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China attacks the Dollar

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posted on Mar, 2 2011 @ 10:16 PM
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yep, this is pretty bad
but just wait til OPEC
quits taking dollars
for oil trades.

The US will be back in the stone age
in about 2 weeks.

I hope China realizes this is an act of war.
edit on 3/2/2011 by boondock-saint because: (no reason given)




posted on Mar, 2 2011 @ 10:17 PM
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Originally posted by Dance4Life
I actually find this article quite humorous. Let's see, a country that still artificially controls their currency. Their economic indicators ( ex. housing , GDP ) are exponentially far more manipulated than ours could ever be. Does this sound like a reserve currency to you? Not remotely close to me personally. I am not sure why any legitimate news service would run this to be honest.

They still have a massive wealth disparity. They are building those "ghost cities" just to build them right now. My guess is that the money spent on all of this isn't all correctly reported. All of this expansion and they do not let the Yuan float against the dollar. Doesn't seem to fit in the category of "flight to safety", IMO.

It might have also been a "piece" sent in for the news companies to run headlines. Hedge Fund Manager "x" with 50 Billion assets under management has one of his minions run something by the Associated Press because he is short 500 contracts in the DX Futures (US DOLLAR INDEX) going into the weekend. I know ( believe I personally know many examples, can't say for 100% sure of course ) this happens quite regularly.

How much do you think it costs to get a rumor floated around the opening bell on CNBC at let's say 9:15AM? Whatever the cost it will most likely pay handsomely.


You might like to read the zerohedge.com Report,which expands on the News by showing the Source: People's Bank of China



posted on Mar, 2 2011 @ 10:25 PM
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after reading this

I bet the Dow Jones drops
like lead tomorrow.

If ur still in the market,
u r a sunk goose



posted on Mar, 2 2011 @ 10:33 PM
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Originally posted by Misoir
I would argue that this is a good thing, I want to see the US Dollar removed as the global reserve currency for the fact that ever since its inception us here in the United States have only been able to print more and more money, consume without producing, and facilitate global economic meltdowns due to our mismanagement of the flimsy economic structure we have in place.

However another argument I would encounter is that the United States would presumably hit hyperinflation if the US Dollar were to be removed from world reserve currency status, which to me and my loved ones personally would be a catastrophe, but I would contend that when we finally return from the abyss we would have learned our lessons and have a stronger economy and people for it.

Another issue which crosses my mind is that for if the US Dollar to be removed from reserve currency status then presumably an international currency, one not tied to any one nation’s currency, would assume reserve currency status. This places the global financial structure into the hands of international organizations beholden to no nation state and no citizenry. Bankers will have full direct control over the monetary policies of the world, even worse than today.



You are ever so RIGHT...I have my eyes open. I feel something very bad is about to happen. All I have to say is "kadoish, kadoish, kadoish, Adonai Tseybayoth."



posted on Mar, 2 2011 @ 11:23 PM
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ya, it'll be funny watching americans with wheel barrels full of money to buy an ipad..

when the canadian dollar is worth more than the greenback, i'd be worried.



posted on Mar, 2 2011 @ 11:26 PM
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Originally posted by wisdomnotemotion

Originally posted by Shenon
Spiegel - Google Translation


The Chinese central bank surprises with a spectacular announcement: The would-be superpower, wants to complete trade in yuan handle their future, not in dollars.Beijing shakes America's claim to represent the key currency - with serious consequences for the U.S..


And so it begins...discuss.



Excellent. I was about to comment the same thing, "and so it begins"..

This will send commodities and inflation to a new level. Welcome to the new world order.

Maybe you mean welcome to the Chinese-dominated world!



posted on Mar, 2 2011 @ 11:29 PM
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Originally posted by wavemaker
Maybe you mean welcome to the Chinese-dominated world!

well that is exactly what Soros predicted.
The next world reserve currency will be
the Chinese Yuan.

and he has done very many things
to make it so.



posted on Mar, 2 2011 @ 11:33 PM
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Anyone with a degree in Economics want to explain this in more simple terms?

www.reuters.com...

Thanks in advance!



posted on Mar, 2 2011 @ 11:44 PM
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I just find it a little odd that this comes out now with many Nations Military,a big part of those from the US,now deployed in the Middle East on the Coast of Lybia...



posted on Mar, 2 2011 @ 11:44 PM
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USA is the largest consumer of goods produced any and everywhere. We could literally go to bottle caps and the currency would propagate the world within 2 weeks.

