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The Dollar Decline Continues: China Starts Direct Convertibility With Asia's #1 Financial Hub
Submitted by Simon Black via Sovereign Man blog,
Earlier this week some of the biggest financial news of the year made huge waves all over Asia.
Yet in the Western press, this hugely important information has barely even been mentioned.
While this is ignored in the US so far, it’s front page news in Asia
So what’s the news?
The Chinese government announced that the renminbi will become directly convertible with the Singapore dollar... effective immediately.
It’s clear this deal has been in the works for a while, and it’s another major step towards the continued internationalization of the renminbi and unseating of the dollar as the world’s dominant reserve currency.
For decades the renminbi has been a tightly controlled currency. It’s only been in the last few years that the Chinese government started loosening those controls, primarily in response to the obvious need for a dollar competitor.
The entire world is screaming for an alternative to the dollar and the US government.
Since the end of World War II, the US has been in the driver seat. The Fed essentially sets global monetary policy. Foreign banks are forced to rely on the US banking system. Nearly every nation on earth must hold US dollars and buy US government debt just to be able to trade with one another.
These were sacred privileges entrusted to the US government. And they have been abused time and time again.
The US government spies on its allies. It uses its banking system as a weapon to threaten foreign companies. It fines foreign banks billions of dollars for doing business with countries it doesn’t like.
They discredit themselves by continuing to indebt future generations and failing to make tough fiscal decisions.
And the Fed has printed so much money that major foreign institutions are left with no choice but to seek an alternative. Enough is enough.
China is taking the lead in providing the world with another option. And they’re not exactly doing this under cover of darkness. These moves have been widely telegraphed, at least to anyone paying attention.
For the last few years the Chinese government has entered into new ‘swap agreements’ at blazing speed, allowing other nations’ central banks and governments to hold the renminbi in reserve.
They’ve concluded direct trade arrangements (notably with Russia) to settle oil and gas deals in renminbi.
This summer we saw the establishment of a Chinese-led supranational bank intended to compete directly with the IMF.
Just last week the British government issued a new government bond denominated in renminbi.
And now this– direct convertibility between China and the #1 financial center in Asia, making it possible for ANYONE to trade and hold renminbi through Singapore.
It’s so obvious where this train is headed.
But again, this story is hardly covered in the Western press. They’re living in a dream world where King Dollar still reigns and the US is the only superpower in the world.
Nonsense. It’s imperative to stop listening to the propaganda and start paying attention to facts:
The US government has accumulated more debt than any other nation in the history of the world… and is in a position where they must borrow money to pay interest on the money they’ve already borrowed.
The Federal Reserve (which issues the US dollar) continues to erode its balance sheet. According to last Wednesday H.4.1 report, the Fed’s capital base is a minuscule 1.26% of its total assets.
A year ago it was 1.42%. That was bad enough. But on a proportional basis, the Fed has lost another 11.3% of its capital in the last twelve months.
And according to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), international bank payments denominated in renminbi have nearly tripled in value in the past two years.
These are all objective facts which point to the same conclusion: this current dollar/debt-based system is on the way out.
It’s not going to happen overnight, but we’re already seeing a slow and orderly exit. And we can see the rest of this trend unfolding years in advance.
Ignoring this could be very hazardous to your financial well-being. And while the Western media might be totally clueless, there are plenty of options for forward-thinking individuals.
- Consider holding Hong Kong dollars in addition to US dollars. Hong Kong dollars are currently pegged to the US dollar, so the currency risk is minimal. But if the US dollar declines sharply, Hong Kong (controlled by China) could easily de-peg. This mitigates your downside risk.
- Consider trading paper currency savings for productive REAL assets like farmland and private businesses which capitalize on key growth trends.
There are dozens of other solutions out there. You’ll be able to find some that are just right for your circumstances.
* * *
Our goal is simple: To help you achieve personal liberty and financial prosperity no matter what happens.
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Reggie gave Obola ebola.
Like I have been saying..
What the US asshats do (FED) becomes less important every day.
Talkin' about important...
FEMA's doing Ebola (pandemic) drills in NJ and NY
http://www.wnd.com/2014/10/fema-conducts-pandemic-training-in-n-y-n-j/
Now, I wonder if that historical fcorrelation between drills and actuality is going to hold again?
We're all Chinese now.....
Jew world order has been replaced by a Just world order...
Exactly what I been saying for a while now. The century of the Jew is over.
You and Remember Nuremburg sound like a couple of black democrats. Nothing is ever your fault. It is all about The Man. He stole from you. He tricked you. He owes you.
And when his downfall finally comes...
