China Calls For One World Global Currency

a reply to: DJW001

While currencies may come and go, the debts still remains. If the US does go like Germany after its temper tantrum then its people will be debted to the greater population for some time.

Awe, that is so cute...

China thinks that after the pale skin global elite have squeezed all they could out of China, that they will be left with even a pot to wizz in.

What happened with China has happened in developing countries around the world. We (militarily or corporately)back a leader or group that can stifle dissent while our corporations rape their cheap labour as much as they will put up with.

Doing that in China took some BIG game and we probably gave them some tips. If we want to get as much out of a Billion poor saps as we can then we got to do it sloooow. So China needed a strong government leadership, help them bring home a few wins and give them some clout in the west that will give there people the sense of being under control by a global power.

But the Chinese elite have likely realized that this might not last forever so sticking themselves into affairs like global currency and what not is just their way of staying in the loop. Test their opponents reaction. How does the west handle planning the future with someone they plan to have no future with?

oops..

China's Very High Mountain of Debt

China's debt mountain is casting a shadow over the world's second-largest economy. Total debt has reached 282 percent of GDP, according to the McKinsey Global Institute. While other big economies aren't far behind, it's the pace of China's credit expansion that's worrying policy makers, spurring targeted stimulus strikes while trying to avoid a debt sugar hit.

Here's how the debt breaks down, according to McKinsey:

Central government debt is low by global standards, giving room for fiscal stimulus if the economic downturn deepens. Local authorities are in a more delicate position, having borrowed heavily via vehicles after the global financial crisis and now grappling with repayments.

More from Bloomberg.com: How A Ragtag Group Of Lefties Mainlined Debt-Free College Into The Democratic Primary

While bank debt doesn't flash red alert yet, rising bad loans signal more pain to come. For non-financials, especially real estate developers, the burden is greater, raising question marks over whether monetary policy loosening will spur a pickup in loan demand among already tapped out corporates. Last month, Baoding Tianwei Group, a power-equipment maker became China’s first state-owned enterprise to default on domestic debt.

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* - 2012 - Turns Out China IS Lying About Everything

* - 2014 - China's Debt: How Serious Is It?


I think people need to settle down with the China economic powerhouse sharks and jets routine. China is just in as much trouble as other nations, including the US are. The difference is China has been caught several times cooking the books or leaving items off completely, like the local debt.

a reply to: DJW001

You can live your entire life without ever seeing so much as s speck of gold.

Because greedy people have hoarded it all to themselves. Well, not all, every electronic device produced has a smidgeon of gold and or other precious metals incorporated into it.

Take cell phones for instance, hundreds of millions of them are scrapped every year, each having between one to three dollars of gold inside. You do the math.

Are you using one right now? Look at it, do you "see so much as a speck of gold"?

gold in cell phones

a reply to: intrptr

You are really trying very hard to miss the point. I didn't say gold has no industrial applications; that is the only thing that gives gold any real value at all. Electronics are relatively new. Twenty years ago, you could have lived a high tech life not too unlike today, but with no devices that use gold in any way.

The day is long past when gold was used as a medium of exchange. It will never return. Did you know that nowadays there are currencies that exist entirely in digital form? What are they backed by? Nothing but algorithms.

All of this is a bit off topic. There are benefits to a global currency. In the past, it was Roman coinage, then Spanish, then British. As each empire faded, its currency continued to be used in international transactions until a new empire arose and a new currency replaced it. All China is doing is hinting that it intends to replace the American Empire with the Chinese Empire. If you think the American Empire is bad, just wait till you experience the Chinese Empire.

Edit To Add: Incidentally, the exact phrase was "seeing a speck of gold." Do you actually see the speck of gold inside your cell phone on a daily basis? I thought not.

a reply to: DJW001

You are really trying very hard to miss the point. I didn't say gold has no industrial applications; that is the only thing that gives gold any real value at all.

Oh. But you said,

Gold has no inherent value

a reply to: intrptr

Correct. Its value lies entirely in its application. A lump of gold is worthless, unless you use it as a paperweight or door stop.

originally posted by: DJW001
a reply to: intrptr

Correct. Its value lies entirely in its application. A lump of gold is worthless, unless you use it as a paperweight or door stop.

So, it has value or not? Make up your mind.

originally posted by: intrptr

originally posted by: DJW001
a reply to: intrptr

Correct. Its value lies entirely in its application. A lump of gold is worthless, unless you use it as a paperweight or door stop.

So, it has value or not? Make up your mind.

I realize that English is not your first language. "No inherent value" means something is worthless unless you use it for something. Water is valuable because you need it in order to live. Gold is not necessary in order to live, therefore its only value is what you can make with it.

a reply to: DJW001

"No inherent value" means something is worthless unless you use it for something.

Something is worthless unless you use it?

originally posted by: intrptr
a reply to: DJW001

"No inherent value" means something is worthless unless you use it for something.

Something is worthless unless you use it?

Can you provide me with an example of something useless that is valuable?

a reply to: DJW001

images

originally posted by: intrptr
a reply to: DJW001

images

But gold isn't useless, as you yourself have pointed out. Can you find an actual example of something useless that is valuable?

a reply to: DJW001

But gold isn't useless, as you yourself have pointed out.

Hoarded and buried by the tons underground in the images I showed it is certainly useless. As useless as this conversation.

a reply to: DJW001

All China is doing is hinting that it intends to replace the American Empire with the Chinese Empire. If you think the American Empire is bad, just wait till you experience the Chinese Empire.

China's ultimate goal is to bring the revolution to the entirety of humanity. The party has become the "imperial court" with influential party members growing wealthy on the backs of slave labor.
Chairman Mao is certainly rolling over in grave at what the "workers paradise " has become.
And you nailed it, if people think they have it bad under an "American empire" , just wait and see what happens if COMMUNIST China gains primacy.

And by the way to everyone clamoring for gold backed economies, do a little reasearch and see how economies , based on a gold standard, faired in recovery during the depression of the thirties.

China has been after a 1 world currency for a long time. They want it, primarily because their own currency isn't worth anything. China is deeply in debt and on the verge of economic collapse. A new global currency would revalue existing currencies (USD to 60% for example in the article) which in turn revalues the Chinese debt, shrinking it. From there, China can take advantage of their internal/external economy, where they can buy/sell in the new currency, but internally trigger hyperinflation to eliminate their debt without losing trading power.

It's not about knocking the US out of the #1 spot, the Chinese truly don't care about that because #1 is just some arbitrary distinction. Instead what they care about is fixing the horrid financial state of their country.

China rate cut: How bad are things getting?

China's third interest rate cut in six months has spurred concerns the mainland's economic slowdown is hitting where it hurts: the labor market.

"The PBOC move validates investors' assumption that sub-par economic performance will be tolerated by the government only up to a point where it does not pose a serious threat to employment," Uwe Parpart, head of research and chief strategist at Reorient Group, wrote in a note on Sunday. "That point may well have been reached."

The People's Bank of China (PBOC) reduced both the benchmark lending and deposit rate by 25 basis points to 5.1 percent and 2.25 percent, respectively, in response to weaker-than-expected economic activity data, which has raised concerns that the government's annual gross domestic growth (GDP) target of "around 7 percent" could be at risk.

Maintaining stable employment has been a top priority for the Chinese government as it steers the world's second largest economy away from an export-driven model to one based on consumption.

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