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China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status

Tyler Durden's picture




 

In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China.

The statement, google translated as "Pragmatic and pioneering spirit to promote cross-border renminbi business cum on monitoring and analysis to a new level" is presented below:

Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

International Business Times provides further insight:

This is all part of China’s plan for the internationalization of its currency, which may, in the decades to come, threaten the global ‘market share’ of other currencies like the US dollar.

Previously, China also announced that bilateral trades with Russia and Malaysia will begin to be conducted with the yuan and the ruble and ringgit, respectively.

Other moves on the part of China to internationalize its currency include allowing foreign companies to issue yuan-denominated bonds and relaxing rules for foreign financial institutions to access the yuan.

Aside from the efforts of the Chinese government, fundamentals also point to the increasing international popularity of the Chinese currency.

China is already the leading trade partner with Australia and Japan. It’s also the leading or a large trade partner with many of its smaller neighbors. The purpose of having foreign currencies is to conduct foreign trade and investment, so the yuan is expected to become a more attractive currency for China’s trade partners, espeically as the government continues to relax restrictions.

The reason for this dramatic move may be found in what Stephen Roach wrote a few days ago in Project Syndicate:

In early March, China’s National People’s Congress will approve its 12th Five-Year Plan. This Plan is likely to go down in history as one of China’s boldest strategic initiatives.

In essence, it will change the character of China’s economic model – moving from the export- and investment-led structure of the past 30 years toward a pattern of growth that is driven increasingly by Chinese consumers. This shift will have profound implications for China, the rest of Asia, and the broader global economy.

Like the Fifth Five-Year Plan, which set the stage for the “reforms and opening up” of the late 1970’s, and the Ninth Five-Year Plan, which triggered the marketization of state-owned enterprises in the mid-1990’s, the upcoming Plan will force China to rethink the core value propositions of its economy. Premier Wen Jiabao laid the groundwork four years ago, when he first articulated the paradox of the “Four ‘Uns’” – an economy whose strength on the surface masked a structure that was increasingly “unstable, unbalanced, uncoordinated, and ultimately unsustainable.”

The Great Recession of 2008-2009 suggests that China can no longer afford to treat the Four Uns as theoretical conjecture. The post-crisis era is likely to be characterized by lasting aftershocks in the developed world – undermining the external demand upon which China has long relied. That leaves China’s government with little choice other than to turn to internal demand and tackle the Four Uns head on.

The 12th Five-Year Plan will do precisely that, focusing on major pro-consumption initiatives. China will begin to wean itself from the manufacturing model that has underpinned export- and investment-led growth. While the manufacturing approach served China well for 30 years, its dependence on capital-intensive, labor-saving productivity enhancement makes it incapable of absorbing the country’s massive labor surplus.

Instead, under the new Plan, China will adopt a more labor-intensive services model. It will, one hopes, provide a detailed blueprint for the development of large-scale transactions-intensive industries such as wholesale and retail trade, domestic transport and supply-chain logistics, health care, and leisure and hospitality.

Obviously, a reserve currency would be not only extremely useful, but quite critical in achieving the goal of China's conversion to an inwardly focused, middle-class reliant society. And even that would not guarantee a smooth transition. However, should China really be on a path to a step function in its evolution, the shocks to the system will be massive. Roach puts this diplomatically as follows:

But there is a catch: in shifting to a more consumption-led dynamic, China will reduce its surplus saving and have less left over to fund the ongoing saving deficits of countries like the US. The possibility of such an asymmetrical global rebalancing – with China taking the lead and the developed world dragging its feet – could be the key unintended consequence of China’s 12th Five-Year Plan.

A less diplomatic version implies that the relationship between China and the US would suffer a seismic shift in which the game theoretical model of Mutual Assured Destruction, and symbiotic monetary and fiscal policies, would no longer exist, allowing China to pursue its fate completely independent of any economic shocks that the increasingly distressed United States may be going through.

And confirming that the PBoC announcement is far more serious than the amount of airtime allotted to it by the mainstream media, is the just released article in Spiegel "China Attacked the Dollar" (google translated):

The Chinese central bank surprised with a spectacular announcement: The would-be superpower wants to handle their entire future foreign trade in yuan, not in dollars. Beijing shakes America's claim to represent the key currency - with serious consequences for the U.S..

The announcement was inconspicuous , but it has the potential, to permanently change the balance of power on the world currency market: China strengthens the international role of the yuan. All exporters and importers will, this year, be allowed to settle their business with their foreign partners in Yuan, the central bank said on Wednesday in Beijing.

This will respond to the growing importance of the yuan as a global reserve currency. "The market demand for cross-border use of the yuan rises," said the central bank. The PBoC had previously tested this plan by allowing 67 000 enterprises in 20 provinces to run their business abroad in yuan. The trade volume amounted to the equivalent of €56 billion.

Now the amount of yuan to be extended, it should be handled much more business in Chinese currency - and less in the U.S. Chinese companies trade at present often in dollars, they are thus dependent on the decisions of the U.S. Federal Reserve to pay on it in a rising oil price and will have pay higher transaction fees than necessary. That should change now.

Currently, the People's Republic can hardly take yuan out of the country and even that is monitored within the boundary of all legitimate capital flows. Chinese exporters have to change a large part of their euro, yen or dollars at a fixed rate revenue in yuan. Foreign companies wishing to do business in China must do so in Yuan, they can exchange their money in the People's Republic. Tourists are allowed a maximum of 20,000 yuan and exporting. Yuan an international market can not occur - and not on supply and demand-based exchange rate.

Needless to say, should the yuan be seen increasingly as a reserve currency, all of this, and virtually everything else is about to change.

The only question is whether or not the Yuan will cement its status at the top of the currency pyramid by allowing the backing of the currency with individual or a basket of commodities. If that were to happen, it would be the last nail in the coffin of the already terminally ill dollar.

 

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Wed, 03/02/2011 - 21:29 | 1013573 impending doom
impending doom's picture

business cum to a new level!

Wed, 03/02/2011 - 21:36 | 1013586 cartonero
cartonero's picture

Is this what they mean by a money shot?

Wed, 03/02/2011 - 21:55 | 1013621 66Sexy
66Sexy's picture

Sad sign of the times when a currency with the image of a man who systematically murdered millions of chinese people is becoming the worlds currency... WTF; lets just use a Hitler image for the world currency...

China is one of the most evil governments out there; did we forget our history? This should be resisted at all levels. To not do so is treason. 

China is not our friend: Wake UP.. 

Wed, 03/02/2011 - 21:57 | 1013644 Turd Ferguson
Turd Ferguson's picture

66 nails it! Nice job!

Wed, 03/02/2011 - 22:12 | 1013683 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

I don't know Turd. Wall St & the UST sold some toxic paper to China over the years and promised to pay back interest AND the original principle.

Maybe if the US kept that promise things would be different.

Wed, 03/02/2011 - 22:42 | 1013757 GoinFawr
GoinFawr's picture

Indeed Judy, mirrors can cause some uncomfortable reflections for some. Now I am certainly not one to excuse any brutal 'ancient Chinese secrets' but Andrew Jackson himself wasn't exactly a 'peach' when it came to promoting basic human rights or dignity, yet his visage 'graces' the US double sawbuck. Hell, is promoting international peace and harmony what the US is really doing worldwide, even today?

Thu, 03/03/2011 - 00:14 | 1014001 LowProfile
LowProfile's picture

Yeah, because Lincoln was the epitome of respecting human rights.

He's your pick over Jackson, right?  Because Lincoln didn't turn against his own people like Jackson or Mao did.

Asswipe.