Let China fire the first shot, we will fire the last.



posted on Mar, 2 2011 @ 11:56 PM
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reply to post by Shenon
 


I see.

The article still doesn't make sense though.



posted on Mar, 3 2011 @ 12:02 AM
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This news comes on the heels of another matter....The senate is about to vote on whether or not to raise the US debt ceiling. My guess is that Congress isn't go to say no.

Coincidence? I don't think so. I think this is China's way of saying enough is enough.

Peace & Respect,

AS



posted on Mar, 3 2011 @ 12:04 AM
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Damn.. i actually thought and hoped it wouldn't get down to this.

This time is the measure of a nation. No matter what happens i wonder what will happen, will it just rip apart or just a bump in the road.



posted on Mar, 3 2011 @ 12:05 AM
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My comment is only peeing in the wind...I don't know too much about finance and economy, i'll be the first to admit, so take this with a grain of salt...

We all know media is controlled to a certainly predetermined ebb and flow. If we consider that the powers that be hold grasp over almost all the major players in the world game, be it country and media, what does this mean for gold prices, stockpiling of ammo, guns, food, liquidating assets...if even 30% of the US citizens with a more...open mind gets this info and freak out, those things will absolutely skyrocket.

What I'm getting at, is asking what they are getting at by announcing this?

It's bound to hit tomorrow, we could see madness in the buying and selling of SHTF goods.



posted on Mar, 3 2011 @ 12:47 AM
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Until this hits msm, I'm not going to believe a word of it.


Also, When things like this happen, and everyone expects the dow jones to fall like lead, it usually has a triple digit rally. That has been the trend over the past few years. Every single time bad news comes out, its triple point rally. It never seems to fail, so lets see what tomorrow brings.



posted on Mar, 3 2011 @ 12:51 AM
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Originally posted by superman2012
Anyone with a degree in Economics want to explain this in more simple terms?

www.reuters.com...

Thanks in advance!

well I don't have a degree in economics
but I'll try.

China is only gonna take Yuan currency for
the repayment of it's loans. Meaning that if the
US devalues the dollar, then it can pay it back
to China in a under valued currency. China sees
that the US is doing this and is telling the US that
we will not allow you to pay us back in anything
but Yuan to wit the US has to exchange that
dollar amount on the open markets before
China will accept it as payment.

In other words China loses money if paid
back in the US Dollar.
edit on 3/3/2011 by boondock-saint because: (no reason given)



posted on Mar, 3 2011 @ 12:55 AM
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Originally posted by AeonStorm
This news comes on the heels of another matter....The senate is about to vote on whether or not to raise the US debt ceiling. My guess is that Congress isn't go to say no.
Coincidence? I don't think so. I think this is China's way of saying enough is enough.

it wouldn't matter now if Congress raised
the debt ceiling to a Zillion dollars.
The US will have to pay back it's loans in
Yuan and cannot do it with the exchange rates.



posted on Mar, 3 2011 @ 02:05 AM
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Originally posted by superman2012
Anyone with a degree in Economics want to explain this in more simple terms?

www.reuters.com...

Thanks in advance!


China is basically telling the world it's open for business. China will buy ... in yuan ... oil, grain, and everything else it needs. In return, China will accept the yuan back in payment for goods they manufacture.

This accomplishes 2 things:

First, it cuts out China and other countries from having to buy US dollars to engage in international trade so it lowers the cost of international trade by 1-3%, depending on a companies purchasing power.

Second, since these other countries that sell to China will have yuan, they are more likely to buy more manufactured goods from China and foster good political, economic and social relations in general.

China has talked about this before. If they actually do it then make no mistake, this is a very powerful move with incredible leverage. Reserve currency status kicks ass. Just ask America.



posted on Mar, 3 2011 @ 03:31 AM
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The US will have to pay back it's loans in
Yuan and cannot do it with the exchange rates.


Current Exchange Rates:

Live rates at 2011.03.03 09:29:00 UTC

1.00 CNY = 0.152128 USD

China Yuan Renminbi .......... United States Dollars
1 CNY = 0.152128 USD........ 1 USD = 6.57340 CNY

www.xe.com...



posted on Mar, 3 2011 @ 03:38 AM
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reply to post by boondock-saint
 


Exactly what I was gonna say.


China's hopes to trade in the yuan mean little 'till OPEC agrees to trade for oil in the yuan. That's when the "bumpy ride" really begins.






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