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Reading Drudge Report this morning and last night, Vincubus and I have learned that China's President who has recently visited the US has made it public that China has plans to instill the yuan as the new global currency.
According to The Wall Street Journal, Mr. Jintao has said that the international currency system is a thing of the past and has plans to move forward with making the yuan (China's currency) the new global currency.
He stated also that he was not supportive and did not approve of the Federal Reserve allowing the US to monetize their debt in such a large way. Fro
Chinese President Hu Jintao made his disapproval public as he chastised the Federal Reserve for aiding the US in a high-profile monetization of the debt averaging approximately 100Billion dollars per month. He stated that this type of thing is ruining the rest of the world's economy and has damaged other nation's exports. He stated that the US is doing this at the expense of other nations.
Originally posted by thoughtsfull
I suspect we are up for the next iteration of the system.. gold standard to fiat standard to X Standard..
A new Empire equals a new standard of theft from our back pockets
Originally posted by joonyer
Interesting how China has been buying up such large amounts of U.S. debt.