Thu, 03/03/2011 - 00:22 | 1014009 GoinFawr
GoinFawr's picture

Hey Smegma lips,

thanks for the Strawman offer, but I'll pass. Murder is murder, whether or not your face gets stamped onto a currency. Cheesedick.

Thu, 03/03/2011 - 00:24 | 1014026 rocker
rocker's picture

At least Americans will reserve their right to buy gold at $5,000.00+ and Silver at $150.00+. 

Sad part is that when most Americans will figure it out and I will sell mine to them.

I can not say it enough. Got Gold, Silver, Palladium, Platinum, and my favorite Rhodium.  "Just Buy the Fukn Dip".

Thu, 03/03/2011 - 02:26 | 1014261 Exposer of Inte...
Exposer of Internet Shills's picture

it may not be americans doing that buyin'

Thu, 03/03/2011 - 01:12 | 1014136 Oh regional Indian
Oh regional Indian's picture

Well said GoinFawr. Recent history is replete with false heroes and tall tales. I cut the cherry tree indeed. Forked tongue is a good moniker for "leaders" and "heroes" for the last three 3 centuries at least.

The age of Maya is well and truly upon us and Which is witch and hu is who are questions with no easy answers.

Iin CHina they block the internet and in the US, Charlie Sheen has the largest spike in followers when he signs up.

Enough said, eh?

ORI

http://aadivaahan.wordpress.com/2011/03/01/on-outsourcing-and-its-ills/

Thu, 03/03/2011 - 01:19 | 1014150 GoinFawr
GoinFawr's picture

++

Thu, 03/03/2011 - 02:47 | 1014281 Michael
Michael's picture

China went on Renminbi devaluation and debasement on steroids just after the the housing bubble bust in the US around 2006. They went on a housing bubble build the likes of which the world has never seen. After both their and our currency collapse, the Chinese will still be left with all that 65 million vacant properties they are still owners of.

Thu, 03/03/2011 - 03:21 | 1014312 Bay of Pigs
Bay of Pigs's picture

So why do they ask/encourage their citizens to buy gold and silver?

Thu, 03/03/2011 - 07:03 | 1014402 TGR
TGR's picture

Maybe because they are not.

If they were going to "ask" their citizens to buy gold, they would do it. If they were serious about encouraging their citizens to buy gold or silver, they would do away with the discouraging 17% tax on gold. Plus they would have regular, persistent coverage on all the channels and official mouthpiece media vehicles...but they don't.

If you are going to say China is asking its citizens to buy gold, then it is equally true the US was asking its citizens to buy gold in the '70s.

Both countries have either/are going through the liberalization of the PM markets, just the US did it 40 years ago and "encouraged/asked" its citizens to buy gold in the '70s, in a similar manner as China has been doing over the past decade.

 

 

Thu, 03/03/2011 - 22:56 | 1014952 GoinFawr
GoinFawr's picture

@ Bay, the Chinese don't need to be 'asked', they know wealth when they see it; but it is now LEGAL for them to own PM's whereas before it wasn't, which is all the 'encouragement' they'll ever need.

17% tax? pfft, they covered that last week (hyperbole)

Thu, 03/03/2011 - 10:00 | 1014626 DosZap
DosZap's picture

Most folks have skeletons in their closets, just not 50 million of them, and certainly not by murder, and your own to boot.

Wed, 03/02/2011 - 23:25 | 1013885 Snidley Whipsnae
Snidley Whipsnae's picture

After a trial period of plain vanilla Yuan the Chinese will probably announce a Yuan backed by a commodity or a basket of commodities. Unless other countries follow suit their fiat currencies will become 'for local consumption only, does not travel well'.

I predicted this move by the Chinese prior to the real estate melt down...as soon as I started reading about the formation/evolution of the SCO.

China probably has a lot more gold/silver than they have announced. If they announce a PM or commodity basket approach to back their currency I would not be at all surprised.

Everyone has ignored the ties in SE Asia and the Mid East that have become closer due to the SCO. I have yet to read any mention of the SCO on ZH.

Here is a Wiki link to a brief description of the SCO...btw, the US asked to be allowed to attend SCO meetings as an observer and was denied.

http://en.wikipedia.org/wiki/Shanghai_Cooperation_Organisation

...interesting group of members and observer states. Australia was invited to observe but so far has declined the offer...Queen and country, ya know. But the Aussies will be in a predicament when the SCO strengthens because of their export dependency on SE Asia, India and the Mid East...and their proximity to their customers.

Why has the SCO been flying under the ZH Radar? It is fast becoming a very powerful economic trading bloc and is cooperating on many other fronts. Time to take a hard look at this organization, eh?

Member States

Observer States

Dialogue Partners

Guest Attendances

Member States

Observer States

Dialogue Partners

Guest Attendances

Member States

Observer States

Dialogue Partners

Guest Attendances

Member States

Observer States

Dialogue Partners

Guest Attendances

Thu, 03/03/2011 - 09:06 | 1014510 Meme Iamfurst
Meme Iamfurst's picture

The Yuan is still a paper currency.  I see no hint that it will be otherwise.

Money is no more than an illusion, it's strength is based on belief and faith.  Even if 'money' is pegged to gold, it is still able to be inflated.

Look at Brazil, and how they took a new piece of paper to replace the old piece of paper but convinced the people that the new piece had real value the old one did not.  Magic!

The Chinese are not dumb, however they have (like all nations) made mistakes in their calculations and more are yet to come.  The power of the Yuan is NOT in Chinese hands.  That you can take to the bank.

 

As for all this...

Member States

Observer States

Dialogue Partners

Guest Attendances

so what?  Just how much financial power do these add to the Yuan. Half are holding by a thread financially and politically.   What am I missing here.  Turkmenistan and India might be the only two with any buying power (and the US is puts lots of dollars in their hands more than China by far).  As for the selection of other names, you can be sure the US is head and head with China on those resources.  These Countries may not like the US, but they know that when China owns you THEY own you!

Thu, 03/03/2011 - 09:42 | 1014575 SWRichmond
SWRichmond's picture

The IMF forbids central banks from backing their currency with gold.  For China to do so would give the other G-20's a tangible reason to begin heaping sanctions on China.  A shunning, if you will. 

http://www.imf.org/external/pubs/ft/aa/aa04.htm

Section 2.  General exchange arrangements

(a) Each member shall notify the Fund, within thirty days after the date of the second amendment of this Agreement, of the exchange arrangements it intends to apply in fulfillment of its obligations under Section 1 of this Article, and shall notify the Fund promptly of any changes in its exchange arrangements.

(b) Under an international monetary system of the kind prevailing on January 1, 1976, exchange arrangements may include (i) the maintenance by a member of a value for its currency in terms of the special drawing right or another denominator, other than gold, selected by the member, or (ii) cooperative arrangements by which members maintain the value of their currencies in relation to the value of the currency or currencies of other members, or (iii) other exchange arrangements of a member's choice.

Thu, 03/03/2011 - 10:11 | 1014654 Meme Iamfurst
Meme Iamfurst's picture

Thanks SWR...however that is why I wrote "IF" it was backed by gold.

As I wrote, money is an illusion, a fantasy, a trust and belief...nothing more.  I don't know yet if the US has blown it or not, timing and fate are never written in stone. 

But, like love lost, like words said which can not be retrieved...when we blow it, it will be so swift that it will be referred to as 'the great panic'.

Funny thing about the human mind, if you listen you can hear the warnings, you gut instincts are not dead...just deadened by controlled MSM brainwashing.

The dollar broke 78 and now 77.  Is this the shot heard around the world?  Or will the world decide the stakes are too high and put a floor under the criminal Mr. B, and resume the inflation party.  If not, then a can of spinach is worth an ounce of gold.

