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China Proposes To Cut Two Thirds Of Its $3 Trillion In USD Holdings
All those who were hoping global stock markets would surge tomorrow based on a ridiculous rumor that China would revalue the CNY by 10% will have to wait. Instead, China has decided to serve the world another surprise. Following last week's announcement by PBoC Governor Zhou (Where's Waldo) Xiaochuan that the country's excessive stockpile of USD reserves has to be urgently diversified, today we get a sense of just how big the upcoming Chinese defection from the "buy US debt" Nash equilibrium will be. Not surprisingly, China appears to be getting ready to cut its USD reserves by roughly the amount of dollars that was recently printed by the Fed, or $2 trilion or so. And to think that this comes just as news that the Japanese pension fund will soon be dumping who knows what. So, once again, how about that "end of QE" again?
From Xinhua:
China's foreign exchange reserves increased by 197.4 billion U.S. dollars in the first three months of this year to 3.04 trillion U.S. dollars by the end of March.
Xia Bin, a member of the monetary policy committee of the central bank, said on Tuesday that 1 trillion U.S. dollars would be sufficient. He added that China should invest its foreign exchange reserves more strategically, using them to acquire resources and technology needed for the real economy.
And as if the public sector making it all too clear what is about to happen was not enough, here is the private one as well:
China should reduce its excessive foreign exchange reserves and further diversify its holdings, Tang Shuangning, chairman of China Everbright Group, said on Saturday.
The amount of foreign exchange reserves should be restricted to between 800 billion to 1.3 trillion U.S. dollars, Tang told a forum in Beijing, saying that the current reserve amount is too high.
Tang's remarks echoed the stance of Zhou Xiaochuan, governor of China's central bank, who said on Monday that China's foreign exchange reserves "exceed our reasonable requirement" and that the government should upgrade and diversify its foreign exchange management using the excessive reserves.
Tang also said that China should further diversify its foreign exchange holdings. He suggested five channels for using the reserves, including replenishing state-owned capital in key sectors and enterprises, purchasing strategic resources, expanding overseas investment, issuing foreign bonds and improving national welfare in areas like education and health.
However, these strategies can only treat the symptoms but not the root cause, he said, noting that the key is to reform the mechanism of how the reserves are generated and managed.
The last sentence says it all. While China is certainly tired of recycling US Dollars, it still has no viable alternative, especially as long as its own currency is relegated to the C-grade of not even SDR-backing currencies. But that will all change very soon. Once the push for broad Chinese currency acceptance is in play, the CNY and the USD will be unpegged, promptly followed by China dumping the bulk of its USD exposure, and also sending the world a message that US debt is no longer a viable investment opportunity. In fact, we are confident that the reval is a likely a key preceding step to any strategic decision vis-a-vis US FX exposure (read bond purchasing/selling intentions). As such, all those Americans pushing China to revalue, may want to consider that such an action could well guarantee hyperinflation, once the Fed is stuck as being the only buyer of US debt.
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There is nothing to worry about. Our Central Bank has everything under control.
Sarcasim off:
Perhaps the Fed's portfolio has been and is filling with treasuries that the
Chinese have been selling. I long for free markets! If left alone (not manipulated)
interest rates are the best pricing mechanism in the world! Oh how I long
for free interest rates!
amen brother.
Hey Tyler:
I'll take the other side of the trade.
Its a bluff. How would the Chinese unwind $2.0T in Treasury debt without having the rest of the world front run them? How do they get out without getting killed?
If you guys think Obama and the other Dems in Congress are playing politics with all this debt now, (think Schumer and Durbin to name a few,) just wait till they think the Chinese are selling. How fast can you spell tariff? How fast do we have the mother of all trade wars? How fast does China take the world into another recession? How fast? Too fast.
They're stuck and i think they know it. There are no other currencies. There are no other debt markets. There isn't enough gold and commodities to buy. And while we're on the subject, if they move all that money into another currency, doesn't every other government in the world also want cheap paper? Are we not in a race to the bottom?
Tell me, how do they get out?
Hope, Hope and Change!!!!
I'm with you. Why in the hell would they announce it if they are really gonna do it? If anything they would express interest in "high quality U.S. Paper" then fade the trade.
Fear Factor
Fear Factor, the 25% channel line is a pretty good "interior channel" all by itself. I can't do the PRS on Prophet charts, so we have to live with this standard 0/25/50/75/100 channel.
