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China is now overtly pushing for the US dollar to be replaced as the worlds reserve currency.
Xinhua, Chinas official press agency on Sunday ran an op-ed article which kicked off as follows:
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As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world. China does have a broad strategy to prepare for this event. She is encouraging the creation of an international market in her own currency through the twin centres of Hong Kong and London, sidelining New York, and she is actively promoting through the Shanghai Cooperation Organisation (SCO) non-dollar trade settlement across the whole of Asia. She has also been covertly building her gold reserves while overtly encouraging her citizens to accumulate gold as well. There can be little doubt from these actions that China is preparing herself for the demise of the dollar, at least as the worlds reserve currency. Central to insuring herself and her citizens against this outcome is gold. China has invested heavily in domestic mine production and is now the largest producer at an estimated 440 tonnes annually, and she is also looking to buy up gold mines elsewhere. Little or none of the domestically mined gold is seen in the market, so it is a reasonable assumption the Government is quietly accumulating all her own production without it becoming publicly available. Recorded demand for gold from Chinas private sector has escalated to the point where their demand now accounts for significantly more than the rest of the worlds mine production. The Shanghai Gold Exchange is the mainland monopoly for physical delivery, and Hong Kong acts as a separate interacting hub. Between them in the first eight months of 2013 they have delivered 1,730 tonnes into private hands, or an annualised rate of 2,600 tonnes. The world ex-China mines an estimated 2,260 tonnes, leaving a supply deficit for not only the rest of gold-hungry South-east Asia and India, but the rest of the world as well. It is this fact that gives meat to the suspicion that Western central bank monetary gold is being supplied
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Select your preferred way to display the comments and click "Save settings" to activate your changes. new Manthong Mon, 10/21/2013 15:36 | 4076951 When the stack gets large enough, their their domestic and geopolitical interests will prompt them to minimize
43 -1
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Mon, 10/21/2013 -
15:42 | 4076966 8 Anyone 0 remeber the Global IQ chart posted on ZH a few weeks ago? Totally unrelated.
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new BaBaBouy
17 The 0
Fucking FINANCIAL SUICIDE (On Its' Peoples). The Day Will Come When 1 Ozs GOLD Will Get You A Spanking New Loaded F150.
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new Doa K
4077158 different strokes, 15 ozs will get you your 65 foot getaway ketch.
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3 And 0 for
new LongJohn-Silver
Mon, 10/21/2013
prefer smaller, cheaper boats for my gold boating "accidents". I only purchase them with paper dollars.
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4 I - 16:41 | 4077182 0
new
TwoShortPlanks
the next TSP hit prediction is a series of 'American Brides' websites popping up, and it's just around the corner now....silicon enhanced Rats jumping ship in three, two, one...just like the Russian ladies did two decades earlier. Likewise, in the financial sector, look at JPM, HSBC and Sachs, they've fleeced the COMEX and LBMA, their clients, and the general public in one Gold raid after another. Then they've assisted China in raking-in Gold Reserves and whithout any doubt whatsoever, they've feathered their own nest with Gold and a new place to roost, China/Asia.
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new
HardlyZero
Kong's unique status to launch a major experiment: eliminate the HKD link to the USD and instead tie the HKD to gold. This would allow Hong Kong, a long-established financial center with a fairly wellrespected legal system and free market economy, to become the new Switzerland with its own hard currency (but still under Chinese control, of course).
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new
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Mon, 10/21/2013 -
34 0
15:43 | 4076968 The Western leaders are traitors selling us down the river.
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new OutLookingIn
Mon, 10/21/2013
new CheapBastard
4077153 The looks on people's faces when they wake up one morning to find the dollar has been devalued 20% [or more] in the name of some Fair Cause.
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13 0
new auric1234
8 0
4077323 Nah, this has already happened. And they didn't even notice. Try 95%.
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occurs in a mere 6 years. (How long has Choom been in office again?)
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new McMolotov
Mon, 10/21/2013 -
new akak
Mon, 10/21/2013
4 ... 0
- 18:19 |
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gold propapanda.
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new Bunders
1 That 0 caused
Mon, 10/21/2013 -
huge hole for themselves. They continue to repeat their mistakes and plunder on regadless with their fiat QE. Harvard university should recall the degrees he was awarded - the man is quite clearly pretty dumb and clueless.
16:52 | 4077220 2 The most 0 amazing part of all this, is the Fed are digging a
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new Pareto
Mon, 10/21/2013 -
0 0
20:13 | 4077768 +100 The FED is actually enabling the move to an alternative reserve currency(s).
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new Pladizow
Mon, 10/21/2013 15:35 | 4076952 Why China is pushing it's people to buy gold? = http://www.youtube.com/watch?v=YPXncTuwFIE
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6 -1
new DaveyJones
Mon, 10/21/2013 -
18 0
15:38 | 4076959 LOoking at China's diverse preparation, it's almost as if they've been around longer than us
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new john39
Mon, 10/21/2013 -
by the same people currently behind the global banking scam ponzi. how much money from the opium warms ended up in western bankers' coffers? the chinese have not forgotten.
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15:45 | 4076981 13 The 0 Chinese have been screwed over a few times
new Kirk2NCC1701
Mon, 10/21/2013
do NOT trust the Anglo-American Alliance. They are turning the tables with the old Divide & Conquer with their Direct Settlement process between GBP/CNY, thus leaving the USD out in the cold --> reduced global demand for USDs.