Thu, 03/03/2011 - 10:37 | 1014727 SWRichmond
SWRichmond's picture

The Chinese may indeed intend to back their currency with gold.  But they have to become more powerful than they currently are to pull it off.  I see that Tyler has another post up just now asking the question.

Thu, 03/03/2011 - 13:52 | 1015545 DosZap
DosZap's picture

Its barely holding 77, I expect it to spike back up to 80ish.

However, if it BREAKS the trendline,  look out below.........72?, lower?

LIFEBOATS.

Thu, 03/03/2011 - 05:26 | 1014353 falak pema
falak pema's picture

66 sexy sounds like devil's avatar! '66'...like highway 66 but like '666' the sign of old mephisto...

Wed, 03/02/2011 - 21:57 | 1013645 asdasmos
asdasmos's picture

Not watching this is treason.

http://watch.bnn.ca/the-street/march-2011/the-street-march-1-2011/#clip4...

Eric Sprott

BNN talks to one of the world's leading investor's and investment strategists Eric Sprott, CEO of Sprott Asset Management and finds out just how precious the metals are.

Wed, 03/02/2011 - 23:02 | 1013820 JW n FL
JW n FL's picture

++++++++++++++++++++++++++++++++++++++++++++++++++++

Gotta Love the People of the far away exotic land of Canada!

Thu, 03/03/2011 - 05:14 | 1014348 Arkadaba
Arkadaba's picture

Love Sprott - thanks!

Thu, 03/03/2011 - 10:24 | 1014697 Meme Iamfurst
Meme Iamfurst's picture

Sprott is as smart as they come.  And, a track record that stands up.  However, I see no one who has a crystal ball, and too many who are narrowing there focus when they should be widening it.

You want to kill existing businesses, kill inovation, kill discovery of new applications, kill new business ventures that produce something other than video games, then drive up the cost of metals to the point where only the elites can be considered a customer.

Hero today, demon tomorrow.

Thu, 03/03/2011 - 14:04 | 1015601 ronin12
ronin12's picture

Is it metals prices going up or fiat prices going down?

Thu, 03/03/2011 - 19:42 | 1016939 JW n FL
JW n FL's picture

http://www.newyorkfed.org/markets/pomo/display/index.cfm?showmore=1&opertype=orig

 

http://www.kitco.com/charts/CPM_silver.html

 

I think silver has a more reasonable role to play in the world with regard to using it for trade in a day to day capacity... in the event that "We the People" lose faith in the debt printed every day for the banks benefit that "We the People" end up paying for in a Million and one ways...

 

An interesting video (it is long) that explains why "We the People" NEVER see any benefit from the Goobermint selling things like mineral rights for public lands.. or selling outright the public lands... forestry.. all of these monies are collected by the Goobermint but never make it into any report anywhere, all the money just walks off, disapears and "We the People" who own these lands NEVER see any benefit from these dollars (Tax Free, no paper trail anywhere, once again) trading.

 

This video is not bullshit. http://www.youtube.com/watch?v=QkfMuvVuETQ

 

Wed, 03/02/2011 - 22:02 | 1013656 akak
akak's picture

Neither is our own government (whoever you happen to be).

 

Wed, 03/02/2011 - 22:06 | 1013665 dick cheneys ghost
dick cheneys ghost's picture

wikileaks fears over chinese nukes.....

 

http://nakedempire.wordpress.com/

Wed, 03/02/2011 - 22:13 | 1013671 66Sexy
66Sexy's picture

Absolutely agree. We will need to become new sovereign beings designating our own silver backed barter system and resist global and individual government movements to gain more state controls over the people..

our government is evil as well... but at least we enjoy free speech, and the right to bear arms.

China? They shut down the internet whenever there is any type of uprising. imo this is weak and shows their own vulnerability to uprising. what do you think they do with prostesters>?

I feel extremely hostile to censorship and government dictatorships... ntm the globalist agenda for world control by placating communist states with empty promises of 'inherited dominance'.

Thu, 03/03/2011 - 09:03 | 1014502 ColonelCooper
ColonelCooper's picture

"... but at least we enjoy free speech, and the right to bear arms."

Correction:  We pretend we practice free speech while we look over our shoulders, and we have the right to bear the arms that people who have no idea which end of the gun the bullet exits, say are okay.

Thu, 03/03/2011 - 13:57 | 1015565 DosZap
DosZap's picture

China sucks far worse than we do w/regard to freedoms.

Say something out of line there, and you a get a 7.62x25 Tok to the back of the head.

While we are losing more, and more, we still have more than most nations.

Plus if we get to the point of Enough is Enough, we can always Draw a Line in the Sand.

Wed, 03/02/2011 - 22:09 | 1013674 John Wilmot
John Wilmot's picture

"China's not our friend"

That depends on how you define "our."

China's not my friend, it's not your friend. But it most certainly is the friend of the people in New York and London who rule you and I...and those rulers of us are not our friends either. Dig? Don't fall for the nationalism-bait; nationalism is not synonymous with patriotism.

Wed, 03/02/2011 - 22:12 | 1013680 66Sexy
66Sexy's picture

Not touting nationialism; at all; quite the opposite; to clarify i support a sovereign movement. But if i must live under a government, i prefer one that doesnt shut down the internet whenever a peasant buys a pitchfork, and i like sleeping with sidearm legally.

Don't just surrender the country to china just yet.

Thu, 03/03/2011 - 05:41 | 1014369 Voluntary Exchange
Voluntary Exchange's picture

China being a state is in that respect allied with all other states.  And is thus an ally in all the lies theft and violence that states use to prey upon their "cattle" in each of the state "farms" that cover most of the planet. This will continue until enough people come to realize that taxation is theft, fiat currency is just another cute way to steal, and that it is an absurdity to expect to be safe and live in peace by empowering entities that are founded on "legal" theft, fraud, and violence.  Or to restate it another way, people who do not want to be victims of lies, theft, and violence need to stop supporting lies, theft and violence!  Basic ethics here.

 

http://www.youtube.com/watch?v=Xbp6umQT58A

http://www.youtube.com/watch?v=P772Eb63qIY&feature=channel

http://www.youtube.com/watch?v=02rvMwSlAu0&feature=channel

http://www.youtube.com/watch?v=BKyutB3u2bM

http://www.youtube.com/watch?v=3IRbwpc2XV4&feature=channel

http://www.youtube.com/watch?v=sLCEXtpTNYU

http://www.youtube.com/watch?v=ngpsJKQR_ZE

http://pixel420.com/pixel420/stateless/

http://www.lewrockwell.com/orig6/molyneux4.html

http://www.youtube.com/watch?v=suNzxthcTJs

http://www.youtube.com/watch?v=nOBD6v8g1F4

http://www.libertarianstandard.com/articles/david-j-heinrich/justice-for...

http://www.youtube.com/watch?v=KzyogKiXhEA

http://faculty.msb.edu/hasnasj/GTWebSite/MythWeb.htm

http://mises.org/journals/jls/1_2/1_2_1.pdf

http://polycentricorder.blogspot.com/2009/01/anarchic-ireland-rough-draf...

Wed, 03/02/2011 - 22:17 | 1013689 cranky-old-geezer
cranky-old-geezer's picture

Sad sign of the times when a currency with the image of a man who systematically murdered millions of chinese people is becoming the worlds currency...

I've been warning of this for some time, and it has nothing to do with our perception of Chinese leaders.  It's stictly an economic issue.  China is the new economic superpower in the world while America is fading economically.  It's inevitable China's currency would become the defacto trading currency at some point.