The kiss on the 25%and the Bollinger Band AND nearly a FF Gap Fill, well what can I say. Sure our central planners can throw our tax money at a useless endeavor like levitating an overstuffed pig. At some point fundamentals do matter, just don't go broke before that happens.
Cable with a "blow off top" pressing the old channel line, popping it really.
http://oahutrading.blogspot.com/2011/04/fear-factor_24.html
By Sandra Schulz in Shanghai
There is nothing the Communist Party fears more than individuals banding together into an organization. And the combination of 1.3 billion people, 420 million of whom are Internet users, together with many Chinese people's enthusiasm for microblogs and resentment over problems such as inflation and land seizure, means that the idea of organizing is very tempting. Eventually, the power of the masses might even be strong enough to oppose that of the government. That is precisely what the regime is trying to prevent.
These are the actions of a government with unbridled power. One day the authorities detain activist Ni Yulan -- who is now confined to a wheelchair as a result of being tortured -- another day they sentence critic Liu Xianbin to 10 years in prison. Then they warn Zhao Lianhai, who fought for an investigation into the 2008 milk powder scandal, that if he doesn't stop speaking out, he's going back to prison. Zhao had dared to describe in a newspaper interview how he had been force-fed through the nose with a milk powder solution. He had also called for Ai Weiwei's release. cont...
http://www.spiegel.de/international/world/0,1518,758152,00.html
End the fed.
Jeez... China has money, they want to spend it. So they tell us, "we want to spend some of our money". I bet we say, "ok". End of story. Get over it.
Sold some silver tonight on E bay for 4.5% over Friday's spot price.
Guess there is still upward pressure.
I don't know, kind of thought that the threat of China selling massive
quantities of bonds might scare interest rates up and metals down.
Stay balanced ZH's. Play things both ways!
Guess who's killing the dollar? US investors sending big capital overseas where they can chase return, yield and appreciating currency. Also US consumers who have had uninterrupted trade deficits for decades, sending the dollar lower. Also US corporations sending US jobs and factories overseas by the truckload especially the last 10 years, again pushing the dollar lower by investing and spending abroad. So China and others are only reacting. Who can blame them? They earned money in dollars fair an square through trade. And their reserves are losing their value the longer they hang on to them.
Hmm. If this is real, got to buy next years supplies this week. If not, wait for the market to crash. Decisions! Ought to be pretty clear in about twelve hours.
Caviar Emptor is correct. That's why total U.S. debt has reached $57 trillion, with the country going through four decades of trade deficits and U.S. banks exposed to around $70 trillion in derivatives.
http://apeakunderthehood.blogspot.com/2011/04/june-bugs.html
June Bugs
Silver knocking on the $48 door...
She doesn't even knock anymore.
BERNAKE's autobiography after he's in prison: "Confessions of an Economic Terrorist!"
"No one could have seen this coming," said the Bankers to the Committee.
This is great news. Unpegged/35% net negitive captal outflows. Also, those pescy redeeming foriegn treasury taxes.
How come ZH is not on this story
Looks to me like Ireland is going to take out the clippers and give someone a haircut real soon.
First you have Stark of ECB making comments about a restructuring:
http://www.businessweek.com/news/2011-04-23/ecb-s-stark-says-debt-restructuring-risks-triggering-crisis.html
Smaghi Op Ed in the Financial Times
http://www.todayszaman.com/newsDetail_getNewsById.action;jsessionid=209E0252B41C02E8EB5796FF710F401C?newsId=241016
and the Irish throwing the red card (their still pissed about being dissed by France in the World Cup qualifier)
http://www.independent.ie/national-news/ecbforced-run-on-our-banks-led-to-bailout-2628449.html
http://www.irishtimes.com/newspaper/frontpage/2011/0423/1224295312306.html
Ayn would like to to know, Who is Tyler Durden?
China just a psy ops to divert attention and suck the last of the dollar shorts and PM longs into the game.
I'm ok I have physical and will load up again when it drops. It will hit 50 or more before Wed afternoon at 1500 EST.
Oh confucious say learn to read the tea leaves.
Meanwhile, the BIG NEWS and all the 100's of breathless commentaries & anaylses are met by Futures Market (ex Au/Ag) with an overwhelming YAWN
MMs long May gold?
china might buy $15 trillion of 0.25% 100 year US debt at par
Goodbye $48, $50+ this week.
Edit: Just blew past $49. Amazing. The asians are lighting this thing up big time. I don't know about you guys, but this is the easiest money I have ever made. Now to trade some of this fiat for phys.
