Dollar collapse: Asian economies turn to yuan

veteransnewsnow

US narrative-buster: While Obama launches media-slicky Asia promotional trip, 7 of 10 Asian nations dump Dollar for Yuan.He Who Controls the Money Supply, Controls the World — Hang the Bankers

A recent research from PIIE [The Peterson Institute for International Economics] said that China has moved closer to its long-term goal for the renminbi to become a global reserve currency.

chinadaily

A "renminbi bloc" has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China's successful bid to internationalize its currency, a research report has said.

According to the report , 7 out of 10 countries in the region , including South Korea, Indonesia, Malaysia, Singapore and Thailand , track the renminbi more closely than they do the US dollar.

Hong Kong has quickly risen to be the world's biggest offshore renminbi trading center, with about 600 billion yuan ($95 billion) in deposits.

The Royal Bank of Scotland predicted that renminbi will become a fully convertible currency in 2015.

The currencies of India, Chile, Israel, South Africa and Turkey all now follow the renminbi closely, in some cases, more so than the dollar.

Dollar is going downhill . Who can save it ? No - one

What Happens If The Dollar Collapses?

When the dollar collapses there will inevitably be chaos, since no one will be able to do business. There is only a few days supply of food in the markets of most cities, so imagine if people do not have food,and can't go buy food, since the dollar will be worthless and the markets won't have any. What then?

______beforeitsnews/economy/2012/04/what-happens-if-the-dollar-collapses-are-you-ready-1994526.html

reply to post by UltraMarine
so it's official "bric's" is dead?

This makes sense for countries in the region close to China to track their currency more closely than the USD simply because it is a regionally traded currency more so than the USD. When countries start shedding the USD entirely for a different trade currency I will begin to get concerned. I have seen talk of the Yaun becoming the dominant currency of trade for too long and it has still not happened even on a small scale.

The dollar collapse will come as an unexpected shock to most Americans. Libertarians have been warning about this for decades. It comes as a side effect of a bipartisan effort to separate Americans from their hard earned money. Soon it will be hard earned toilet paper.

reply to post by lasvegasteddy


Brics dead ? Nop

Originally posted by UltraMarine
What Happens If The Dollar Collapses?

When the dollar collapses there will inevitably be chaos, since no one will be able to do business. There is only a few days supply of food in the markets of most cities, so imagine if people do not have food,and can't go buy food, since the dollar will be worthless and the markets won't have any. What then?

______beforeitsnews/economy/2012/04/what-happens-if-the-dollar-collapses-are-you-ready-1994526.html

A dollar collapse will not come overnight. It will be something that anyone monitoring the situation closely will be able to hedge against. Don't get me wrong a collapse of the USD would be devastating for some time, but it is a situation that is resolvable. Currencies come and go all the time, the USD is just more significant because it is currently the number one trade currency.

To start a fire... all you need is a spark. The dollars demise will be that spark. The president and others in his cabinet have been referring to the U.S. as a "Pacific Nation" publicly. I see this as a way of tying us together with Communist China. Hoping for favor in the coming crisis. The elites wont suffer. Never have and never will.

reply to post by UltraMarine


Maybe for the elite who have hoarded dollars..
but I think for common worker types it wont be such a drastic change.
I mean, you still need to go to work tomorrow, and you will still be paid a wage. Only issue is your bank acount $ figure might not buy you as much as it once did on ebay.

China's economy is far from solid.

They are starting to have their real estate bubble pop, and their ability to manufacture and export is based largely on the European and US economies not collapsing.

Remember also the greatest portion of their population is young men, the most likely to cause havoc if they are unable to find work.

I am far from convinced china is ready to ascend to a superpower.

For some general background.....The link below is what it will likely be like when the Dollar collapses. I don't think it'll be slow at all. When it starts for real it'll gain momentum exponentially as more and more people realize it's a timed game running into overtime and the loser is truly the loser this time. That ought to bring a run on banks, bonds, treasuries that are within date to cash and whatever else isn't tangible value in a person's pocket. It'll become crticially important because prices will begin to rise on everything, also at a compounding rate....just like the economic rates that will likely come to drive it.

The Worst Hyperinflation Examples of Recent Times w/ Explanations

The Treasury Secretary of the United States was quoted today saying this:

Treasury Secretary Timothy Geithner said the U.S. “absolutely” should get rid of the debt ceiling as soon as possible.

“It would have been time a long time ago to eliminate it,” Geithner told Bloomberg TV on Friday. “The sooner the better.”

Geithner did not commit to personally doing anything to eliminate the nation’s legal limit on borrowing. When pressed on the issue, Geithner told Bloomberg TV: “This is only something only Congress can solve. Congress put it on itself.”

Source

This, from the man appointed and confirmed WHILE having tax payment issues of his own that he blamed on accounting software. Hence the nickname the man has picked up "Turbo Tax Geithner". I mean where do some of these people get off??