Wed, 03/02/2011 - 22:24 | 1013702 66Sexy
66Sexy's picture

There is much danger to this line of thinking. It is synonymous with accepting slavery. I know we are slaves now, but consider the masters. Once you accept the currency, you become the defacto property of the controlling faction or interests. I would wager, over time, the agenda of the communist chinese government would infiltrate into world affairs, and we would see our most basic human rights gradually deteriorate.. kind of like we're seeing now; because all our politicians are self survivalists or globalists, and are not loyal to the people. In fact, i would wager that would be one of the chief reasons for the deterioration; our governments irresponsible debt, and it is now compromised. I fear holding on to the rights weve had may be futile; but after all

"Better the devil you know, than the devil you don't."

Wed, 03/02/2011 - 22:35 | 1013733 cranky-old-geezer
cranky-old-geezer's picture

There is much danger to this line of thinking. It is synonymous with accepting the number of the beast.

You religious nutcases with your phony belief America is going to be saved because it's a "christian" nation are going to have your delusional heads handed to you.

... and we would our rights gradually deteriorate.

They're gone already, destroyed by OUR government.  Where have you been, in a coma?

Junk away you ridiculous religious frauds, enjoy it, your time is running out.

Wed, 03/02/2011 - 22:45 | 1013774 GoinFawr
GoinFawr's picture

No junks from me, just accolades.

Wed, 03/02/2011 - 23:06 | 1013831 quasimodo
quasimodo's picture

Junks from me...taking shit out of context. Paranoia self destroyer.

Wed, 03/02/2011 - 23:30 | 1013892 Cathartes Aura
Cathartes Aura's picture

accolades from me as well, tell it cranky!

"Better the devil you know, than the devil you don't."

you've yet to know your devils 66Sexy, but you may one day.

Wed, 03/02/2011 - 23:37 | 1013911 Snidley Whipsnae
Snidley Whipsnae's picture

Call em like you see em Cranky! I might not agree with what you say but I will defend to death your right to say it... and, in this case I do agree with you.

It's going to take more than belief in 'American Exceptionalism' to extricate America from this FUBAR economic train wreck.

America has performed well in extremis during times past...No reason we cannot pull ourselves out of this FU...If we get rid of the crooks, work hard and think hard.

Trust in devine intervention is not going to get er done.

...and while working hard, thinking hard and ousting the slime ball bankers/pols...accumulate physical PMs.

Wed, 03/02/2011 - 23:54 | 1013950 66Sexy
66Sexy's picture

nothing to do with religion: has everything to do with currency control.

Thu, 03/03/2011 - 00:07 | 1013968 66Sexy
66Sexy's picture

They're gone already, destroyed by OUR government.  Where have you been, in a coma?

 

Can you speak your mind? Can you bear arms? They are NOT gone already: 

YOU are simply content to surrender them. NOT me.

At some point, a line will be drawn. We will all have to make a decision: bend over or stand. Love it or hate it, our constitutional government is still in effect; and i intend to press my rights.

 

Thu, 03/03/2011 - 00:43 | 1014076 cranky-old-geezer
cranky-old-geezer's picture

Love it or hate it, our constitutional government is still in effect;

What unbelievable delusion.

and i intend to press my rights.

Knock yourself out, they're ready, they'll drop you without a second thought.

Thu, 03/03/2011 - 01:17 | 1014139 66Sexy
66Sexy's picture

Who is "they"? Law enforcement? Law enforcement is compelled by oath to defend the constitution against all enemies, foreign and domestic.

I am seeing this poison more and more; the defeatist attitutide towards the constitution by the intellectual class. I think it is corrosive - and simply wrong. It is learned; by a propagandist systemic web based agenda that seeks to render americans as feeling helpless and forlourn... coercing them to lay down their arms and surrender before any fight has started. sounds like a globalist/NWO type agenda to me....

Thu, 03/03/2011 - 01:22 | 1014153 GoinFawr
GoinFawr's picture

Well he talks the talk, but does he walk the walk?

Thu, 03/03/2011 - 05:36 | 1014364 Haywood Jablowme
Haywood Jablowme's picture

++

 

Thu, 03/03/2011 - 08:18 | 1014388 Voluntary Exchange
Voluntary Exchange's picture

@66Sexy

 

compelled by oath to defend the constitution against all enemies 

Do you think it is ok for a person to brandish a gun and then take things from others against their will so he can do what he wants with those things?  What if two people come with the guns?  What if 50 come with guns?  What if 30-60 million are tricked into "selecting" several hundred who then hire people to come at you with guns to take your stuff?  Your "constitution" is a criminal conspiracy from the beginning. 

 

Here is a restatement of your thesis:  since my "constitution" is my sacred holy supper-god that I was taught to feel reverent and all warm-fuzzy about,   the folks I call congress can rob everyone!   This might make you smile: "I'm allowed to rob you":

http://www.youtube.com/watch?v=ngpsJKQR_ZE

 

You have a virus of the mind:
http://www.youtube.com/watch?v=suNzxthcTJs

Not only do you want to lend support to those who rob at the point of a gun, you want to force me also to support these same criminals. Allowing some folks to call themselves "Congress" and to then "lay and collect taxes" is a well demonstrated way to stay slaves.  There is a better way to organize society, it is called "voluntarism":

http://www.youtube.com/watch?v=BKyutB3u2bM

 

Voluntarisim is similar to the way Ancient Ireland used to work:

http://polycentricorder.blogspot.com/2009/01/anarchic-ireland-rough-draf...

http://mises.org/journals/jls/1_2/1_2_1.pdf

 

 

"The Story of our Unenslavement" - http://www.youtube.com/watch?v=KzyogKiXhEA

 

"Sunset of the State" - http://www.youtube.com/watch?v=sLCEXtpTNYU

"The Story of Your Enslavement" - http://www.youtube.com/watch?v=Xbp6umQT58A

"Statism is Dead - The Matrix" - http://www.youtube.com/watch?v=P772Eb63qIY&feature=channel

"Statism is Dead - Free Range Humans" - http://www.youtube.com/watch?v=02rvMwSlAu0&feature=channel

"Statism is Dead -Terrorism" - http://www.youtube.com/watch?v=3IRbwpc2XV4&feature=channel

http://pixel420.com/pixel420/stateless/

"Disproving the State" - http://www.lewrockwell.com/orig6/molyneux4.html

"Free Market Myths Debunked!" - http://www.youtube.com/watch?v=nOBD6v8g1F4

http://www.libertarianstandard.com/articles/david-j-heinrich/justice-for...

"The Myth of the Rule of Law" - http://faculty.msb.edu/hasnasj/GTWebSite/MythWeb.htm

Thu, 03/03/2011 - 05:28 | 1014357 Haywood Jablowme
Haywood Jablowme's picture

+ 1oz....

"Love it or hate it, our constitutional government is still in effect;"

That's the best fucking laugh I've had all day and it's only 1:30am LMFAO


Thu, 03/03/2011 - 01:00 | 1014109 pods
pods's picture

Sure you can speak your mind, if you have a permit and speak in a designated free-speech area.

You can also bear arms, as long as you have been okayed by the government to bear them.  And if you want to bear arms of a certain classification by the government, you must obtain another permit and register all the arms with them.  

And you can only bear your arms in areas where the government has not explicitly forbidden you to bear them.  And your permit to bear certain arms does include certain limitations on where you can bear them also.

Oh, and if you are deemed mentally deficient by the state, you also may not bear arms.

