Dump the Dollar, China State TV Tells Viewers

Chinese lunchtime television on Friday gave ordinary people a basic tip on how to play the currency markets: sell the dollar!



A state news program, quoting unnamed "wealth management experts," told residents with dollar accounts on the mainland to convert their holdings into yuan or a range of other foreign currencies, including the pound and the euro.

The prospect of ordinary Chinese ditching the dollar should be less alarming than reports that have roiled global markets of Beijing diversifying its official foreign exchange reserves.
www.cnbc.com...

seems to me that with usa threatening Russia and china with muscle flexing , the chinese govt is sending the message to USA that it can crush america's economic balls with great ease and make USA collapse

[edit on 21-11-2007 by manson_322]

reply to post by manson_322


don't worry pal, the american economy is byond strong. The dollar is another thing. We could pay off our short turm debt in short order if need be. I am sure the thought of the american economy collapsing would thrill dictators and athoritarian thugs everywhere but, let me put your mind at ease, IT'S NOT GOING TO HAPPEN!

Gee rockets im impressed....

Im assuming you are an expert of some sort on the american economy?

Because it would appear most of the world is not really in agreement these days

just my 2 cents.....

Originally posted by rockets red glare
reply to post by manson_322

 

don't worry pal, the american economy is byond strong. The dollar is another thing. We could pay off our short turm debt in short order if need be. I am sure the thought of the american economy collapsing would thrill dictators and athoritarian thugs everywhere but, let me put your mind at ease, IT'S NOT GOING TO HAPPEN!

god , the US external debt is 10 trillion $ + and public debt is 9 trillion
your statement is funny , the current US economy is debt based , not capital based

don't worry pal, the american economy is byond strong

with the mega huge trade deficit and budget deficits , its going strong , how??
i am amused

I am sure the thought of the american economy collapsing would thrill dictators and athoritarian thugs everywhere

it is not thrilling them , firstly if USA did not make provocations(military muscle flexing) against china and russia , these sort of thingd would not have happened ,
AND
US economic policies are unsustainable , as Mr.David Walker the comptroller general of USA warned

reply to post by rockets red glare


Here's a couple of stats someone should bring to your attention.... and OP, nice find, starred; not only has China been dumped dollars en mass, others have too:

U.S. deficit -- 9$ trillion (rockets, who's buying trillions of U.S. debt?)
zfacts.com...

Price of oil - $98USD (11/07, soon to rise .25 per gallon by TD holiday)
www.oil-price.net...

1 in 195 foreclosed last quarter or 30% (millions of Americans, 1,000%+ increases since this time last year)
www.abovetopsecret.com...

Wars will cost trillions more, private banks are finally admitting loss, 'Helicopter' Bernake keeps 'injecting' money into the fed reserve for bailouts, it's not working, the U.S. is getting desperate for oil & running out of war support, Iran has an 11 million person military -- are you putting two and two together yet? China is the model 'police state' w/ child birth laws/stunted growth, the U.S. might look like that sooner then...

Originally posted by anhinga
reply to post by rockets red glare

 

Here's a couple of stats someone should bring to your attention.... and OP, nice find, starred; not only has China been dumped dollars en mass, others have too:

U.S. deficit -- 9$ trillion (rockets, who's buying trillions of U.S. debt?)
zfacts.com...

Price of oil - $98USD (11/07, soon to rise .25 per gallon by TD holiday)
www.oil-price.net...

1 in 195 foreclosed last quarter or 30% (millions of Americans, 1,000%+ increases since this time last year)
www.abovetopsecret.com...

Wars will cost trillions more, private banks are finally admitting loss, 'Helicopter' Bernake keeps 'injecting' money into the fed reserve for bailouts, it's not working, the U.S. is getting desperate for oil & running out of war support, Iran has an 11 million person military -- are you putting two and two together yet? China is the model 'police state' w/ child birth laws/stunted growth, the U.S. might look like that sooner then...

U.S. deficit -- 9$ trillion (rockets, who's buying trillions of U.S. debt?)
zfacts.com...

correction ,its not deficit , its US national debt

Well, they could easily cancel or erase the debt, can't they?

It is actually kind of impressive what China has pulled. For years they were a building power and people thought that there would have to be an inevidable showdown between the two countries. China has effectively positioned itself to topple the greatest power in the world without even firing a single shot.

Crazy times we are living in.

reply to post by manson_322


Really, for the 101 here -- you tried this?

