The IMF has confirmed the Yuan/Renminbi is set to become a Global Reserve Currency at an Economic Forum in Hong Kong.
With China's economy gaining global strength, the renminbi is set to become a global reserve currency, Zhu Min, deputy managing director of the International Monetary Fund, said Tuesday at an economic forum in Hong Kong.
Yesterday I wrote about the crossborder loans China was doing, before the Yuan becomes a Reserve Currency, their saying the "unloved dollar' and the amount of gold they are importing. Besides the rumors of them backing their currency by gold.
David Morgan of the Morgan Report and Silver-Investor.com did an interview with me about the subject, Germany's gold and the Silver shortage/manipulation.
David mentioned that things take time to happen and as I add on the third part of the interview is that it already has been years and maybe the situation will start going faster.
It seems to me with the Yuan being called a Global Reserve currency now even by China itself, they have laid out the ground work for changes to be made in a short amount of time. China does not reveal their hand until everything is already said and done. Considering the dollar has been the only "Global Reserve" currency for decades but this month the Yuan is becoming attached with that name.
The dollar demise has been talked about for years now. Many had been saying "anytime" but it has been long and drawn out. China is very smart as they take their time and put everything in place before they reveal or make their big moves. Has the time now come?
The Premier of China had gone to Saudi Arabi and Dubai a year ago. He stayed a week there having meetings and making agreements.
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SHARJAH ,UAE -China signed economic and trade agreements worth 100billion yuan ($16billion )with Saudi Arabia and the United Arab Emirates (UAE )as Premier Wen Jiabao wrapped up a six-day visit to the Middle East on Thursday .
Are those agreements now coming into fruition? Is Saudi Arabi ready to be one of the last Middle Eastern countries to trade in something other than the "Petrol Dollar?" If Saudi Arabia begins oil trade in something other than the dollar, then it really is game over for the dollar as the Global Reserve Currency and any strength it now has. It only has strength because all of the other countries are devaluing their currencies against the dollar for trade. With the Fed printing the dollar non-stop, currency wars are raging, no one wants to have the strong currency due to trade and their products being un-affordable to other countries.The first currency swap agreement with Arab nations ,worth 35billion yuan ,was also signed in Abu Dhabi ,Wen told the Fourth Arab-China Business Conference in Sharjah on Wednesday .
But once the dollar is no longer a worry or concern for trade then all the other countries will be able to stop their currency devaluations against the dollar because a new Global Currency backed by Gold will be the hero of the world. The only country that will be left all to itself with their inflating currency will be the United States.
It seems the proximity of this occurrence is now much closer with both the IMF and China itself using the words "Global Reserve Currency" for the Yuan.
UPDATE 1/31/13 - Here is the link to my interview with Bill Murphy the founder of GATA and lemetropolecafe about it all today.
Get ready for inflation, folks!!!
ReplyDeleteonce the dollar is no longer a worry or concern for trade then all the other countries will be able to stop their currency devaluations against the dollar because a new Global Currency backed by Gold will be the hero of the world. The only country that will be left all to itself with their inflating currency will be the United States.
ReplyDeleteSO now they will devalue against the yuan? no differerence, it means even a greater devaluTION IS NECESSARY AS manuafacturing costs are so much lower in China. This is quite a step back for world economic development
Anyone with a brain knows that this was planned all along; that it could have been prevented by not out-sourcing jobs to China, Federal Reserve (IMF/City of London) policies that destroyed the dollar, allowing corporations like GM to shift manufacturing to China, deliberately weakening the US military by over-extension, trade agreement like the Trans-Pacific Partnership, false-flag attacks like 9/11 that fostered a global control grid that will protect the elite when the people realize they are now slaves to the oligarchs.
ReplyDeleteNot dis-agreeing, but the American people are also responsible. We've bought into the notion that buying foreign goods is OK, our personal purchases are small and don't matter. Well they do matter and we haven't supported the home businesses. We gave up manufacturing and will never be healthy until it comes back.
DeleteSome thoughts for your consideration, your excellency:
DeleteSince the 9/11 (inside job/Muslim boogie-man) America's (Israel/city of London) foreign policy (AFRICOM) has been about disrupting and supplanting Chinese advances in trade through out Africa and the world.
However, at the same time, the banking cartel (The Fed/City of London) sells billions of Treasury bills to China resulting in a huge unsustainable budget deficit, a result of the US military fighting to hold off Chinese advances.
Meanwhile, US-based global transnational corporations are out-sourcing US jobs and manufacturing to China that, along with the banking/LIBOR fraud, and corporate bail-outs, have resulted in cuts to the social safety net, destroying the American middle-class. The massive holding of US Treasury's give China de facto control over US monetary policy, inflation, jobs, foreign debt, and even the US standard of living.
Further, the US military is being slowly reduced, if not destroyed, in the central Asian "graveyard of empires", and US veterans are being treated like garbage. while replacement parts used in the US military machines are being counterfeited in China. To make matters worse, in the wake of the contrived economic debacle, America is selling off its infrastructure, properties to...China?
Meanwhile, Japan, at the behest of the US, is contesting China and North Korea, and could lead to a nuclear confrontation.
Interestingly, after 12 years of the eternal War-on-Terror™, the 9/11 pretext to invade Afghanistan, to steal its resources and re-energize the drug trade, China is now being allowed to extract oil in Afghanistan and Iraq?
Finally, because of the deliberate financial policies of the Federal Reserve, increasing the money supply to the point where it creates hyperinflation, the War-on-Terror™ subsidized by China buying Treasury bills, the dollar is being destroyed and the Yuan is becoming the de facto reserve currency of the world.
Can someone tell me that this does not add up to a plan to destroy America? Destroy its economy and democratic institutions, and subordinate our country to a globalist totalitarian NWO? That the so-called War-on-Terror™, really the war against the growing global presence of China was never meant to be won, designed as a holding action (Hong Kong Triad takeover?) while America was weakened, its democratic institutions destroyed, its economy, its people impoverished, to get it ready to subordinate it to a NWO run by the banking/drug cartel, the cartel that founded Hong Kong, located in the City of London?
The end game is near. Got gold?
ReplyDeleteno original source anywhere?
ReplyDeleteLinked in the first sentence, in the words "IMF has confirmed." That will take you to the original source. :)
DeleteNice find.
ReplyDeleteGATA/LeMetropole's Stalker source just stated that China is likely to announce gold backing within 18 months.
The pace things have been going at one would think it would take longer, but I also agree that as the situation deteriorates change needs to be implemented faster. If it is to happen, I hope it happens within 18 months as the current slow death of Western economies is painful to watch. Like a sticky band-aid just tear it off now.
Just do it already. I have debt to devalue.
ReplyDelete