Well, you'll be out there looting with the rest of the brothers.
Right on. (fist bump)
Long classic cars bitches!
China is already #1 since 2005
proof:
http://imgur.com/py6BP29
Die neue ordnung is the term you are thinking of when you speak of the Just world order.
http://youtu.be/UWHEcIbhDiw
"Relocation is temporary, and only for your protection. Bring only essential items that you can carry.The ReadyReserve will look after your yards and pets. Do not worry, you will return home soon."
An American, not US subject.
SEC. 5210. ESTABLISHING A READY RESERVE CORPS
H.R. 3590 now Public Law 111-148 ^ | March 2010 | Congress, Obama
Posted on 04/02/2010 1:39:55 PM PDT by mbarker12474
SEC. 5210. ESTABLISHING A READY RESERVE CORPS. Section 203 of the Public Health Service Act (42 U.S.C. 204) is amended to read as follows: ‘‘SEC. 203. COMMISSIONED CORPS AND READY RESERVE CORPS. ‘‘(a) ESTABLISHMENT.— ‘‘(1) IN GENERAL.—There shall be in the Service a commissioned Regular Corps and a Ready Reserve Corps for service in time of national emergency. ‘‘(2) REQUIREMENT.—All commissioned officers shall be citizens of the United States and shall be appointed without regard to the civil-service laws and compensated without regard to the Classification Act of 1923, as amended. ‘‘(3) APPOINTMENT.—Commissioned officers of the Ready Reserve Corps shall be appointed by the President and commissioned officers of the Regular Corps shall be appointed by the President with the advice and consent of the Senate. ‘‘(4) ACTIVE DUTY.—Commissioned officers of the Ready Reserve Corps shall at all times be subject to call to active duty by the Surgeon General, including active duty for the purpose of training. ‘‘(5) WARRANT OFFICERS.—Warrant officers may be appointed to the Service for the purpose of providing support to the health and delivery systems maintained by the Service and any warrant officer appointed to the Service shall be considered for purposes of this Act and title 37, United States Code, to be a commission
Ho Li Fuk
Feels like Singapore will be one of the few places to survive the collapse. They have their crap together.
Elsewhere- woman's catcall video overshadows boring election, but now she's getting threats:
http://tinyurl.com/q7vn5o6
Just a snipet I read on wikipedia with references:
The Singapore Economic Development Board (EDB) continues to attract investment funds on a large-scale for the country despite the city's relatively high-cost operating environment. The US leads in foreign investment, accounting for 40% of new commitments to the manufacturing sector in 2000. As of 1999, cumulative investment for manufacturing and services by American companies in Singapore reached approximately $20 billion (total assets). The bulk of US investment is in electronics manufacturing, oil refining and storage, and the chemical industry. More than 1,500 US firms operate in Singapore.
Outdated..... a couple of Indian or Chinese Singaporean PR's are worth more than that
So... is she bread, or a circus?
WERE FUCKED!
"private businesses which capitalize on key growth trends"
like what?
EBT card expenditures.
Tatoos, tobacco, Hostess Twinkies and Ho Hos, malt liquor (40's preferably), fried chicken... to name a few.
We were FUCKED when back when we let the Zionists take over our Fed and financial institutions. In the collapse they will sit quite well on all the assets and companies they purchased with the currency they turned to crap.
It's funny, seeing the totality of the reality I was exposed to; regarding the truth of your statement.
Most people can't tell the difference between a pissing dick and their sister's titties (nowadays). They're SO preconditioned that ANY reference to 'ZIONISTS' immediately makes them think of 'radical group apartied conspiracy nutjob tinfoil-wearing crazy radical fuckers', or something. Even presenting scientific and mathematical LAWS which are unable to be broken regarding certain events (which they have been preconditioned to IGNORE because the PTB have brought them up from childhood) is not enough. SOMETIMES.
NO. WE were FUCKED since 1871, NOT 1913.
It is not whether the US is fucked or not, as we all know it's fucked beyond belief and it's only a question of time before collapse befalls this once great country... The question is do you want to be at ground zero when the SHTF?
The fulfillment of Daniel 12:1 is getting very close. At the time of the end there shall be a time of trouble such as never was since there was a nation. And the second coming is finally to occur.
ey man, ats RAYCISS
Maybe, But interestingly the proportion of international FE reserves held in dollars has remained almost static (at about 62%) over the last 5 to 7 years.
Wait until China and India go to war.
Appears imminent btw...
"were" or "we're"? small things make a big diff you know...
Hopefully their money isn't as shitty as the stuff they make for Walmart.
