ways for creators to monetize, but you also get a new business model that’s not ad-driven anymore,” BitClout’s lead creator, who goes by Diamondhands, told CoinDesk in...
  • Beyond the American Dollar: China’s Plan to Replace US Treasuries

    04/12/2021 6:40:56 PM PDT · by SeekAndFind · 21 replies
    Epoch Times ^ | 04/12/2021 | Fan Yu
    Beijing experienced limited success in its quest to overtake the U.S. dollar as the global trade currency. But it may have an easier time convincing the world of its government bonds as an investment alternative to U.S. treasuries. So far in 2021, Chinese government bonds have far exceeded the performance of their U.S. counterparts. Since Jan. 1, Chinese government bonds were relatively flat in terms of returns from Jan. 1 through the end of March. In contrast, the Bloomberg Barclays U.S. Treasuries Total Return index fell 4.2 percent during the same period. Some investment experts think Chinese government bonds could...
  • China’s Digital Currency Threatens America’s Financial Dominance

    04/09/2021 8:57:44 AM PDT · by Kaslin · 15 replies
    The Federalist ^ | April 9, 2021 | Helen Raleigh
    The greatest threat the digital yuan poses to the United States is that it endangers the international financial system America has led since World War II.The greatest threat the digital yuan poses to the United States is that it endangers the international financial system America has led since World War II.Communist China became the first major economy to create a government-sanctioned digital currency — digital yuan. Such a move will significantly impact the great power competition between the United States and China and may reshape the dollar-dominated global financial structure forever.When Xi Jinping, the Chinese Communist Party General Secretary, talked...
  • China Creates Its Own Digital Currency, a First for Major Economy

    04/06/2021 5:09:21 AM PDT · by EBH · 93 replies
    Wall Street Journal ^ | 4/5/21 | By James T. Areddy
    A cyber yuan stands to give Beijing power to track spending in real time, plus money that isn’t linked to the dollar-dominated global financial system A thousand years ago, when money meant coins, China invented paper currency. Now the Chinese government is minting cash digitally, in a re-imagination of money that could shake a pillar of American power. It might seem money is already virtual, as credit cards and payment apps such as Apple Pay in the U.S. and WeChat in China eliminate the need for bills or coins. But those are just ways to move money electronically. China is...
  • Beijing Accelerating Plans to Replace US Dollar as World Reserve Currency: Chinese Professor

    04/01/2021 7:57:33 PM PDT · by SeekAndFind · 22 replies
    Epoch Times ^ | 04/01/2021 | Nicole Hao and Cathy He
    The Chinese regime is accelerating its efforts to challenge the U.S. dollar’s dominance in global markets and trade by taking advantage of the economic shifts caused by the pandemic, a Chinese professor recently revealed.In the post-pandemic world, China should be the “one who decides the benchmark of value,” Di Dongsheng, associate dean of the School of International Studies at Renmin University in Beijing said in a video posted on Chinese social media on Feb. 4. “The currency that fixes the price will eventually be the renminbi.”The professor last April described the pandemic as an opportunity “unseen in 100 years” for...
  • Turkish Lira Plunges After Erdogan Fires Central Bank Chief: Biggest single-day selloff in almost three years

    03/22/2021 7:59:58 AM PDT · by SeekAndFind · 9 replies
    Wall Street Journal ^ | 03/22/2021 | Caitlin Ostroff
    Turkey’s currency tumbled 9% on Monday, putting it on course for its biggest single-day selloff since 2018, following the abrupt ouster of the central bank governor last week. The lira fell to as low as 8.280 a dollar from 7.219, before regaining some ground to trade at about 7.9312 a dollar, according to FactSet. Turkey’s stocks also plunged. The turmoil comes after President Recep Tayyip Erdogan on Friday unexpectedly fired Naci Agbal, the central bank governor who had repeatedly raised interest rates in an effort to tame inflation since his appointment in November. Foreign investors say the move renewed concerns...
  • If we were to have hyperinflation, what would be a good investment? Anything?