The whole purpose of having the debt ceiling is because the WHOLE ROLE of Congress is 100% and unquestioned control of the Nation's money and it's appropriation to pay for things. I am SURE he'd like to just do away with the debt ceiling. It must be a real pain in the butt to have to come to Congress regularly, after going trillions MORE into debt each time, begging for trillions more of our children's money to spend. How about we simply get a BUDGET so he has lines to stay within in the first place?

...and the whole world watches this and understands the U.S. Dollar is by no means the rock it was just a decade or two ago. It's fast coming to be little better than Pesos. At this rate, that could literally be a more stable currency too. Hyperinflation is a very cruel, very sudden and very brutal thing. These people in Washington don't even take it seriously.

Our world is structured by belief, not by rationality. I can see the collapse of the Dollar just because people lose faith in it. I can see the collapse of the European and American economies because the numbers are increasing that do not believe it is real. It may be close to the beginning of something I do not desire to experience, I have now control over this reality, I am just here to observe. Change happens and change is not always good, most times it is bad when it is this big.

Here's what I think would happen in the case of a complete collapse of the dollar....

Within a week or two, a grand bargain would be made between the US, Eurozone, and China, to create a worldwide currency which would be regulated by an international committee. China would have the most sway.

It would make sense for the West because a economic activity could resume, and it would make sense for China because they would gain status as the world's top power in the deal.

I think this type of event wouldn't result in a prolonged anarchy, but would become an opportunity for international plutocrats to grab a higher level of power over the population.

Originally posted by SELAboy
The dollar collapse will come as an unexpected shock to most Americans. Libertarians have been warning about this for decades. It comes as a side effect of a bipartisan effort to separate Americans from their hard earned money. Soon it will be hard earned toilet paper.

Thats funny. So all these decades of warnings and it hasnt happened, doesnt that tell you that you need to rethink that opinion?

"So all these decades of warnings and it hasnt happened"
or is this event an " in progress " and has been so for decades now

another fiat based currency just adding it's demise to history
the shift
"ugly" at first until from the ashes rise's a value based currency
then
the beauty is realized
hopefully that is where "fiat currency" stays too...in history books

china is noted of late with plans to silver back their yuan
right on for them i say

If a swift collapse occurs I can see martial law and national guard troops deployed.Probably to guard the banks.

Originally posted by lasvegasteddy
"So all these decades of warnings and it hasnt happened"
or is this event an " in progress " and has been so for decades now

another fiat based currency just adding it's demise to history
the shift
"ugly" at first until from the ashes rise's a value based currency
then
the beauty is realized
hopefully that is where "fiat currency" stays too...in history books

china is noted of late with plans to silver back their yuan
right on for them i say

edit on 22-11-2012 by lasvegasteddy because: (no reason given)

The US dollar hasnt collapsed. You guys keep predicting that it will collapse soon but it doesnt. Theres no evidence or any reason for it to fall but that hasnt stopped you guys from making wild predictions.

Also there is no proof that china is going to be backing their currency with gold or silver or any metal. If they did that would cause their currency to appreciate and that would kill there exports( China has an export driven economy fyi).

Indeed it will collapse and most Americans are clueless. We are much closer now then ever before. China is also selling oil in the yuan now too which is a tell tell sign of the eminent demise of the dollar. The Dollars days are numbered and we are much closer then most people realize. It will cause the dominoes to fall around the world when it goes.

China has been buying gold and silver like crazy for the last 5 years. They are the biggest gold buyer in the world. They are definitely trying to position themselves as the next reserve currency but I am not so sure that is how it will play out I think there will be a new currency. However China may be the main player in the new currency..

But people will only get 8-10 cents on the dollar it will devastate the economy, if you think its bad now you ain't seen nothing yet.

"Theres no evidence"
are prices going up or is dollar going down in value
does going down mean collapsing even though it hasn't collapsed
ron paul made good demonstration of this
when he pulled out a silver dollar to show fed boss ben

in 2000 that silver dollar
could buy 3 gals of gas
today it buys over 11 gals

what happened...the silver dollar is still one ounce

ben just this week proclaimed
they are out of magic tricks in their bag and the govt is on its own for a solution

that was main street news

several countries are taking interest in return of physical precious metals we hold of late
could precious metals hold a back up value

i hope your right and i'm wrong positioned otherwise

The value of a dollar or any currency is what ever people place on it. If the dollar collapsed, pretty much the currencies of all other nations that hold dollars would be in the same boat, China included since they hold a large amount of our debt. The valuation of a currency is made by people. They can place what ever value they want on it. This is smoke an mirrors. The whole economic system has been a charade since going of the gold standard. This road we're on is to get to one world currency, but the big players like China, Russia and the US are waiting to see who blinks first, to get the upper hand.