It matters not what China does. If/when our economy collapses: They have a civil war within 24 hours. They are built on the ability of Americans to consume. No further argument necessary.
So how many hours in USA before Civil War South VS North begins after USA collapse?
North/South? How about flyover vs the coasts?
Move your ass to the Central Plains or Mountain West if you have a brain in your head.
That is all.
No.
The Central Plains and the Mountain West are too hot in the summer and too cold in the winter. Pay scales are too low. People in these regions are racist. They are mostly 'conservative'. 'Growth' to THEM means going out to the dirt and watching plants grow. There are no Elon Musk 'charging stations', so the car you bought will be WORTHLESS. They hang on to their guns and their 'God' (Obola warned us about people like this). They beat their wives and children. They live in trailers and drink until they can't see, and go out in Chevy and Ford pickups with gun racks, looking for trouble. They like 'country music', for God's sake! SOME people even think that carrying WEAPONS (including 'LONG-GUNS') is somehow a pre-existing 'right'! The GOVERNMENT gives us RIGHTS!
DO NOT MOVE HERE (Oops, I mean, don't move THERE).
Motion seconded.
DO NOT MOVE HERE (Oops, I mean, don't move THERE).
Nil Sine Numinehttp://youtu.be/_xjy6EuMPGA
Sounds like a beatiful place. WTF is wrong with me.
And many of them dont have front teeth.
Bugged out to NE Wa. Mountains last week. To hell with East Texas! I'm just gonna watch it all burn down.
My though exactly. When you hit the California border I'll escort you through the desert to the coast.
Nonsense. It will not be geographical, it will be financial.
Have VS havenots. Takers VS takees
A final indication of the gov having this knowledge will be how much free stuff they ladle out to deaden the urge to fight.
The South is overburdened by the massive infestation of the imbecilic Ebonic Plague. It will be difficult for the South to survive when the beheadings begin.
When EBT stops it will be chaos, the leeches against the producers........unfortunately the leeches outnumber the producers.
Hongkong?
hmmm...no mention of gold. It is the one asset that will replace the dollar as the reserve asset. As such must be valued higher. I pick that over farmland.
"War in the Clouds." Look it up.
as soon as everything is fractionally backed by gold the system is viable.
Watch how the Swiss vote in November.
All fun and games until EBT stops working.
The ebt song
https://www.youtube.com/watch?v=NzspsovNvII
Exhibit A
No other motivation needed
This comes as no surprise to anyone who has been paying attention. The writing has been on the wall for several years now.
Congradulations China. I hope you will be a more responsible player in the political front than US has been.
Oh, we Chineee velly responsirble. We awl study at Roo C Rerel A.
TIL I can speak Chinglish.
China's reign atop the economic world will be brief and its end will be violent.
That fat-lady sure can sing. I wonder how much longer she can though?!
An American, not US subject.
Slam...
the fat lady has diabetes, emphiazema, and is so overweight she can barely walk. walmart scooter tyme for da ole fat lady.
praise the great nation of selfie centered as all is good in the land of milk and butter...s/
Western DePressEd
"While this is ignored in the US so far, it’s front page news in Asia."
As it is obvious to anyone who can take the reality of the situation; the MSM in the CONUS WILL NOT report any news such as this. They and the ilk they are controlled by have a shared goal, and that IS the eradication of the Constitution and the FINAL overthrow of the United States (NOT the CONUS, the United States).
The mass of the masses will be 'surprised' when things in the CONUS change overnight, and the banking system shuts down as Obola declares a 'national emergency' and the Feds move in and take over the United States under a pretence of ANYTHING BUT the developing overthrow of the USD as 'reserve currency'. THIS IS A BEST-CASE SCENARIO of the planned overthrow. The WORST case would involve a military confrontation due to these events. (Actually, either case is equally good, as the other goals like reduction of the global population would get a kickstart in the latter circumstance).
The CONUS needs OIL to continue operating as 'world policeman'. WHEN OPEC BREAKS THE ACCORDS TOTALLY, the back of the nation will be broken as well (who wants to keep taking FEDRES TOILET PAPER in trade, anyway?).
Cannigula Obola continues to leave the borders wide open and is actively encouraging the importation of communicable diseases and leech-maggot welfare-sucking illegal aliens by the MILLIONS in order to forment an ALTERNATIVE need to declare 'martial law', timed in CONCERT with the overthrow of the USD as 'reserve currency', it seems. The MSM is compliant and cooperative in this FALSE-FLAG OPERATION that is going to the 'gamma test' phase (all or nothing, full active status, cut no slack, leave no prisoners alive).
THIS IS NOT A TEST. THIS IS NOT A MENTAL EXERSIZE ('MIND-FUCK').