But be happy, the courts of the government have deemed the above NOT to be an infringement on your rights to keep and bear arms.

pods

 

Thu, 03/03/2011 - 01:20 | 1014126 66Sexy
66Sexy's picture

I dont need a permit to speak my mind. And guns are easily obtained. The fundamentals of the constitutional system are still intact; however they are under attack. Many choose to surrender their rights; I choose to be among those who don't. It is fairly simple and not trivial once the reality is claimed.

 

Thu, 03/03/2011 - 06:34 | 1014398 pods
pods's picture

Well if you are speaking in terms relative to other nations we are more free than most, I would agree.  But our "rights" have been systematically usurped.  And our government is no longer the protector of our rights, but the oppressor.

The fundamentals of the constitution are intact, but unused.  The constitution was implemented as a framework for government to operate under.  Now it is used merely as a way of controlling the sovereign peoples of this nation.  Exactly the opposite of the intent.

The ease of acquiring guns is not proof that the government is recognizing the right to self defense.  As with you, I also do not choose to surrender the rights I innately have.  

My biggest issue is that we hold the constitution as a shield against tyranny.  When in fact that shield has turned into a sword that has been wielded against us.  We should drop the notion that it is our protector.  It clearly is not.  We were lulled to sleep with that notion.

pods

Thu, 03/03/2011 - 02:47 | 1014279 piceridu
piceridu's picture

++++  don't forget ammo, limits on clips/magazines...utter ridiculous bullshit...free? Try and exert your "rights"/freedom. Watch those videos on Youtube of our jackbooted induced freedoms from the G20 in Toronto...

Fri, 03/04/2011 - 11:15 | 1018450 Reptil
Reptil's picture

Can you speak your mind? Can you bear arms? They are NOT gone already:

they took your food, your money, your economy (jobs) your houses, and your environment.

what's left?

speak your mind on main stream news? increasingly no. and they'll take the internet too soon. and speaking your mind is insignificant if it has no effect.

https://secure.wikimedia.org/wikipedia/en/wiki/Inverted_totalitarianism

it would be amusing to see a showdown between you, with your guns against predator drones and apaches with hellfires. you don't stand a chance just like Iraqis don't.

the dependence on ancient weapon systems has caused a brain freeze in american citizens. it's a material form of normalcy bias: touching your .45 will put your mind at ease that you're in control, finger on the trigger.  (and no, I'm not anti-gun. I'm a european and I'm pro-gun, that should tell you something)

wake up please? the ONLY chance you got is to settle differences with liberals, tea party activists, progressives, libertarians, and UNITE. everything else will be like Bill Cooper fighting the NWO from his farm: A brave exercise in futillity.

good luck with it all.

Thu, 03/03/2011 - 14:01 | 1015582 DosZap
DosZap's picture

Frauds?, no maybe they just have a differing opinion than you.

And your atheist arse, will for sure have your eternity in time go on forever.

Sad.

Plus you still have more rights than 90% of the world.

Wed, 03/02/2011 - 22:36 | 1013749 TwoShortPlanks
TwoShortPlanks's picture

"Better the devil you know, than the devil you don't."

 

I'm sure most Cambodians would disagree with that statement.

 

Wed, 03/02/2011 - 23:31 | 1013898 Cathartes Aura
Cathartes Aura's picture

. . . and all those poisoned by depleted uranium these past decades of wars, including amrka's own military.

Thu, 03/03/2011 - 00:07 | 1013983 Calmyourself
Calmyourself's picture

Still beating the DU drum, read a book..  Not nearly as dangerous as you think..  Now bathtubs and convertibles, preserve us..

Thu, 03/03/2011 - 01:44 | 1014168 Cathartes Aura
Cathartes Aura's picture

maybe you can watch a film, Beyond Treason,

 

UNMASKING SECRET MILITARY PROJECTS:
Chemical & Biological Exposures
Radioactive Poisoning 
Mind Control Projects
Experimental Vaccines
Gulf War Illness
Depleted Uranium (DU)

Is the United States knowingly using a dangerous battlefield weapon banned by the United Nations because of its long-term effects on the local inhabitants and the environment?  Explore the illegal worldwide sale and use of one of the deadliest weapons ever invented. 

Beyond the disclosure of black-ops projects spanning the past 6 decades, Beyond Treason also addresses the complex subject of Gulf War Illness.  It includes interviews with experts, both civilian and military, who say that the government is hiding the truth from the public and they can prove it.

or if that's too long for your attention span, just head to youtube and type in "Dr. Doug Rokke" - he's been documenting depleted uranium's effects for years now:

Dr. Doug Rokke is a Depleted Uranium expert.

Doug Rokke earned his B.S. in Physics at Western Illinois University followed by his M.S. and Ph.D. in physics and technology education at the University of Illinois. His military career has spanned 4 decades to include combat duty during the Vietnam War and Gulf War 1. (cont.)

http://www.thepowerhour.com/news3/doug_rokke_bio.htm

I mention certain topics repeatedly because many people cannot yet believe they are real/happening. . . over time, exposure can lend to awareness - and once some things are acknowledged as being true, other beliefs fall like the house of cards they are.

it's like Fed paper, y'know.  In God We Trust.

 

Thu, 03/03/2011 - 02:06 | 1014219 GoinFawr
GoinFawr's picture

No no no CA, it's "Novus Ordo Seclorum"

wink wink.

Thu, 03/03/2011 - 03:44 | 1014320 Cathartes Aura
Cathartes Aura's picture

shhhhhhh, I'm going to my happy place now!!!

oooommmmmmmm. . .

Thu, 03/03/2011 - 00:24 | 1014023 JW n FL
JW n FL's picture

http://www.youtube.com/watch?v=dW3WVPwRQ-8

you will love this video...

Thu, 03/03/2011 - 00:27 | 1014039 JW n FL
JW n FL's picture

Jim Roger's Kids will speak mandarin...

http://www.youtube.com/watch?v=O-tRivbrYGk&NR=1

He lives in China..

Thu, 03/03/2011 - 02:39 | 1014217 ft65
ft65's picture

Quoting JW n FL / GLP ^TrInIty^

>> im Roger's Kids will speak mandarin... He lives in China..

I believe Jim Rogers rents in Singapore NOT CHINA. He just follows the money. Like you he suffers from avarice - hey, each to their own. By-the-way, how is the malware / spyware / adware business? Google have now screwed you over twice now they have booted YOUR tawdry forum from Google Adsense. Sucks to be hated - don't it! ;-) http://www.ftc.gov/os/comments/spyware/040312lucas.pdf

Thu, 03/03/2011 - 02:47 | 1014280 JW n FL
JW n FL's picture

My Name.. Is... James Edward Workman and you can meet me face to face to discuss anything you like.

No need to hide who you are Jason, everyone here knows its you or Alex.... and no one cares, unless you want to meet.. then I care.. but only then bottom feeder.

Thu, 03/03/2011 - 09:18 | 1014538 ArgentDawn
ArgentDawn's picture

Too late dude, cat's outta the bag!

Thu, 03/03/2011 - 10:53 | 1014775 ft65
ft65's picture

@ArgentDawn, I'm glad to make your acquaintance!

JW n FL / ^TrInItY^ / J.L. /J.E.W offers to meet me face to face, offers his full (psudo)name on this forum, and yet won't sign up a free account on a conspiracy forum, to discuss our difference of opinion, at another place (and avoid this nonsense). 

He has made a decent offer - now all he needs to do act... Create an (anonymous) account on another forum, and I'll leave him alsone here. Sorry for the drama ZH readers, you should probably keep a long distance between JW n FL (and probably me FT65). Normal service resumes...

Thu, 03/03/2011 - 19:51 | 1016974 JW n FL
JW n FL's picture

why would I join another forum... yours? for? becuase you will stalk me and type things in a chatroom? have at it.. enjoy, happy that you are happy...