Yes exactly. Timing is the difficult part.
this seems like big news, why isn't it being picked up anywhere else?
HAH! Relying on crone US Fascist Main Stream Media corporate news to report the pending economic disaster? Executives from all the major news/media outlets meet each week at the White House to go over the week's dose of Propaganda and Mis/Dis-Information news to the mundanes/serfs to swallow.
The Whole FIAT game is rigged.
I agree with you 100%....but, this is big news, it should be elsewhere....bloomberk, bbc, guardian.uk etc...
meh don't want to disturb the masses
Good bye $48...
$1516 Au, 48.44 Ag
silver
48.47 $ per oz
hey china
can you say
no bid....
Wholly fuck watching silver is pretty exciting when you own some.
I am so sick of all this bullshit about how China "owns the U.S." and "is going to destroy the U.S. by *take your pick* not buying tnotes/selling its dollar holdings/blah blah blah," etc.
And I especially enjoy the posts about how China is going to invade the U.S. with its new weapons and using military superiority.
Get a fucking clue, nimwits spouting off about China - The U.S. has China by the balls, and not the other way around.
China is a paper tiger, with many a boot but precious little weapons of utility military, an export driven economy (domestic auto sales average about 9300 usd per car and hold almost no profit for the big makes, although certain luxury marquees do well, such as Audi & MB), and China has a rotten financial sector with state backed banks having massive exposure to bad loans right now.
I could go on, but the bullshit factor on ZH in this single article is the type of thing that is seriously the 1% bathwater that throws out the 99% baby (maybe 80%) that makes ZH great and nearly unique, even among the alternate media.
As has been said, China needs the U.S. more than the converse, regardless of how bad things are in the organic economy in the U.S. right now (have you seen U.S. truckers using their trucks on highways as roadblock lately and battling riot police?), China does not have holding of a pure USD currency amount stated per this article, China has some politboros who are jawboning for domestic content, and any confrontation of a more serious level between China and the U.S. would end far more badly for China than the U.S.
WTF. Things are bad enough in the U.S. with a kleptocratic TBTF banking/financial sector, a depression in the works (already here if not for SNAP, UE insurance at 99 weeks, Social Security/Medicare, and other forms of government subsidies such as disability, and CREDIT CARDS), and an incompetent and/or criminally motivated Bernank & Crew, not to mention a waterboy for the banksters POTUS/TOTUS and little Keebler Elve Treasury Secretary.
Let's not run around with our hair on fire about how China "owns the U.S. and is going to divorce itself from the USD and then invade the U.S." bullshit stories when the truth is bad enough.
This is a pitiful article, TD. I tell you that to your face and publicly. I beg you not to let Zero Hedge even remotely go down the road of fruits & nuts. It fulfills a unique service and has for some time in being the 'Young Turk' of financial alternative media in publishing things the establishment players won't publish for many a reason, and has run circles around many of these proxy of the state/propaganda (de facto) outlets for the very reason it's not reliant on the government (and/or is still operating on the old principle of being afraid to 'annoy' the government by probing deeply and asking unpleasant questions, let alone following up and exposing the sham and the lies that inevitably follow).
+ 300 quadrillion and for some mysterious reason the clever TD will not post anything about Ireland getting ready to give everyone a haircut and Smaghi writing an Op Ed piece in the Financial Times trying to convince the Irish to pay their debts.
I think it's because it's dollar positive and TD's book is dollar short.
I am NOT personally attacking any of the TDs, nor am I even remotely suggesting an alternate agenda, let alone one staked in a contra position that's invested by them (that would be rogue speculation and borderline libelous - maybe not from a purely legal standpoint, but at least from a layman's understanding of what libel/slander imply).
I am saying ZH would be best served by sticking to analysis that can be supported by credible fact(s), demonstrably visible/presentable, as this is the only long term model of credibility, and that even where an article is that of a 'Guest Poster' (i.e. not one of the ZH staff), ZH needs to employ some genuine 'gatekeeping' and 'junk science' standards of at least minimal credibility.
I will add, also, that I am dissappointed ZH never bother to even respond to my comment in the two articles published regarding expanding bank balance sheet reserves (in the last two months) about how said reserves were not inflationary, were highly volatile (genuinely), and that Bernanke's ZIRP obsession has been the chief culprit in the rocketing asset inflation that's taken place over the last 22 months - as it has encouraged massive speculation and the chasing of higher returns than cash has pathetically yielded - than such excess bank balances could ever be responsible for.