    03/10/2021 4:30:33 AM PST · by MeneMeneTekelUpharsin · 295 replies
    Just thinking | 10 March 2021 | Mene Mene Tekel Upharsin is becoming apparent that the Democrats are pursuing policies that are going to collapse our economy. They are also taking steps to make sure they never leave power. What is a person to do? We have the examples of Argentina and Venezuela clearly before us. Anyone have some helpful ideas? Ferfal of Argentina has a blog spot and wrote a book, but information from our situation here would be helpful.
  • Why Mastercard is bringing crypto onto its network

    02/10/2021 5:54:35 PM PST · by E. Pluribus Unum · 13 replies ^ | FEBRUARY 10, 2021 | RAJ DHAMODHARAN
    Whatever your opinions on cryptocurrencies — from a dyed-in-wool fanatic to utter skeptic — the fact remains that these digital assets are becoming a more important part of the payments world. We are seeing this fact play out on the Mastercard network, with people using cards to buy crypto assets, especially during Bitcoin's recent surge in value. We are also seeing users increasingly take advantage of crypto cards to access these assets and convert them to traditional currencies for spending. To be clear, this data is not of any individuals — it's anonymized and in aggregate — but the trend...
  • China plans to hand out $1.5 million in a digital currency test during the Lunar New Year

    02/08/2021 7:29:50 PM PST · by RomanSoldier19 · 5 replies ^ | FEB 8 2021 | Evelyn Cheng
    China’s capital city will hand out about $1.5 million in a limited trial of the central bank’s digital currency, the municipal government announced over the weekend. That marks the third major test of the digital currency under development by the People’s Bank of China. The cities of Shenzhen and Suzhou held similar experiments in the last few months. In this trial, Beijing said it will select 50,000 from a pool of applicants to receive 200 yuan, or about $30 each, in the digital currency. Recipients can spend the money at designated offline locations or on parts of e-commerce site
  • Cashless currency coming, Fedcoin. Total control.

    01/15/2021 11:21:39 AM PST · by delta7 · 130 replies
    Ron Paul institute ^ | July 27 2020 | Ron Paul
    "If some Congress members get their way, the Federal Reserve may soon be able to track many of your purchases in real time and share that information with government agencies. This is just one of the problems with the proposed “digital dollar” or “fedcoin.”
  • Make The Dong Strong Again: US Treasury Finds Vietnam, Switzerland Are Currency Manipulators As China Spared

    12/16/2020 7:07:51 AM PST · by SeekAndFind · 19 replies
    Libertarian Hub ^ | 12/16/2020 | Tyler Durden
    We live in a bizarro world where the ECB, Japan, Turkey, and China - which explicitly manipulate their currencies for economic and political reasons - do not "manipulate" their currencies... but Vietnam and Switzerland do. At least that's the opinion of the Treasury's Department which spared China the currency manipulator label again but in its semi-annual currency manipulation report found that Switzerland and Vietnam were "currency manipulators" and added three new names to a watch list of countries it suspects of taking measures to devalue their currencies against the dollar.In what Reuters said "may be one of the final broadsides...
  • Yuan Surges Most In 15 Years On Expectations Of Pro-China Pivot By “President Biden”

    10/09/2020 7:57:47 AM PDT · by SeekAndFind · 15 replies
    Latest Today News ^ | 10/09/2020 | Tyler Durden
    China's onshore yuan, which was closed for trading during China's week-long Golden Week holiday, soared 1.4% today as China returned to work and as the onshore yuan (CNY) caught up to the recent surge in the offshore yuan (CNH), driven by the recent plunge in the dollar and the rising expectations that Joe Biden will win the presidency and renormalize US-China relations by pivoting to a pro-China stance. The onshore rate for the yuan, which had not traded since September 30 due to holiday, soared as much as 1.41% on Friday to 6.6950, the strongest since April 2019. That...
  • China is killing the dollar: China could dump all US Treasury and agency bonds if relationship with America deteriorates further.

    09/19/2020 5:41:31 PM PDT · by SeekAndFind · 26 replies
    GoldMoney ^ | 09/17/2020 | Alasdair Macleod
    In the wake of the FedÂ’s promise of 23 March to print money without limit in order to rescue the covid-stricken US economy, China changed its policy of importing industrial materials to a more aggressive stance. In examining the rationale behind this move, this article concludes that while there are sound geopolitical reasons behind it the monetary effect will be to drive down the dollarÂ’s purchasing power, and that this is already happening. More recently, a veiled threat has emerged that China could dump all her US Treasury and agency bonds if the relationship with America deteriorates further. This appears...
  • The Coming Monetary Collapse

