China dumps 1 trillion in US reserves !!!

Discussion in 'Wall St. News' started by Pekelo, Dec 16, 2006.

  1. dhpar

    dhpar

    what does this add "FOR WHITES ONLY" mean?
     
    #11     Dec 16, 2006
  2. Pekelo

    Pekelo

    Yeah, it doesn't sound too real, but something to consider, the Chinese plans to diversify are pretty clear:

    "That’s why this past August, Fan Gang, a member of People’s Bank of China’s policy committee, commented “The U.S. dollar is no longer a stable anchor in the global financial system, nor is it likely to become one, therefore it is time to look for alternatives.”

    That’s also why, this past October, he said “China risks an erosion of its holdings because the U.S. dollar will probably decline.”

    But it didn’t end there: One month ago, on November 9, Chinese central bank chief Zhou Xiaochuan said they had a clear plan to diversify into other currencies.

    And just two weeks ago, Chinese deputy central banker Wu Xialong warned other Asian central bankers of the future risk of a U.S. dollar devaluation, jolting the foreign currency markets.

    Now here comes the clincher: On Thursday and Friday of this week, U.S. Treasury chief Henry Paulson and Federal Reserve chief Ben Bernanke will meet with Chinese officials in Beijing."

    P.S.: This quote is from the Washinton Post, I really like the last sentence:

    "Kevin Kearns, president of the U.S. Industry and Business Council, said Paulson and a U.S. delegation that included Federal Reserve Chairman Ben Bernanke and U.S. Trade Representative Susan Schwab were "content to engage in idle diplomatic chitchat" when stronger action was needed.

    "Since the Bush administration won't respond effectively to China's currency manipulation, illegal subsidies, intellectual property theft and other transgressions, Congress needs to seize control over China's trade policy," Kearns said."
     
    #12     Dec 16, 2006
  3. In the short run it may be a joke... but somewhere in the fullness of time... all fiat currencies fail.. and fail badly...

    http://www.econlib.org/library/NPDBooks/Dolan/dlnFMA12.html

    just kinda hoping it will happen a lot later than now as in 10 or more years from now...

    :(



    HAVE STOP <img src="http://www.enflow.com/p.gif"> WILL TRADE
     
    #13     Dec 16, 2006
  4. dhpar

    dhpar

    #14     Dec 16, 2006
  5. As we fade from green to black...

    No money in a society remains unowned by someone and is therefore outside some individual's cash balance.

    At all times, a homogeneous good must be defined in terms of its usefulness to the consumer rather than by its technological properties.

    The exchange-ratio between commodities and money is everywhere the same. But men and their wants are not everywhere the same, and neither are commodities

    Once established as a money, gold or gold substitutes can lose or be deprived of their direct use function and still continue as money; for the historical reference to a previous day's purchasing power will already have been established

    In short, that money prices of goods, the purchasing power of money, has first to exist in order for money to have a marginal utility to hold, hence the need for the regression theorem to break out of the circularity

    Once we adopt the distinctively Austrian approach of "methodological individualism," once we realize that government is not a superhuman institution dedicated to the common good and the general welfare, but a group of individuals devoted to furthering their economic interests, then the reason for the inherent inflationism of government as money monopolist becomes crystal clear.

    But if we ponder the problem, we see that if a bank begins to fail, its deposits are no longer equivalent to money; they no longer serve as money on the market. They are only money until a bank's imminent collapse.



     
    #15     Dec 16, 2006
  6. Is the "mighty" US economy nothing but a delicate house of cards? Me wonders. :confused:
     
    #16     Dec 16, 2006
  7. Pekelo

    Pekelo

    After checking out the website's homepage, it looks like a satire, nevertheless other websites are picking up the story. I apologize for contributing to the rumors...

    It makes interesting conversation for sure. Here is a related opinion:

    http://www.financialsense.com/fsu/editorials/schiff/2006/1215.html

    BEN AND HANK'S NOT SO EXCELLENT ADVENTURE
    by Peter Schiff
    Euro Pacific Capital
    December 15, 2006
     
    #17     Dec 16, 2006
  8. When I see something on Drudge then I will believe it....LOL! :D
     
    #18     Dec 16, 2006
  9. this sets the stage for the Amero !

    get ready for Fortress America !
     
    #19     Dec 16, 2006
  10. FITENOB

    FITENOB

    they would announce that to the whole world.... it sounds like some scumbag trying to get some rumor started, highly likely shorted the dollar on the the dip, & is getting squeezed. one word sums it up, LOSERS.
     
    #20     Dec 16, 2006