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Breaking News!! China Is Running Out Of Money

From Forbes:

China Is Running Out Of Money. Why has the economy so far failed to respond? There are various reasons, but perhaps the most important is that the country is running out of money for stimulus.

At first glance, that proposition seems preposterous. After all, the People’s Bank of China, the central bank, held

The USD Trap Is Closing: Dollar Exclusion Zone Crosses The Pacific As Brazil Signs China Currency Swap

When the US Dollar is ultimately dethroned as the world’s reserve currency (and finally gets rid of all those ridiculous three letter post-Keynesian economic “theories”) nobody will have seen it coming. Well, nobody except for the following headlines: ““World’s Second (China) And Third Largest (Japan) Economies To Bypass Dollar, Engage In Direct Currency Trade“, “China,

The We-Fixed-Nothing Chickens Are Coming Home to Roost – Charles Hugh Smith

by Charles Hugh Smith

The We-Fixed-Nothing Chickens Are Coming Home to Roost   (June 4, 2012)  When the real problems are masked with fake “solutions,” the chickens eventually come home to roost, and we wake up to the reality that the fake “solutions” have only made things much worse.

The reality that the global Status Quo has

First Time Ever! The Dragon is Rising: Citgroup offering YUAN BANK ACCOUNTS in London, Say hello to the Dragon Empire!

LONDON (Dow Jones)–Citigroup (C) said Wednesday that it is launching yuan-denominated bank accounts in the U.K., providing further evidence that banks are stepping up their efforts to help London gain traction as a key offshore yuan-trading center.

Citigroup said its new product offering will make it possible for clients to make and collect payments in

Will China Make the Yuan a Gold-Backed Currency?

by WashingtonsBlog

If China Backs Its Currency with Gold, It Could Have Profound Effects for Investors … and Consumers

Larry Edelson – – writes today:

I know for a fact that Beijing wants its yuan to eventually become a gold-backed currency, much like the Swiss franc was originally. Backing the yuan with some gold will certainly

CNY vs USD: where next?

2012-APR-23

On Saturday April 14 the People’s Bank of China expanded the range that it would allow the renminbi to rise or fall each day. Previously the currency was only allowed to rise or fall by 0.5% from a determined midpoint, but now that limit is being increased to 1%. Many have long felt that

Robert Zoellick calls for Brics bank

telegraph.co.uk

Robert Zoellick said the World Bank would support a Brics bank, an idea formally proposed at a summit in New Delhi last week. The World Bank has previously backed the creation of the Islamic Development Bank and the Opec Fund to build financing and analytical capabilities.

If Brics nations “decide they want another financing

More Bad News for the Dollar

6 MARCH 2012

Greg Hunter’s USAWatchdog.Com

Buying gasoline these days has turned into a horror show.  I filled up my car and handed the attendant a $50 bill to turn the pump on.  I had a little more than a quarter of a tank.  So, I thought that would do the trick and peg the needle

Albert Edwards: JPY devaluation exacerbates risk of China hard landing, drags them into currency war

“What do people think will happen if another recession strides into sight any time soon? We are a hair’s breadth or, more exactly, one recession away from a market panic on outright deflation — a panic that will send the central banks into a printing frenzy that will make their balance sheet expansion so far

The Exter Pyramid And The Renminbi

by Mao Money, Mao Problems

The Exter Pyramid and the Renminbi

The pyramid is the strongest structure known to Man. The weakest structure is the inverted pyramid. There is an economic theory called the Exter Pyramid to describe the financial system. It is an inverted pyramid ranking assets by risk. Gold, the safest asset, holds its

Jim Rogers is loading up on a surprising currency

From Newsmax:

…”Probably none of us are going to own any paper money at all ultimately, but that’s later in this decade, because paper money is becoming very suspect everywhere in the world,” he said. “I don’t own any U.S. equities,” he said. Adding, “I don’t own the pound sterling, although I do love the

UK Government Chancellor of the Exchequer,George Osborne, welcomes moves announced by London city banksters to make trading Chinese Yuan into world reserve currency, saying it could bring billions to City of London banksters, putting UK banksters at the centre and he says supporting China will make the City of London the biggest financial centre in the world:

The UK Treasury has announced plans to make London the leading international centre for trading China’s currency, the yuan, also known as the renminbi.

“London is perfectly placed to act as a gateway for Asian banking and investment in Europe,” said UK Chancellor George Osborne.

Bankers say the plans could bring billions of pounds into

Currency wars favor the greenback: Look for 2012 to be the year of the dollar

By David Callaway, MarketWatch

SAN FRANCISCO — At a meeting in London last month I listened with mild amusement as a senior sales executive discussed the rollout of a banking campaign to promote the rise of China’s renminbi as a global currency.

Reuters

U.S. $100 notes stacked at the headquarters of the Korea Exchange

Look for 2012 to be the year of the dollar

Dec. 28, 2011, 3:53 p.m. EST Look for 2012 to be the year of the dollar Commentary: Currency wars favor the greenback By David Callaway, MarketWatch

SAN FRANCISCO (MarketWatch) — At a meeting in London last month I listened with mild amusement as a senior sales executive discussed the rollout of a banking campaign to

Planning to buy gold, but when?

I aim to own a healthy position in gold by 2016.  The burning question:  Is now a good time to buy in?

So far in my admittedly amateurish thinking, the answer is: not yet.

My reasoning:

1) I don’t want to bet against a global financial crash in the next 24-36 months now that the

EU’s Chinese Munich

Cap in hand to the Chinese, it really doesn’t get any worse than this. And what this article doesn’t mention, but is reported in the FT, is that China is trying to tie the cash to a gagging clause which would prevent EU leaders from criticizing Chinese currency policy (notably the undervaluing of the renminbi

Enter the Dragon: China Takes a Symbolic Step Toward Reserve Status

The World’s Very First RMB Gold Contract

For the first time ever, China is offering convertibility between gold and their own currency, the Renminbi. To understand the symbolic importance of this, let’s first give a bit of background and context.

Gold, as with most other commodities, is commonly priced around the world in US dollars