China's Plans for Global Currency

China's Plans for Global Currency

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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

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Well the world arena seems to be changing very fast these days. Will we see the yuan replace the dollar as the global currency. It appears with my limited understanding that if this happens the federal reserve has to some extent bought this upon themselves.
If the global currency changes im guessing that will devalue the dollar. However i am not an economist. Would replacing the dollar with the yuan affect day to day activity. Are we seeing a tip with the superpowers. Is china now the new super power...
More questions than answers here. Time will tell.

kx

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(visit the link for the full news article)

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.

voiceleaks.blogspot.com...,0

kx

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 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

kinda like the book animal farm......
the peeps that end up in charge end up acting the same as the peeps they replaced...

kx

Hu highlights the need for U.S.-China cooperation, but his successor will eventually demand U.S. submission to China, and a global acceptance of the Yuan as a global standard currency.

They want cooperation, they want more US manufacturing, corporate relocation to China and the collapse of the US economy.

They want to be the global supreme power.

And the crafty bastards are well on their way already.

Hope that Obama is practicing his bows.

the us dollar being the global currency, and using dollars for oil is the only thing keeping the dollar train wreck alive today. since our money is only paper, if China becomes the global currency might as well flush your paper money down the toilet. i heard somwhere here on ATS the other day that you can now buy yuan in a bank in New York right now.
i think Gold or silver would be a better option though.
its there game and they make the rules... all we can do is decide how to lose.

Interesting how China has been buying up such large amounts of U.S. debt.

Originally posted by joonyer
Interesting how China has been buying up such large amounts of U.S. debt.

yes things are changing..


kx

i intend to learn chinese soon. got a feeling it might be very helpful in the future. its America that scares me in this whole thing because i cant see them being to happy about inevitably take a back seat to the chinese. cuz even when the moneys gone the weapons and war machine aren't!

reply to post by purplemer


Just because Mr. Jintao has the intent for the yuan to become the world currency doesn't necessarily confirm that he has the means to inplement such radical change. I don't think this such a huge deal. Just my humble opinion.

reply to post by Captain Reynolds

i dont really know myself either.

kx

I had heard some stories based around the Bank of International Settlements was moving towards global stability of the money markets by basing a new international currency on a percentage of currency from different nations. Perhaps China got feed up with the negotiations going on and a lot of the problems behind the imbalance where not getting addressed. It is complex with many competing interests. China does have a more stable economy compared to the US so it does not sound like a bad thing with a global standard based more on China than the US. It will take some time to work out all the details. As long as there is not just one group running the money show on the international stage it helps with a more fair and balance approach. I do approve of China's more sustainable economic policies and America does need a wake up call for the way things are going.

Well, the states actually has the advantage over China as China doesn't have much oil, while the states owns them in that department. So if you want, just shut down the valves and your good to go. They are dependent of you, not really you to them I believe.

reply to post by FreeStanger


With globalisation we are all dependant on each other. We need to find a fair way to work together if we are to make the most of the potential each individual, nation and the planet has.

if China calls in the debt from us we are up a creek with out a paddle, 1CNY=0.1519USD, they would want it payed in there currency, get it $10.00 USD = $65.84CNYand we owe how much??? one site say 600+ $Billion USD well our debt is 14+$Trillion USD so figure 17+% say 18% to be safe ok so i stink at math but you get the jest of it.

reply to post by bekod


Japan owns almost the same amount of US Debt.

The majority of US debt is owed to the Federal Reserve System not foreign countries.

The PRC can complain all they want about the system, but they are in no position to challenge the BIS or the central banking system.

reply to post by MikeboydUS

The PRC can complain all they want about the system, but they are in no position to challenge the BIS or the central banking system.

why not?

kx

And the MSM just mentioned a few minutes ago that one of China's leader (Hu or Jintao, never heard which) is scheduled to fly into Washington to hold talks with Obama tomorrow.

Wonder if this will be brought up in the meeting but not reported on by the MSM

reply to post by FreeStanger


What about all those chinese goods you live off of?
We are hardly independant of them!