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China's economy is booming, and in the West, everyone from President Obama on down is demanding that the Chinese currency be allowed to rise in value. Now, it's possible for small investors in the U.S. to capitalize on this opportunity. The Bank of China's New York Branch announced this week that Americans will now be able to open FDIC-guaranteed accounts in the bank in a way that was never before permitted -- by converting their deposits into the Chinese currency, known officially as the renminbi and colloquially as the yuan.
Fed Accounting Rule Changes to Mask Losses
Interest-Rates / Central Banks
Jan 24, 2011 - 03:59 AM
Many people have taken notice of changes slipped into the Fed's balance sheet reporting rules that will allegedly shield the Fed from devastating losses. Please consider Accounting Tweak Could Save Fed From Losses
SPRINGFIELD — In a blow to Gov. Quinn’s administration, an Illinois appeals court Wednesday tossed out the $31 billion construction program he crafted during his opening months in office in 2009.
In so doing, the three-member appeals panel also invalidated video poker, state lottery privatization, higher liquor taxes and other revenues that were put into place to support massive borrowing for the bricks-and-mortar program.
Under the legislation, proposed by Sen. Pat Toomey (R-PA) and Rep. Jim Jordan (R-OH), China, not soldiers, Social Security recipients or American citizens would take precedence..
China is not the only beneficiary at the expense of the American people. The bill would require the U.S. Treasury to pay all foreign countries and financial institutions ahead of domestic investors, banks and citizens of America. China just happens to be by far the largest foreign holder of American debt.
"I intend to introduce legislation that would require the Treasury to make interest payments on our debt its first priority in the event that the debt ceiling is not raised," Sen. Pat Toomey (R-PA) wrote in a Friday Wall Street Journalop-ed, attempting to paint it as the fiscally prudent thing to do.
Currently, the debt ceiling sits at $14.3 trillion. Lawmakers will be forced to vote on whether or not to raise the ceiling by March. If the statutory borrowing limit is not raised, it essentially means that the nation is in default. It will not be able to borrow any more money to make interest payments on debt or anything else.
China currently holds roughly $895 billion in U.S. debt, making it the third largest holder and by far the largest foreign holder of American debt. Japan is fourth with $877.2 billion.
U.S. Pension funds ($706.5 billion), mutual funds ($637.7 billion), state and local governments ($511.8 billion) and the Federal Reserve (roughly $5 trillion) would all be short-changed under the Republican plan.
On a month-by-month basis the number of actual employed people dropped by more than 1.5 million! That's a huge decrease and what's worse, the trend is awful, being unbroken now since the first of last year.
Remember, we need about +150,000 in actual employment just to keep up with new entrants into the workforce. We instead lost ten times that number of actual employed.
Originally posted by camaro68ss
stocks overbought right now look for a correction. could have been today but i think it will expand for a few days. i dont like what im seeing past that. I see inflation kicking in hard in the next few months. we are just getting a teast of it right now but once it kicks into high gear they wont be able to hide it anymore.
ALL Major Countrys are printing money right now!
The US Mint sold more silver from Jan 3-13th 2011 then they did in 9 months in 2010!
God help us all!edit on 13-1-2011 by camaro68ss because: (no reason given)edit on 13-1-2011 by camaro68ss because: (no reason given)
Wow. Alot of people are angry that the tsx gained back all the loses incurred during the global meltdown. sorry...no welfare state today folks.
Gosh, there's alot of left wing hippies commenting on these articles. Go capitalism, it's the only way to go. Read more: www.cbc.ca...#ixzz1EAz03YXI
The Enquirer is reported to have interviewed critical-care physician Dr. Samuel Jacobson who viewed the photos and said the 6-foot-2 Jobs appeared "close to terminal."
"I would say he has six weeks," Jacobson said.
BEIJING: Bank of India has become the first Indian bank to offer trade settlement facility between the rupee and the Chinese RMB from Hong Kong. This follows intense persuasion by the China Banking Regulatory Commission, which is trying to gain acceptance of the RMB as an international currency.
"We are the first Indian bank to offer real-time settlement facility in RMB to Indian exporters and importers. It will be save a lot of time because settlement in US dollars usually takes three working days," Arun Kumar Arora, BoI's chief executive in Hong Kong, said during a recent visit to meeting regulators in Beijing.
Indian buyers are at present making payments in US dollars, and they often have to convert rupee into the US currency for the purpose. The US dollars will no more be the intermediary currency as the BOI is offering direct settlement between the rupee and the Chinese money.
Chinese exporters want their money in the local currency, which is regarded as more stable compared to the US dollar. They are also in a position to have their way because Indian buyers do not have an alternative source of low-cost goods, sources said.