My apologies the intent was not to personally attack the TD's I thought we are all just having a bit of fun here, I thouhgt we could all quaetion everyone without judgement on impunity. My sincere apologies to the TD's.
However kind Truth in Sunshine you may be interested in reading this which if I read our last paragraph correctly aligns with the expanding balance sheet reserves.
http://www.marketoracle.co.uk/Article27656.html
I'm just a a natural scientist with a zest for mathematics and pattern recognition. Please tell me if I'm wrong about your statement on expanding balance sheet reserves. Would those expanding reserves be sitting their for a large scale reverse repo?
While the main point of my contention wasn't that as the reason for the carrying of excess reserves by banks, it sure makes large scale reverse repo more palatable and 'doable,' so I can't argue with that conclusion.
I had stated that Bernanke & Company had basically flooded banks with digital cash, which is now a liability as the Fed has to pay interest on non-productive money it loaned to these banks, in an effort to stuff them to the gills with fiat, due to the still-ongoing paper denominated asset value destruction (their loans are souring even still to this day at a high rate due to the non-recovery in the real economy), so as to get as many of them as possible through this period intact (otherwise the FDIC be taxed even more, and confidence by consumers and business be drained even more, as they see greater levels of bank closures on Fridays than what we've witnessed so far).
Mind you, even with the effective ability to still engage in the practice of mark-to-fantasy asset valuation, and with loads of digital fiat infused by The Bernank, the banks are STILL in deep trouble.
Zero Hedge ran an OUTSTANDING article back in December regarding shadow liabilities of banks, and how it was thought at the time that The Bernank had printed and distributed enough digital fiat to offset their shadow losses at the time, but I and many others argued that the bottom of the well of losses had not yet been reached, and was still ongoing, so the whole analysis could not yet be fully and completely engaged in as of that time.
Thanks. My reading of the tea leaves so to speak is the following:
All this jawboning is coordinated and the dollar is making a temporary low.
Bernanke over and over again says inflation is "transitory" = speculative driven
Bernanke and Co send the signal possibly this week that QE2 is over which Hussman calculates that it would be over within 20 to 30 days from 4/6.
Reverse repos ramp up why do you think the Fed increased the parties elegible for reverse repo - so they can spread it around.
The risk assets make a blow off top on all this "purported" dollar negative news and then head lower.
We will see for now i'm all in cash in my trading account, waiting to see what happens.
Might I suggest you look a little closer at Ireland.
The new government is following the plan laid out by the old government.
They are not getting ready to give everyone a haircut.
I know. I live in Ireland.
The new government just bent over and took it.
I will be up all night so I can see NY open, this is what I have been waiting for for so long.
I'm expecting a raid of about a dollar monday morning. You?
T-minus 6 hours or so until the dollar is vanquished?
www.forecastfortomorrow.com
A blow off top?
Silver short squeeze is going down NOW!
http://silverdoctors.blogspot.com/2011/04/silver-passes-4850.html
Not a bad article cept for the "There may not be a JP Morgan left in the morning" crap I keep hearing about everywhere. Come on, its gonna hurt the freaks, sure, but not even close to "ending" JP Morgan. Everyone acts as if JPM's main business is shorting silver.
Not even close. Not by a long shot.
http://www.cnbc.com/id/42743681
Silver just hit a peak of $49.70ish...
49.875 and then ticking 10 cents a pop down on my real time Forex ticker. In the last hour they raised the spread to 12 cents.
Who knows maybe the 50 bag holder was happy to get out at 49.875.
New investment fund?
http://af.reuters.com/article/energyOilNews/idAFL3E7FP03X20110425
BEIJING, April 25 (Reuters) - China's central bank is considering setting up new investment funds to diversify holdings in the country's swelling foreign exchange reserves, the world's largest stockpile, local media reported on Monday.
The proposed funds include one or more to invest a part of China's foreign reserves in energy and precious metal markets and another that could intervene in foreign exchange markets, the New Century Weekly said, citing sources close to the central bank.
The report said the central bank was considering a fund that could intervene in the foreign exchange market in an effort to stabilize exchange rates on behalf of the central bank.
"The central bank is also considering setting up a fund that will directly buy foreign exchange in the market so that the central bank does not create base money," the magazine said, citing a source close to the central bank.