    08/24/2020 7:53:59 AM PDT · by Roman_War_Criminal · 28 replies
    RR ^ | 8/23/2020 | Britt Gillette
    Since the arrival of COVID-19 and the subsequent decision to lockdown entire cities and nations, world economic activity has significantly decreased. When normal recessions strike, they typically involve only one nation or a single region. But the COVID Recession has hit the whole world at once. This is the first time every nation has simultaneously seen a decline in output since the Great Depression. Despite the scale of this economic disaster, many economists are calling for a quick V-shaped recovery once the coronavirus is brought under control. But is this likely? No. Even if the virus disappears tomorrow, we won’t...
  • US threatens to cut off Chinese banks' access to dollars

    07/16/2020 9:31:41 PM PDT · by BeauBo · 26 replies
    Nikkei Asian Review ^ | July 16, 2020 | TAKESHI KAWANAMI, (Nikkei staff writer)
    Chinese banks seen as complicit in Beijing's clampdown on Hong Kong face being cut off from much of the global financial system under wide-ranging sanctions that are a part of newly enacted U.S. legislation. The Hong Kong Autonomy Act, signed Tuesday by U.S. President Donald Trump, sets out punitive measures against lenders that do business with sanctioned officials, including bans on receiving loans from American banks, participating in foreign-currency and banking transactions, and investing in equity or debt. The government may also freeze the assets of designated institutions or restrict exports to them... China's economy "for the foreseeable future will...
  • THE BANK WAR: Jackson v. Biddle (The History of Wealth & "Money," from Ancient Coins to the Perils of Paper "Money" in America)

    07/10/2020 7:31:49 AM PDT · by Perseverando · 3 replies
    American Minute ^ | July 9, 2020 | Bill Federer
    Money supply has a mixed history. Originally, wealth was measured in precious metals of gold, silver, or copper. Exodus 25:3 "And this is the offering which ye shall take of them; gold, and silver, and copper." Items of gold, silver, or copper had to be weighed. A "shekel" was a fixed unit of weight. Shekels were placed on one side of a scale and on the other side were placed the items of gold, silver, or copper to be weighed. The Bible admonished not cheat, Deuteronomy 25:13 "Do not have two differing weights in your bag -- one heavy, one...
  • Syria devalues currency (44%) amid chaos ahead of new US sanctions

    06/18/2020 5:35:02 PM PDT · by BeauBo · 14 replies
    ABC News ^ | June 17, 2020 | ALBERT AJI Associated Press
    Syria devalued its currency by 44% on Wednesday, announcing a new official exchange rate for the pound amid chaos in the market, hours before new U.S. sanctions aimed at cutting off revenue for Syrian President Bashar Assad’s government took effect. The sanctions, known as the U.S. Caesar Syria Civilian Protection Act, are the toughest set of measures to be imposed on Syria yet, preventing anyone around the world from doing business with Syrian officials or state institutions or from participating in the country’s reconstruction... Syria’s already troubled economy has sharply deteriorated, prices have soared and the national currency, the Syrian...
  • It’s time to get rid of your $20 bills…; Almost Every Picture Depicted In American Money is Related To Slavery

    06/17/2020 2:31:03 PM PDT · by SeekAndFind · 49 replies
    The Sovereign Man ^ | 06/17/2020 | Simon Black
    On May 12, 1703, the Russian army under Peter the Great captured an important Swedish fort on the Baltic Sea called Nyenskans.It was a major victory for Peter in his war against the Swedish Empire. Russia was a rising power in the early 1700s, but Peter was in critical need of a Baltic seaport to be able to trade with the rest of Europe.The capture of Nyenskans was so important that Peter decided to move his capital there. And he renamed it Saint Petersburg.Technically he called it “Sankt-Pieter-Burch,” which is a Dutch/German spelling of the name; Peter made tremendous efforts...
  • CHINESE Yuan Registers Lowest Value in History: Dropping a record 16 days straight, the longest run since the currency basket was created 5 years ago

    06/12/2020 2:57:44 PM PDT · by SeekAndFind · 37 replies
    Epoch Times ^ | 06/12/2020
    Compared to a basket of other currencies, the Chinese Yuan is falling fast. It has been dropping for a record 16 days straight, the longest run since the currency basket was created 5 years ago. It has now fallen 4 percent against the Euro and Australian dollar. The yuan has also been falling against the dollar but has stopped recently. In late May, rising tensions with the U.S. contributed to the yuan falling to near its lowest level since 2008’s financial crisis and factors such as the Hong Kong protests and the US-China trade deal could increase the value of...