Bullet wounds recieved in defense of the fallen nation, as well as exposure to biological, chemical, or radiological weapons due to acts of 'war' will NOT be covered under Obamacare.
The most important things to know tend to be what the complicit-media ignores.
An American, not US subject.
"I don't care if my wife was coming out of the Moonlight hotel at 1:00 this afternoon, with my lawyer, she is not screwing my lawyer."
These are the 6 media companies that exist today. There used to be 88. These 6 all get their news from Reuters and the Associated Press. Reuters owns the AP and Rothschilds own Reuters. That means a gadzillionaire controls everything that you will read or see on TV.
Who owns the fed again?
Most Americans won't realize that we've collapsed until they see something that shocks them personally. Like a busload of Chinese sex tourists in Times Square.
The dumbed-down american serfs won't even realize something has happened until the dumpsters of Manhattan don't even have any leftover food scraps to gnaw on.....until their 12 year old sons and daughters aren't even worth $5 for a sex romp with the Chinese overseers that own the homes, apartments, prisons, and businesses the serfs serve in.
Our progressive/Liberal paradise looms before us. Vote for Killary in 2016 and lets get this show on the road.
For all the talk of declining, it sure seems to be rising fast.
The dying man, realizing that he is on the verge of death, struggles in agony, flailing and thrashing and sucking air in (in rapid respiration); as if to show that he is somehow exempt from the immutable laws of Thermodynamics and Economic Realities.
Where are the 17.9 TRILLION FEDRES NOTES supposed to come from, when the NOTES are CALLED EN MASSE (and the entities holding the notes demand tangible assets instead of DEBT INSTRUMENTS as worthless as DETROIT)?
MINDLESS OPTIMISM and the belief in FALSE PROMISES, perhaps?
'FieldingMellish' is perhaps ignorant of reality.
I just see the dollar rising and gold falling. What is reality to you?
"I just see the dollar rising and gold falling. What is reality to you?"
I see the Eastern Kings 'deleveraging' the USD, and at the same time building up their sovereign holdings of physical Gold. I see trade agreements between former 'enemies' in the East that cuts the trade of the USD out of the equation. I see the artificial inflation of the value of the USD in the dying nations of the West. I see the West grasping at any support it can get (including the legalization of homosexuality and the legalization of illegal immigration in order to cater to support wherever it thinks it can get it from). I see King Saud now using Obama like a PUPPET in the geopolitical world. I see a map of the known oil resources, and two sides who are not enemies fighting over it, and I see maps of pipelines when I dream. I see the cockpit photos of MH17 after it hit the ground, and I see the scientific evidence that supports the use of nanothermite in the WTC demolitions. I see a greater conspiracy than you can fathom in your compartmentalized life of a 'trader' in 'currencies'.
YOU see the short-term 'rise' of the 'USD' paper in terms of 'valuation' of OTHER WORTHLESS DEBT INSTRUMENTS made of PAPER. YOU see the 'PAPER TIGER'.
I hope that you are not serious in your questioning.
Youre absolutely right...and the Anteras rocker launch was great last night...right up to the point that it blew up.
Collect on the insurance...build an even better launch site.
Strange times.
Patience, grasshopper!
Barry has to give the White House keys to the Chinese.
BUSH the YOUNGER already DID THAT.That shit is OLD NEWS.
HILLARY has negotiated directly, signing over the FEDERAL LANDS as collateral.
All BARRY has to do is bend over and offer Vlad his ASS.
Iran North Korea Venezuela Singapore
The 'Axis Of Evil' speech, in late 2001, named IRAN, IRAQ, and NORTH KOREA. You are adding a couple.
I kind of messed it up, but you get the point.
Look for CIA-Obama to update the "Axis of Evil" to include any and all not 100% behind the petrodollar:
"Brazil, Singapore, and Mexico are harboring 'terrorists' in caves deep in the jungle..."
An American, not US subject.
"Fuck the ponzi-empire and their goons in badged costumes."
Bullish!
DOW - 30,000
Food Stamps - 275,000,000
DOW= 30,000 pieces of toilet paper, slightly used.