It did not elaborate on the plans, but said the central bank aimed to transfer some reserves off the central bank's balance sheet to the new "intervention fund".
To diversify investment of the reserves, Chinese officials and economists have urged the government to buy more of other currencies such as the euro and the yen , as well as commodities including oil CLc1 and gold .
That largely describes my portfolio since 2005. With occasionaly flips to cash to sidestep the obvious oncomng market crashes.
I find this very significant as this new fund will directly purchase currency, gold, oil.
SWF’s of China always run into long investment approval process and never had such direct investment criteria.
This is simply a panic fund to exit USD holdings swiftly and diversifying foreign- exchange reserves.
is silver considered volative , when it just goes up every day !
suicide watch at JPM?
"In the practical art of war the best thing of all is to take the enemy's country whole and intact, to shatter and destry it is not so good."
-Tsun Tzu
God damn, why are the Chinese so much smarter than (many of) us? perfect quote to describe this desolate situation--let's wait for all the hilarious political cartoons this week showing China raping us in the ass or something.
www.forecastfortomorrow.com
china has lots of experience in war, even before Rome,
however, those wars were mainly internal affairs, on China mainland,
IMO, Sun Tzu views are based on these "internal" wars, chinese againts chinese, the same creed, belief, language and on their ancestral soil, as such to wipe out your brothers/sisters/cousin is bad juju...
as such conquering new lands/area/people within China would best be done in the least violent manner.... it'll be easier to integrate the people into your existing empire..
imagine China trying to conquer Japan in a "civilised" way, it WONT happen..
p/s: try changing Japan to USA..... it wont work.. (even if its an economic move/strategy)
unless China goes ballistic and behave like Gengis Khan (2 choice a.submit unconditionally or b.die), China wont be conquering anyone..
.. i hope...
http://www.youtube.com/watch?v=GkALt1GnJa4
Gold coins it is?? A new currency would be interesting, but it's sad it's come to this...funny thing is we've all been predicting it for awhile and nobody listens, totally signals the need for better public education on fiscal policy
www.forecastfortomorrow.com
So many people arguing over 'to what degree and how China intends to destroy America.'
I suggest there's a conceptual error there. It's the Rothschildean/Zionist/Satanist Elites who want to 'destroy America', as a crucial step in their global population cull to below one billion, & deindustrialization schedule. Can't bring in the NWO one world government (planet of serfs ruled by the Elites) while there are still freedom-loving, well educated and armed middle classes in countries like America.
It may turn out that China isn't so much 'trying to destroy America', as trying to find a way to SAVE America (the American people) from their own Satanic government cabal. I think the Chinese government, while far from angels, may be smart enough to realise that the future envisaged by Satanist Elites isn't a very nice place, not even for the Communist Chinese leadership.
So crashing the FED/COMEX/banker cabal could well be a necessary step in an act of enlightened global goodwill (and self defense) by the Chinese.
Just saying. I really have no idea how it's actually going to work out. All I personally know is that these days NOTHING is as it seems. Except physical gold and silver in the hand. (After you've checked it isn't tungsten or whatever.)
However, put me down among those who feel that if China says it's going to sell 2/3 of their foreign treasuries, then they already did. And the real question is what effect they intend to achieve by making the announcement now. Intentions can be economic, or political (or both, if they are compatible.) The Chinese are quite capable of accepting an economic loss, if considered essential for political ends.
Our problem is we can reasonably analyse their economic objectives, but as for their political objectives we can only guess. Since they hold that much tighter to the chest.
Politics and morality - it's been a long time since any leadership in America chose paths based on morality over economics. The Chinese do, but what exactly is their idea of 'morality'?
I agree. China has already bailed on the US.
Now is the time to drive the stake into the heart of the Satanists/Illuminati, empty a clip of silver bullets, and nail the coffin shut, and shoot it into the sun!
Godspeed.
they will not be serving pie
at the royal wedding ..
therefore
regretfully, I will not be attending ..
FEDs forced reaction to this via tightening ( or suggestion of it) will cause a dramatic stock selloff, down to DJIA 10000 in 1 month.
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&st=0&sk=t&sd=a&sta...
last one out is a rotten egg
I WONDER WHAT OBAMA THINKS ABOUT IT ALL?
HE WENT TO HARVARD.
I don't see them "dumping" their USD holdings. Simply spending them will cause enough problems. Along with allowing RMB appreciation, China solves two of it's problems. Getting resources and developing a domestic consumer who can afford the products produced with said resources.