 

Like I said before.. My name is James Edward Workman and you can meet me Jason / Alex whenever you want... just let me know and I will make time to see you. I dont know how I can be more accommodating to you?

 

You are an internet / paper tiger... you are nothing, you cant afford to keep your records up kept for your corps and they are being shut down one at a time, that is how capable you are of anything.

 

Once again, wanna meet? let me know when and I will make time for you.. Palm Beach is easy enough to find from the shit hole west coast.

Fri, 03/04/2011 - 06:41 | 1017891 ft65
ft65's picture

Quoting JW n FL / GLP ^TrInIty^ / J.L. / J.E.W. (take your pick)

>> My name is James Edward Workman and you can meet me Jason / Alex whenever you want.

I'll meet you at that Jason Lucas / Alex Shamash place. You can be as anonymous as you like (though you are happy to give this name and your location here!). If you have nothing to hide and you have no connection with GLP then why not meet there. The worst that can happen is that we both get IP banned at GLP. Come on, just meet me there and save ZH all the drama.

 

Thu, 03/03/2011 - 14:02 | 1015597 DosZap
DosZap's picture

GOOGLE is Enemy #2 to this nation.

Slimy Bstds.

Thu, 03/03/2011 - 03:27 | 1014316 Dooud
Dooud's picture

You are correct, man! It's not a coincidence that after WW2, the USA was the biggest creditor AND biggest exporter and manufacturer in the world. None of these are true today. Time to smoke some MJ and let ChiCorp run the world awhile.

Wed, 03/02/2011 - 22:19 | 1013711 freedmon
freedmon's picture

Yeah, but the USD has pictures of slavers (Washintgon) and drunks (Grant) on it. I'm not sure what crimes the others committed but I'm sure there are some.

 

Wed, 03/02/2011 - 22:21 | 1013718 66Sexy
66Sexy's picture

not exactly comparable

Wed, 03/02/2011 - 22:46 | 1013778 GoinFawr
GoinFawr's picture

Invoking Godwin's Law only counts when you do it then?

Wed, 03/02/2011 - 23:06 | 1013823 Itsalie
Itsalie's picture

Sure, one should fully understand the revulsion of americans who would hate to see the picture of Mao on their money. But the indians, russians, brazillians, canadians, malaysians indonesians traders who buy and sell with chinese firms would be less sentimental vis-a-vis the toilet paper called the USD, a fiat controlled by people hell-bend on its devaluation. And to be sure, most americans would feel a lot happier if their fiat toilet paper comes with a picture of mickey mouse on them. But fiat is good only if people are willing to accept it as mean of exchange. Notwithstanding ebb and flow of the spot forex markets and the influence of the HFT algos in the forex market, trade flows settled in RMB will only increase.

 

Thu, 03/03/2011 - 00:52 | 1014091 freedmon
freedmon's picture

How so? I mean, who the f--k are any of the people on our money? What do we know about them and what they really represent? Mao's a mass-murderer, that's for sure, but you know that the guys he replaced were worse. Life in China's so much better for many many people now than it ever was before Communism. How any of this can be boiled down to simple platitutes is beyond me.

 

You make a fundamental mistake in seeing Mao through your own eyes. To understand what's going on with the Chinese national psyche, better to ask what his being on the money represents to the Chinese. Having guys like Washington and Franklin on US currency makes sense to Americans, in the sense of the US national narrative. But if you're say, a British royalist, then those are some of the guys who stole your prize colonial possession. However, taking that point of view wouldn't help you understand one bit how Americans think.

Thu, 03/03/2011 - 02:53 | 1014294 piceridu
piceridu's picture

good point...How do the Chumash and Cherokee feel evert time they look at US currency?

Thu, 03/03/2011 - 05:21 | 1014351 MolotovCockhead
MolotovCockhead's picture

  Having guys like Washington and Franklin on US currency makes sense to Americans,

You don't understand! What they meant was that if the RMB had a portrait of Obama it would be more acceptable as a WRC!

Thu, 03/03/2011 - 11:27 | 1014891 freedmon
freedmon's picture

+1 ObamaYuan

Thu, 03/03/2011 - 08:37 | 1014452 fredquimby
fredquimby's picture

Off with the Queens head I say! And I would wager the same will happen to the USD when China buys the federal reserve!!

 

http://www.dailymail.co.uk/news/article-1339871/Royal-Mails-foreign-owne...

Wed, 03/02/2011 - 23:43 | 1013930 Snidley Whipsnae
Snidley Whipsnae's picture

You left out the worst SOB... Hamilton...creator of 'The First Bank Of The United States'... and the wonderful world of fractional reserve banking...

http://en.wikipedia.org/wiki/First_Bank_of_the_United_States

 

Thu, 03/03/2011 - 02:36 | 1014270 HK
HK's picture

Seems like the portraits on our currency have outlived their usefulness, so time for some new ones.  I propose one with Bill and Hillary on the front, with one saying "I didn't inhale" and the other saying "I didn't suck".  On the reverse side is a picture of Barry saying "I did both, that was the point".  Unfortunately, I don't have the talent of the honorable Banzai to give the proper visualization.

Thu, 03/03/2011 - 19:19 | 1016851 Cathartes Aura
Cathartes Aura's picture

. . . how 'bout some fiat with Dubya giving a thumbs up "Mission Accomplished!" - subtle, yet succinct, hmmm?

Thu, 03/03/2011 - 14:14 | 1015645 DosZap
DosZap's picture

Neither were crimes then.
You ever read a History book?

Thu, 03/03/2011 - 18:01 | 1016557 HK
HK's picture

deleted

Wed, 03/02/2011 - 22:25 | 1013732 slow_roast
slow_roast's picture

China is one of the most evil governments out there; did we forget our history?

 

Yeah, because our forefathers didn't love enslaving dark people or anything.  hahhaah

Thu, 03/03/2011 - 14:19 | 1015665 DosZap
DosZap's picture

Africans were selling Africans WAY before the White man showed bro.

But, then I guess thats ok.

I know one thing,up until this shit bomb went off, if I were Black, I would kiss the ground to have been lucky enough to have been born here, rather than there.

99% they would never have been born, and or killed there, or starving to death as I type.

A lot of time the Lord uses evil for good.

Chew on that one for a while.

Thu, 03/03/2011 - 23:04 | 1017342 GoinFawr
GoinFawr's picture

As long as we're talking fantasy trilogies, (though not of the Abrahamic genre) didn't Mithrandir say something like that in Lawd o' Th'rings?

"Evil oft mars itself"

Wed, 03/02/2011 - 22:34 | 1013744 TwoShortPlanks
TwoShortPlanks's picture

@66Sexy, stupid is what stupid says.

Wed, 03/02/2011 - 23:06 | 1013832 destraht
destraht's picture

Versus the current reserve currency that has Illuminati symbols all over it.

Thu, 03/03/2011 - 01:02 | 1014111 66Sexy
66Sexy's picture

good point.

Thu, 03/03/2011 - 02:14 | 1014241 bIlluminati
bIlluminati's picture

Of course it has my symbols all over it. They are also Masonic symbols. But Andrew Jackson would be sorely pissed to find out we have another Bank of the Untied States, this time called the Federal Reserve. What exactly do they reserve? And what makes a private bank Federal, with a pile of Presidential appointees?

End the Fed like President Jackson did. It's a mess, and we need to starve the Beast. Then tackle the problems honestly, as many as can be handled.

Wed, 03/02/2011 - 23:22 | 1013877 Hedge Jobs
Hedge Jobs's picture

get a grip 66. Its about the lesser of 2 evils and id rather China over the US anyday.