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new DaveyJones
Mon, 10/21/2013
- 20:07 | 0 well said. 4077748 0 they aren't gonna let it happen this time.
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new mickeyman
Mon, 10/21/2013 -
15:39 | 4076960 0 There are solid Keynesian reasons for western governments -12
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ruin.html
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new DaveyJones
Mon, 10/21/2013 -
15:45 | 4076979 9 "solid -1 Keynesian reasons" say that three times backwards or forwards
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new Pladizow
18 "solid 0
new HoofHearted
4077041 Keynes actually had a decent idea or two. It's assholes like Krugman and Obama that have fucked up Keynes's ideas. The neoKeynesians...now there's a bunch of dipshits. I can't tell you how many meetings I've been two where someone starts a lecture, "We assume a neo-Keynesian model with the following parameters..." and I ask, "Why would you assume neo-Keynesian anything? Hasn't that been thoroughly discredited?" Yes, I've been asked to leave a few lectures.
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14 0
new Bear
Mon,
4 -1
10/21/2013 - 16:10 |
4077086 Its the NeoCons vs. the NeoKeys in a dual to the death. Together wars and butter spending will kill us.
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new
NOTaREALmerican
1 Re: It's assholes like Krugman and -2 Obama that have fucked up Keynes's
ideas Well, Krugman is just an idiot savant with a beard. But Obama is just doing what any politician would do when allowed to spend anything he wants without have to pay for it (tax anybody). The best money in the world is free money. The second best money is other people's money. As Cheney said: Reagan proved deficits don't matter. Obama is just listening to Reagan.
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new
buyingsterling
11 I'm no fan of Reagan's last 7 1/2 years in office, but at least the 0
man actually liked America and Americans.
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new mickeyman
Mon,
new Bear
Mon, 10/21/2013 16:08 | 4077080 0 The correlations presented on this blog seem 0
accurate, but there was no attempt to establish a causal relationship between unemployment and selling of gold. I suspect that the negative correlation are more a function of economic conditions than gold ownership.
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new mickeyman
government economist really need to establish a causal relationship, or would he just keep betting on the correlation?
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1 Would a 0
new mickeyman
Mon, 10/21/2013 -
0 If MDB were 20:44 | 4077850 0 here, he would have said something nice.
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new Magnix
Mon, 10/21/2013 -
to SDR? What about the value of the properties? Gold? I've always wanted to know how it works as if its impossible to fathom.
15:40 | 4076962 2 If US is forced 0 to join SDR, how are they going to convert $50K USD
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new Magnix
Mon, 10/21/2013 15:53 | 4077005 This is interesting info to convert USD to SDR - http://coinmill.com/SDR_USD.html#USD=65000
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2 0
new Ghordius
Mon, 10/21/2013 -
16:02 | 4077051 5 "If US is 0 forced to join SDR" What? It's not about "forced to SDR" It's about "accepting USDs". Bad enough, worse than bad
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Mon, 10/21/2013 -
7 0
16:21 | 4077112 Thats the beauty of the plan.Only your debt will be converted to SDR's.
That will include the new debt created by a wealth tax on your property. The the Govt. can screw you again by fixing asset coversion rates at one tenth of the debt conversion rate. Totally enslaved debt serfage.For the children ,and fairness of course. Its good to be king.
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new Kirk2NCC1701
Mon, 10/21/2013 -
23 0
When TSHTF... "First thing we do is kill all the financial and political scumbags and cocksuckers* on Wall St and in DC" - IMHO. Long speed-boats and 1-way Air Taxi tickets out of both Dens of Iniquity. * With apologies to regular cocksuckers.
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new Pladizow
Mon, 10/21/2013 -
15:56 | 4077019 13 Man will -5 never be free until the last King is strangled Diderot
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new buyingsterling
4077301 enslaving anyone, or sticking a gun to their heads. If you're going to hate religion, reserve it for those religions that act like the mob - those that won't let you leave and will kill you if you do (Islam comes to mind, at least the Islamists who take their religion seriously).
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4 Priests aren't -2
new
MeelionDollerBogus
with no provocation. I don't trust this lull period after centuries of genocide & rape by the priests. Why YOU trust it I have no idea. CERTAINLY NOT based on the last 1000 years of history.
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0 They were. They led entire holy wars of genocide INCLUDING into Muslim lands 0
new Al Huxley
Mon, 10/21/2013 -
from Normandy to England and gave instructions that all moneyers ... be deprived of their members ... Bishop Roger of Salisbury commanded them all to assemble at Winchester by Christmas. When they came hither they were then taken one by one, and each deprived of the right hand and the testicles below. All this was done in twelve days between Christmas and Epiphany, and was entirely justified because they had ruined the whole country by the magnitude of their fraud which they paid for in full." -The Laud Chronicle (E)
10 "1125 A.D. 16:26 | 4077137 0 In this year before Christmas King Henry sent
http://www.wvwnews.net/printer.php?id=2765
new Uchtdorf
Mon, 10/21/2013
- 16:43 | 0 Can't 0 view at 4077188 work. The filters said "Racism & Hate". Wish you had given us a warning.
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new Al Huxley
1 I 0
4077258 don't get that warning - sorry. It's a sublink, I'd never actually checked out the root/parent site.
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new Jendrzejczyk
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new
MeelionDollerBogus
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