London knows the game is up for USD.

<B>Chancellor George Osborne cements London as renminbi hub</B>
By Lucy Hornby in Beijing and Patrick Jenkins in London
October 15, 2013 10:14 pm

George Osborne, UK chancellor, moved on Tuesday to cement London’s position as a global hub for China’s currency, announcing investment quotas, foreign exchange trading and relaxed requirements for Chinese banks in the city.

Mr Osborne’s belief that the renminbi will become a major global economy is behind Tuesday’s gambit, a move which he hopes will make London “a home of Chinese banks, Chinese bonds and Chinese finance”.

Tuesday's announcement of China's agreement to open up its markets for British-based investors represents its latest move to establish the yuan as one of the world's heavyweight currencies and underscores Britain's determination to win a large share of the potentially massive Chinese market.

HSBC forecast in March that the currency will be fully convertible within five years and that a third of China’s total trade will be settled in yuan by 2015, making it one of the top three global trade settlement currencies by volume.

As the chancellor confirmed details of his mission to boost the UK’s status as an offshore Chinese financial centre, including a plan for Chinese banks to operate via branches rather than full-blown subsidiaries, senior US bank executives were stunned.

“It is extraordinary to treat Chinese banks differently,” said one bank chief. “It’s very inconsistent. This is just a crazy lovefest.”

http://www.ft.com/cms/s/9579f608-35...s/0/1b00d4da-35c5-11e3-b539-00144feab7de.html

 

That we have to be more competitive doesn't mean the game is over for us.

 

You might want to tell the Chinese.

 

its over as long as we keep spending more than we take in.

 

Why? We've been doing that for the better part of two centuries.

 

When the Renminbi is freely convertible, that's when the USD apocalypse is nigh. Rats will shortly jump ship.

 

at 17 trillion that is 123,000 per american.

with unfounded liabilities... we are at 5 times that.

A very large percentage of that debt piled on in the last generation while the baby boomers have been in control.

the fact that the fed has to buy a large percentage of our debt... is a big clue... that the spending has gone into the loony, crazy, only an extremist or fool could support it zone.

 

Let's hope it doesn't all come due at once then.

 

thats right.

 

But Ricter believes we didn't "borrow and spend enough" and he's too stupid to realize that the artificially low rates weren't a function of the "free markets".