Yes you have forgoten your history. It started with the constitution that the current ruling elite use at tiolet paper!

Wake up to what?  You think the US gov isnt evil? you think supporting the US gov is patriotic?

you are the one who needs to wake up.

Thu, 03/03/2011 - 00:56 | 1014094 66Sexy
66Sexy's picture

Your contempt for our government (which i share) illustrates the point i am trying to make.

The fact that you had the freedom to review alternative views that disclosed the truth freely instilled the contempt you feel.

This is freedom of speech. China would NEVER allow access to this type of information, or anything resembling a "tea party (for lack of better term)" or truth movement; or ANYTHING remotely anti government.

And the Chinese people dont have weapons.

I will side with the corrupt, criminal government that allows me to bear arms and speak freely over the corrupt criminal government that does not. 

 

Thu, 03/03/2011 - 01:16 | 1014129 GoinFawr
GoinFawr's picture

Even if that corrupt criminal gov't sold your grandchildren to the other corrput criminal gov't? Sure, they might let you moan about it, but I can't imagine that to be much of a consolation.

Wow, you're one helluva useful idiot. I'd say before you 'side' with anyone, you should worry about the gov't who's language you can speak, because while they might let you have a gun if they're the ones telling you where to point it because you can't figure it out for yourself, you might as well swallow the barrel and pull the trigger right now.

Analogy?:

When I used to go fishing with my Dad in the mountains he'd always keep an axe on his belt in case we ran into any bears. If we were attacked his plan was to knock us both out with it so we wouldn't be conscious as we were being mauled.

 

Thu, 03/03/2011 - 01:23 | 1014157 66Sexy
66Sexy's picture

Thanks for the nonsense.

Thu, 03/03/2011 - 02:03 | 1014211 GoinFawr
GoinFawr's picture

Just sayin'

"This is no time for 'My Country, right or wrong'; remember what that brought."

-Lou Reed

(IE Right back atcha!)

Wed, 03/02/2011 - 23:38 | 1013897 Creed
Creed's picture
by 66Sexy
on Wed, 03/02/2011 - 20:55
#1013621

 

"Sad sign of the times when a currency with the image of a man who systematically murdered millions of chinese people is becoming the worlds currency... WTF; lets just use a Hitler image for the world currency...

China is one of the most evil governments out there; did we forget our history? This should be resisted at all levels. To not do so is treason. 

China is not our friend: Wake UP.. "

 

 

 

quoted for truth, wake the hell up people

The USA saved the world from fascism & Communism in the last century at a GREAT price paid in blood. You folks that don't know your history are going to force your betters to repeat it.

Thu, 03/03/2011 - 01:37 | 1014184 tickhound
tickhound's picture

"USA saved the world from fascism"

Doubt the "world" would agree with that statement given that much of it believes the USA spreads fascism.  I wonder who has the finer grasp on history, you or them?

Thu, 03/03/2011 - 03:02 | 1014301 piceridu
piceridu's picture

Dude, where did you get your history books; your first grade history books... The US sided with Stalin, Roosevelt called him Uncle Joe. Estimates are between 20-65 million murdered! Please...

Thu, 03/03/2011 - 05:34 | 1014360 MolotovCockhead
MolotovCockhead's picture

The USA saved the world from fascism & Communism in the last century at a GREAT price paid in blood.

You are definitely the one who needs to wake up! Please do a research on the financial backers behind all these tragedies that you mentioned.

Wed, 03/02/2011 - 23:40 | 1013921 Bastiat
Bastiat's picture

You got it, 66.  Tibetan genocide, Chinese cultural patricide.

Thu, 03/03/2011 - 09:27 | 1014547 AnAnonymous
AnAnonymous's picture

Major problem with China in Tibet, they ended slavery. That is why they are so hated by US citizens who will never forgive them for abolishing slavery in Tibet.

Thu, 03/03/2011 - 14:26 | 1015700 DosZap
DosZap's picture

Ask the Tibetans what they think of CHINA now.

Face it, there smart, talented, but the SOB's are murdering bastds.

The Islamists are bad news, the Chinese are #2 right behind them.

Thu, 03/03/2011 - 19:24 | 1016872 Cathartes Aura
Cathartes Aura's picture

thus spake the zionist, hm.

Thu, 03/03/2011 - 01:03 | 1014107 Ahmeexnal
Ahmeexnal's picture

WTF; lets just use a Hitler image for the world currency...

 

 

That's what the power elite want. The Euro was originally Hitler's idea.

Somebody ought to carve a swastika on Merkel's forehead.

If this piece of news is true, it actually means the euro is toast.

This means China is dumping the euro. Sorry for those europhiles who had wet dreams about the "whole universe adopting the euro" because "it is the only safe currency in the whole universe".

 

Thu, 03/03/2011 - 01:33 | 1014163 chinaguy
chinaguy's picture

.

 

Thu, 03/03/2011 - 01:31 | 1014170 chinaguy
chinaguy's picture

.

 

Thu, 03/03/2011 - 01:32 | 1014171 chinaguy
chinaguy's picture

Sad sign of the times when a currency with the image of a man who systematically murdered millions of chinese people is becoming the worlds currency...

Yes, 64 million killed or there abouts. There are "Chinese moles" or whatever the F you want to call them that junk any prominent anti-Chinese comments on this site....no comments, just junk.

Are people really that ignorant here? For Christ sakes. What Mao did, he did in the past 70 years. To make the comparison between China & the USA is just stupid.

Frankly, I wouldn't call China "evil". I'd call it VERY "different", but you'd have to be a fucking idiot to want to be under the rule of their law.

 

Thu, 03/03/2011 - 02:29 | 1014232 NaN
NaN's picture

I like to call them "mao bucks".  All denominations have the same guy for whom everyone in the world has mixed feeling (including the Chinese, but they are not allowed to discuss it).

I still have some mao bucks in my coat pocket from my last trip there; I kept them since changing them back to US$ is a loser deal.

Not our friends?  Get real.  The Chinese like us because the US never invaded and took over China. 

The US$ became the world currency after WWII as part of the terms of debt payment by England.  England could take its time paying back, as long as they agreed to start using US$ for trade.  England eventually paid off the debt after 30-40 years.

In the absence of a similar agreement in exchange for some consideration, the result will be multiple world currencies.

 

Thu, 03/03/2011 - 02:43 | 1014273 Dr. Porkchop
Dr. Porkchop's picture

Well, they don't put just anybody on a note.

Thu, 03/03/2011 - 02:45 | 1014277 Michael
Michael's picture

China went on Renminbi devaluation and debasement on steroids just after the the housing bubble bust in the US around 2006. They went on a housing bubble build the likes of which the world has never seen. After both their and our currency collapse, the Chinese will still be left with all that 65 million vacant properties they are still owners of.

Thu, 03/03/2011 - 03:49 | 1014324 Sizzurp
Sizzurp's picture

I agree China is not our friend.  This is why we need a gold standard.  America is still a gold giant with more than 8000 tons, while China at around 1000 tons, is definetely not.  This is why China is scrambling like made to get more gold and silver.  The gold standard can work, but only if we find an appropriate price for gold to back our outstanding dollars. This would likely be around $5000 -10,000 per ounce.  If we did this we would have something no other country now has, real money.  Once gold becomes money, America will find itself in a relatively strong position compared to countries with less gold reserves.  In the future with resources getting more and more scarce, it might take gold to buy things like oil and food.

Wed, 03/02/2011 - 21:57 | 1013638 Twindrives
Twindrives's picture

No worries.  Barry Obama and Timmy Geithner will have their brown noses up Hu's ass and licking his shoes as soon as Air Force One lands in Bejing.  