"Another fine mess you got us in, Ollie"
"the u.s. government has accumulated more debt than any other government in history'
for historical comparison, you cannot measure debt in units of account (money). the credit upon the existing savings of the goods and services of the world to which a money system lays 'authority' over by declaring its own legitimacy and proving such a legitimacy by 'becoming' a reserve currency in demand everywhere---------is a historical credit upon humanity and the people, businesses, and nation states that will subjutate themselves to the currency by accepting it.
at no time in history have so many mahcines and human beings and productive labors been available for trade to a person or entitty in return for the units of account of all nations , and of course the dollar in paritcular.
this is because humanity has exploded in size an sophistication. the things that can be produced and offered are greater than ever, and thus the debt system accumulated in dollars, the very dollars themselves are all a form of credit draw on this amazing pile of productive labors and assets.
whatever dominant currencie(S) come after the current basket are likely also to encounter and even more productive world than the one that exists now ( in the long run)
short of another dark ages-------technology and the things for offer will be incrasing in quanityt and quality. and thus it is hardly surpriseing that a string of world currencies , inclusive of the dollar, have all outperformed their predecessors in expanding the 'debt' they accumulated.
Don't confuse me by thinking i'm saying the dollar will or will not collapse, i'm only saying the qualitatively superior 'amount' of debt is not the reason. the reason would only be that the current debt itself is unsustainable because the factors standing to maintain the expansion of the debt are not constraining it.
those factors are the size and commodity cost of running the militaries of the world. the cost of feeding the american public. the costs of runing the empire from without and within. the interest payments on debt are obviously an issue in this regard, but only in respect to the possibility of hyperinflation resulting from hyper debasement.
the debt WILL be printed away as it always is, the question is will that be occuring in concert with a sustainable empire or one slowly crumbling or worse.
shit the US is done!
END THE FED
and turn this turd around .... sounds like a plan
are you in ?
Have you heard the expression 'terminate with extreme prejudice'?
Why would they do this, don't they watch CNBC?
Everyone knows the dollar is SURGING and gold TANKING all because the benevolent genuises at the Fed ended QE.
And nothing that happens outside of the US matters unless we need to drop bombs to overthrow a government.
GO BRICS!!
SO...
Tell everyone why BRAZIL should be in there with India, Russia, and China.
I used Direct Convertibility of my fiat US Dollars tonight into more silver physical coins! Thanks for the price break! It would be great if they could keep it down into early January.
WOW compare that pic to the shithole that is the communist NYC! Those Wall Stret whores have some good slaves.
WOW. That picture looks like the future
Wheres my fucking flying car assholes
Whenever I read stuff like this, I always think of the morons who learned Japanese so they could communicate with the people who were taking over the world and make a bunch of money.
the USD and Euro make up most (over 85%) of the used currencies out there (google "currency market share")
these assclowns can sign all the deals they want, this share pie won't be changing anytime soon
now who wants to own some communist country currency? anyone ? anyone?
lmao. are you old enough to shave yet?
usd=communist currency, you antizionist (communizm=zionizm=us gov.)
True - for all the US Dollar sins it is still the safest harbor out there.
That's what they said about Pearl Harbor just before...
...and after a few more years(with all the Oil and Gold being traded through it), Shanghai will look more and more attractive a Financial Hub.
They'll need to stabilze their Credit and Shadow Banking Scheme; but they'll get there eventually. Considering how many people they've lifted out of (Dire) Poverty in such a short time, I wish them well.
I have said this here many times now over the last few years. The Chinese becoming reserve currency is a feature, not a bug. Think Clinton signing off on accelerated trade for campaign contributions, theft at Los Alomos nuclear labs, looting of the treasury the last few years was all just coincidental? The wealth was shifted East and investors and senior politicians invested into it. That China may become our enemy soon is for public and ignorant consumption. The United States is run by the CFR which does include a number of American leadership, but it is heavily influenced by outside sovereigns. Some here have pointed to some soveriegn lobbies correctly like AIPAC.
The shelf life of reserve currency is about 80 years. The model is run by the BIS and the franchisees are Central Banks throughout the world. Once the purchasing power has been robbed and growth cannot continue based on debt, a new host nation is chosen.
The "America is bad" memo now circulating does have it roots in America acting imperialistic. However, this is because with reserve currency status comes the job of global policeman. Now it will be China's turn to be the big bad wolf. Corprorate lobby influences politicians toward further imbalanced trade (though this is starting to shift and should have started a decade ago_ and other do domestic policies not in the interest of the American people. Most politicians do not understand the Central Bank model and how the game is played but the senior politicians at the CFR do.
The American people would be better off becoming nationalistic and restoring a national currency because those that control the currency control the political system. There are arguments for and against a central bank issuing the currency. However, after studying it for some time now I believe national currencies issued by government is better for the populous. It doesn't mean it ends all corruption as some think.
If the USD falls they will all print to match the decline as the Swiss did 2010
http://www.4-traders.com/SWISS-FRANC--US-DOLLAR-2373593/technical_analys...
What a great article! SPOT ON ! ! ! ! !