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originally posted by: johnwick
a reply to: Ultralight
Lol good luck.
America has the world's most stable gov and most stable currency, backed by the richest nation and most diverse culture in the worlds history.
Chinas entire economy will implode tomorrow if we start buying our goods from India.
The largest portion of U.S. debt, 68 cents for every dollar or about $10 trillion, is owned by individual investors, corporations, state and local governments and, yes, even foreign governments such as China that hold Treasury bills, notes and bonds.Foreign governments hold about 46 percent of all U.S. debt held by the public, more than $4.5 trillion. The largest foreign holder of U.S. debt is China, which owns more about $1.2 trillion in bills, notes and bonds, according to the Treasury.In total, China owns about 8 percent of publicly held U.S. debt. Of all the holders of U.S. debt China is the third-largest, behind only the Social Security Trust Fund's holdings of nearly $3 trillion and the Federal Reserve's nearly $2 trillion holdings in Treasury investments, purchased as part of its quantitative easing program to boost the economy.
originally posted by: buckwhizzle
Doesn't the Chinese Gov't artificially "peg" their currency to the dollar? The yuan would need to compete in the open market and make it on its own before it became the reserve currency.IMHO
originally posted by: LittleByLittle
a reply to: MrSpad
Not as long as there is physical gold to buy for the Chinese US dollar bonds at a cheap price created by the FED. The change comes when there is nothing left to buy that the Chinese wants for the dollars. The Chinese holds all chips in this Texas holdem game.
originally posted by: Ultralight
a reply to: Greathouse
The govt??? I'd believe a wsj blog over the US govt any day.
originally posted by: borntowatch
Well yeah, this has been going on for many years now.
China and Russia signed a mutual trading pact a few months ago and dont trade the US dollar for oil anymore