Wed, 03/02/2011 - 23:30 | 1013891 Hugh G Rection
Hugh G Rection's picture

i got some business cum for your monitoring...

 

(_(_)========D-- - ---- --- --- ----

Thu, 03/03/2011 - 00:52 | 1014095 Terminus C
Terminus C's picture

(_(_)=D-- -

                  -

                    -

 

fix'd

Thu, 03/03/2011 - 03:40 | 1014319 Dooud
Dooud's picture

(_(_).
U
.

.

.

... And done.

Thu, 03/03/2011 - 05:03 | 1014344 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

As of now we officially have to pay for subscription to this site.

Wed, 03/02/2011 - 23:30 | 1013894 MiguelitoRaton
MiguelitoRaton's picture

So they will allow bonds denominated in Yuan. How soon before they politely explain to the US, that the only treasuries they will buy from us will be DENOMINATED IN YUAN?!! Talk about an end game...

Thu, 03/03/2011 - 08:44 | 1014464 fredquimby
fredquimby's picture

And that you can only buy your goods in YUAN

And your oil

And your Mercedes....

It's coming people! Get ready to rumble!!!

Thu, 03/03/2011 - 00:42 | 1014071 bankonzhongguo
bankonzhongguo's picture

This is what happens when your economy is based upon machines and skilled workers and basic sciences that make new machines.  The dollar is based on Starbucks, Netflix a new GM lease and student loans to nowhere.  'Good ruck with that.'  To all the Corporations that for a few dollars more outsourced your entire enterprise, except for the lobbyists in Washington - "Fuck You!"  The Chinese WILL reverse engineer all your IP and after you exhaust your capital establishing your China distribution networks with your China partner - it will all be nationalized when the dollar defaults.  You could see this coming since the 1970's.

The World is waiting for the CYN to unpeg the dollar.  The Chinese are taking a que from the Germans in their attempt to save the derivatives market by actually (foolishly) buying the NYSE.  If China is to survive it needs to decouple from the IMF/FRB zone of control and stop playing The Bernak's reindeer games. 

If the Chinese became Austrians ...

I have forgotten more about China that most folks know.  There is certainly no salvation or efficiency locked into a CYN reserve currency - maybe after 2 generations of establishing real corporate governance.  For years I have been waiting for things to fall apart.  Waiting for a "better" place to escape to.  After all the turmoil in "stable" places like Bahrain - there is no place like home. 

Now all he have to do is 'Take it Back.'

Good luck to China longs.

 

Wed, 03/02/2011 - 21:30 | 1013575 baconator3000
baconator3000's picture

Will walmart except Yauns at the checkout? Prices gonna go woowoo shortly. 

 

 

 

Wed, 03/02/2011 - 21:31 | 1013579 Nate Taggart
Nate Taggart's picture

Got gold?

Wed, 03/02/2011 - 23:06 | 1013829 DoChenRollingBearing
DoChenRollingBearing's picture

The Bearing completely understands that this thread is not really the right place to do this, but as a service to the ZH community:

 

Press Release

==========

DoChenRollingBearing announces that he is likely to re-enter the physical gold market as a buyer very soon.

The Bearing wanted to allow some opportunity for alert and quick acting ZH-ers to front-run him.

This will also allow the Bearing to fight with more gusto against trolls and allow him to write things like:

Gold, bitchez!

Wed, 03/02/2011 - 23:11 | 1013844 tmosley
tmosley's picture

Congratulations, and welcome back to the fray!

Wed, 03/02/2011 - 23:50 | 1013943 Snidley Whipsnae
Snidley Whipsnae's picture

Go Do! I have never wavered in my belief that the fiat house of cards would collapse... A huge bet that pays off one time is as good as a bunch of small ones.

Hey, even if it pay off for my kids thats ok too.

Thu, 03/03/2011 - 10:18 | 1014681 Math Man
Math Man's picture

If China removes the peg, Gold will get toasted.

The peg is causing inflation in China, and leading to increased Chinese Gold demand. 

Wed, 03/02/2011 - 21:33 | 1013583 Pladizow
Pladizow's picture

China and economic warfare: http://www.globaleconomicwarfare.com/

Wed, 03/02/2011 - 21:35 | 1013584 SilverDOG
SilverDOG's picture

Taps is playing in the distance. Over the grave of the dollar.

 

Silver, bitchez!

Wed, 03/02/2011 - 21:58 | 1013646 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

Silver is the way to go. Gold will be confiscated when it trades above $2k. It's going to be the only way to save the country when the dollar folds.

http://www.shtfplan.com/precious-metals/insider-report-us-government-wil...

Thu, 03/03/2011 - 02:45 | 1014276 Dr. Porkchop
Dr. Porkchop's picture

I don't see that it will. I think that would be a sure fire way to ensure the rapid exit of all gold out of the country, and barring that, it would go black market for a long time.

Wed, 03/02/2011 - 21:35 | 1013585 DavosSherman
Wed, 03/02/2011 - 21:36 | 1013587 Cistercian
Cistercian's picture

 Huge global war.....just got closer.

Wed, 03/02/2011 - 22:30 | 1013740 cranky-old-geezer
cranky-old-geezer's picture

Nope.  America will go down without putting up a fight.  I guarantee it.

Wed, 03/02/2011 - 23:25 | 1013779 Cistercian
Cistercian's picture

 Watch the ME action.When oil really gets parabolic, it will be on like donkey-kong.

  They are already making noise about going into Libya.What percentage of ME occupation by the US military do you think the Chinese find acceptable?

 Money and Oil.Fails in both, at the same time, equal war.

 

Wed, 03/02/2011 - 23:53 | 1013954 Snidley Whipsnae
Snidley Whipsnae's picture

America is putting up a lame azz fight now... But it's an economic fight and America is losing.

America sowed the seeds when corporations were allowed to off shore the majority of our manufacturing base... Now America will reap the whirlwind.

Thu, 03/03/2011 - 00:38 | 1014048 66Sexy
66Sexy's picture

 

a fine display of surrendering rights and property. BRAVO.

Wed, 03/02/2011 - 21:36 | 1013588 Buck Johnson
Buck Johnson's picture

China needed the knowledge and the ability in technology and science brought back into the country via foreign companies and people.  Once this is had and learned and figured out, then they use this to support their population.

Wed, 03/02/2011 - 21:36 | 1013590 I am a Man I am...
I am a Man I am Forty's picture

so china wants to trade in their OWN currency??!  WTF, how dare they.  hey USA, responsibility comin' your way.

Wed, 03/02/2011 - 21:47 | 1013610 DaveyJones
DaveyJones's picture

post of the week award

Thu, 03/03/2011 - 08:52 | 1014480 YHC-FTSE
YHC-FTSE's picture

Ditto

Wed, 03/02/2011 - 21:47 | 1013611 penisouraus erecti
penisouraus erecti's picture

The nerve, huh

Wed, 03/02/2011 - 21:49 | 1013613 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

This would never have happened if all the "freedom" loving people in the U.S. had tried a little harder to stand up for the rights of Chinese citizens against tyranny.

Instead, we gave the one-party police state slavery incorporated model our blessing.

Now we reap what was sown.

This is what people get for living by the credo: Money über alles.

Wed, 03/02/2011 - 22:08 | 1013667 spanish inquisition
spanish inquisition's picture

one-party police state slavery incorporated model

Using our own system against us. The bastards!

Our two weapons are fear and surprise...and ruthless efficiency...

Wed, 03/02/2011 - 22:42 | 1013761 Guy Fawkes Mulder
Guy Fawkes Mulder's picture

beta testing an upgrade of our system in a walled garden

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