2 trillion is what? 10-15% of US credit? Sounds like a percent or two on inflation over the next decade to me.
I think this is a warning for Japan. Course that would make it ~3 trillion.
***Breaking New Alert***
Ben S. Bernanke, acting on advice of Paul Krugman, has offered to print and give an additional untold sum of USD to China's PBOC if they agree to purchase more USD & USD denominated treasury notes.
When asked to specify the additional amount he'd be willing to print, The Bernank replied "it would have to be in the trillions in order to assure the Chinese of the strength in the USD, and our ongoing committment to ensure it remains stable & strong for the long term."
***This Has Been A Breaking News Alert***
Sarc News Services, LLP
The Fed gives shredded money away for free -- it is toxic waste because of the metals in the ink -- the EPA does not allow them to burn it... they have to bury it, so they foist it off to visitors when they can - go to any Federal Reserve museum get all you want in little bags (no charge).
Sooooo......uhhhh, this epiphany suddenly dawns on China that they are holding too many US treasuries and foreign exchange reserves? So very intriguing. They didn't seem to mind when the advantage was in their favor and they had this insane export advantage over the rest of the world by pegging their currency to the US dollar at artificially low rates. That of course was just fine as long as it worked in their favor. Now they have a problem, much like everyone else that relied on the US consumer to support their excess surpluses like say Germany, Canada, Japan and hey what do you know China. The consumption based economy eventually goes broke and this has happened many times through out history. It was also known by all parties engaging in this reckless monetary policy. Do I feel sorry for the poor Chinese and their reserves? Nope....not one bit. I will hold fast to the theory that hyper inflation will NOT happen as it would wipe out the ultra wealthy too. I doubt very much that they will allow this to happen. I may stand corrected but i suspect revisiting Bretton Woods will happen long before that happens. We shall see.
As someone who actually lives in China and has lived here happily for the past 8 years or so, it is really depressing at times the sheer ignorance of the American public at large especially in regards to China. As it stands with this issue there is over $3T in reserves and approximately a third of that is in fed debt paper. Most likely another few billion laying around in paper money. This announcement is coming from someone with no authority to enact such a new policy and is merely one person with a bit more of a voice than the common man stating his opinion on the situation.
China sits on this giant pile of cash for the sole purpose of soft power. Remember, loans can be made backed by T-bonds and when you are running around buying things up that the country needs and tossing money around on humanitarian projects to win contracts there's nothing better than spending worthless money that you have too much of already. Holding onto that pile of money also works in China's benefit when it comes to policy, America is addicted to the cash flow for survival, cutting it off is bad enough. A policy like this would most likely finish things off. However, this is not how China works if you know anything about this country. China does not just jump into a pool and hope for the best. China surveys the situation first and then *maybe*, if it is deemed possibly beneficial, it will dip a toe into the water.
The biggest mistake Americans are making is thinking that China is playing chess while y'all are playing checkers. China's playing Weiqi while the west has yet to even realize it. China will never do anything that is not in China's own benefit and Chinese still alive and kicking know pain and suffering from their past more than Americans have ever experienced.
Another huge mistake people make is they try to measure up China from their own perspective without any glimmer of understanding what makes this nation tick and make zero attempt to try and understand how things really work over here. As I said in the start, the sheer ignorance is really depressing as is the obvious bear-baiting and propaganda. Once you get away from the US for a good length of time, it becomes readily apparent what a monster the US really is and how utterly stupid its people really are when it comes to most things.
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compound annual inflation rate, the appropriate term to measure this year over year inflation measurement? This level of inflation will make it difficult for people to properly value the products they buy relative to the products value in silver.. A value buying guide might be a useful tool going forward.
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This level of inflation will make it difficult for people to properly value the products they buy relative to the products value in silver.. A value buying guide might be a useful tool going forward.
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The first thing in the morning ZH read makes me wonder? Is the confidence and faith in the Government and Media so destroyed that it can not be rebuilt? Not to say that I believe any one of the sons of bitches. Just sayin that some how some way, trust has to be re-invented.
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I want to express my admiration of your writing skill and ability to make readers read from the beginning to the end. I would like to read newer posts and to share my thoughts with you.
Machine Minoterie
Seems rational until you realize Japan has the same problem the US does.
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The Zero Hedge Logo tshirt again in market ? how they will match up with current fashion trends ? why do not you come up with some more items having The Zero Hedge Logo...
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