Fine, a couple trillion for s security and medicare payouts soon -- and it's um, worse. $17 trillion. What's to disagree w/ here? Are you reading the links?

www.brillig.com...

This one I post all the time -- with the s security and medicare ignored -- baby boomers just started retiring this year, those monies are accounted for, plus, this younger generation -- good luck getting social s/medicare.

I've finally been seeing talk of a U.S. recession in the mainstream news.

[edit on 21-11-2007 by anhinga]

reply to post by Karlhungis


Sun Tzu did write The Art of War

"Hence to fight and conquer in all your battles
is not supreme excellence; supreme excellence consists
in breaking the enemy's resistance without fighting.

reply to post by TheoOne


*They*? You're forgetting we still have 'new' Nazis as leaders. Plus, there's no way to just 'throw away' first world debt. End war(s) or some peasant-like times ahead, believe the alarmists or not, there's "fiscal reckoning" on the horizon.

reply to post by Beachcoma


I have read the Art of War. That is why it is so impressive to me.

reply to post by Beachcoma


Thanks for bringing that book, I made a thread on it,

www.abovetopsecret.com...

You people are right China has been attacking US for a long time since free trade and Globalization made possible for US corporate to outsource to that nation.

They are smart and they know that militarily it will be impossible to target America, but they are doing it economically and they are been very successful at it due to America's greed and hunger for consumerism.

Look how bad we are now that China do not even need spies to steal Americas technologies.

Corporate America is handling them in silver platter with out sourcing.

www.abovetopsecret.com...

This is the result of the greed of the ruling class in this nation and our corrupted political system.

We as a nation are not producers of wealth anymore as our manufacturing base is now almost eliminated, we are a nation in debt and with a growing deficit due to stupid wars again for more profits.

Profits that you or me will never see.

So what exactly's the reason behind dumping the dollars? Russia, China, Iran, almost everywhere are dumping the dollars and turning to Euros.

Correct me if I'm wrong, thanks.

reply to post by marg6043


Marg6043, are you suggesting that America's future is fading?

[edit on 21-11-2007 by TheoOne]

reply to post by TheoOne


Would you rather have your savings account give you a %10 return a year, or lose %10 a year? The dollar has lost something like %30 of its value in a very short period of time. It is just a bad investment for these countries to keep any money tied up in the dollar. Unless of course they think that it will rebound, but that is not looking very likely. At least not anytime soon.

America future is in the hands of the our corporate ruled government, they are the ones that have the future of this nation in their hands.

We the regular people are nothing but numbers to them and while they made their wealth we have to pay for their mistakes.

Look at around you and see what is left of our builders of wealth for the regular people the hard working Americans.

Is been outsourced to oblivion.

China's devotion to their military is the key. The U.S. has about a million and a half, volunteers. And lately, have obviously been under recruitment figures since... here's some China stats:

People's Republic of China (PRC) is seen by many as an economic powerhouse with the world's largest standing military that has the potential to translate economic power into the military sphere. As one of the elements of power, a nation's military potential is based not only on its capability to defeat an adversary, but also its ability to coerce and exercise influence. China's standing armed force of some 2.8 million active soldiers in uniform is the largest military force in the world. Approximately 1 million reservists and some 15 million militia back them up. With a population of over 1.2 billion people, China also has a potential manpower base of another 200 million males fit for military service available at any time. In addition to this wealth of manpower, China is a nuclear power. It has enough megatonnage, missiles, and bombers to hit the United States, Europe, its Asian neighbors, and Russia.

From a U.S. military study in 1998:

www.fas.org...

reply to post by TheoOne


Americans are not paying their debt. 17$ trillion? It's not a big number compared to the 'worth' of the U.S. real estate scene -- 40$ trillion. There's supposed to be about a million more foreclosing within a year (could be more), so should you do some number crunching, this doesn't look good.

[edit on 21-11-2007 by anhinga]

Can you imagine if they start to finance terrorism around the world. Then we would not be worrying anymore about evil Islamic terrorist but a new breed of terror.

But we all know that this will not happen they are having a great time taking Americas economy down.

reply to post by anhinga


Yes, China has a large military but they haven't spent much money on it and were pretty far behind technologically until very recently. I believe that up until they snuck a sub into one of our training exercises, they were still viewed as being far enough behind to not be a true military threat for a few more years. Obviously, that sub shook up how they are viewed.