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BEIJING -- Rising sovereign debt levels in advanced economies are spawning a crisis that threatens to topple the dollar and other reserve currencies, a Chinese credit ratings agency warned Monday.
Dagong Global Credit Rating said developed economies were spawning a “currency crisis” by trying to prop up their economies through loose monetary policies following the 2008-2009 financial meltdown.
Dagong says it is an independent private company but its chairman has previously advised the Chinese government, which has the world's largest foreign exchange reserves.
“In this stage, the world will more actively look for a new currency other than the U.S. dollar, euro, Japanese yen and British pound to replace the current international currency system,” the report said.
The document did not mention the Chinese yuan as an alternative, but clearly suggested that China's economic fundamentals and rising global influence mean the country is poised to play a leading role.
Dagong said that efforts by China and other “emerging creditor countries” to stimulate their own internal demand meant they were destined to play a leading role in safeguarding the global financial system.
“They will become the leading force to protect the stability of international credit,” the report said.
Rising sovereign debt levels in
advanceddebt based economies are spawning a crisis that threatens to topple the dollar and other reserve currencies
Originally posted by atsci
My first post! The economy is what everyone's been talking about for years, about a few after 9/11.
Lots of wealth was made on that day. Lots of paper money is being printed. Why?
To make the gold reserve worth more?
Originally posted by gorgi
Lost of money isnt being printed. It really isnt happening. You need to stop beveling everything that the conspiracy sites tell you. Its okay to get an alternative point of view, but usually its not true. Especially in this case.
No country really uses gold as its only reserve or as its main reserve and many dont use it at all. Gold isnt the jesus metal you think it is.
Originally posted by KoolerKing
Come again?????? I call 2 trillion printed in the last 4 years A LOT. Where do you think the 40 billion printed a month comes from????? You need to do some research.
Qualify, "lots of money", please. There is most definitely a huge increase in the money supply, printed or not, circulated or stored. Eventually it will be realized as inflation, and a hidden tax on the people. This is easily verified as the truth. That means your statements are false.
The western fiat currencies will fail, eventually. If you'd like to offer a more sound alternative after they fail, than gold and silver, we're listening.
Originally posted by nomnom
reply to post by gorgi
2% That's not even close to true.
Gold and silver are infinitely more valuable than fiat. They are physical, meaning they are limited, and have actual usage in the world. Each solar panel produced requires more than an ounce of silver. Most electronic devices contain silver.
You are uninformed.