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The Chinese Buy Billboards Announcing The Renminbi As "The New World Currency"
Submitted by Simon Black via Sovereign Man blog,
When I arrived to Bangkok the other day, coming down the motorway from the airport I saw a huge billboard - and it floored me.
The billboard was from the Bank of China. It said: “RMB: New Choice; The World Currency”
Given that the Bank of China is more than 70% owned by the government of the People’s Republic of China, I find this very significant.
It means that China is literally advertising its currency overseas, and it’s making sure that everyone landing at one of the world’s busiest airports sees it. They know that the future belongs to them and they’re flaunting it.
And it’s true. The renminbi’s importance in global trade and as a reserve currency is increasing exponentially, with renminbi trading hubs popping up all over the world, from Singapore to London to Luxembourg to Frankfurt to Toronto.
Multinational companies such as McDonald’s are now issuing bonds in renminbi, and even sovereign governments are issuing debt denominated in renminbi, including the UK.
Almost every major global player out there, be it governments or major multinationals, is positioning itself for the renminbi to become the dominant reserve currency.
But here’s the thing. Nothing goes up and down in a straight line. And China is in deep trouble right now. The economy is slowing down and the enormous debt bubble is starting to burst.
A lot of people, including the richest man in Asia, are starting to move their money out of the country.
So while the long-term trend is pretty clear – China becoming the dominant economic and financial superpower – the short-term is going to look incredibly rocky.
We talk about this in today’s short podcast with Sovereign Man’s Chief Investment Strategist, Tim Staermose, which includes a few ways to actually make money from China’s short-term unwinding.
Click image below for detailed podcast...
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Now if they could only get rid of the shit smell.
Wait. . . so the Chinese Govt owns 70% of its central bank?
How the hell is it that the USA is fucked more than the chinese when it comes to ownership of their own currency?
We are american and we don't even own our own fucking currency, some fucking pompous british fucks who enjoy the smell of their own assholes at the dinner table own it.
The American people have no ownership in their own currency and no say about how it is managed . . . and the Chinese do . . . haha wow. . . some "land of the free" pfft...
The British people don't own theirs either. The BoE is privately owned, just like the Fed.
in the ussa and uk the central bank owns the gubment.
in china it's the other way around, it seems.
that's not true, since 1946, when the Bank of England was nationalized
Someone should maybe tell the dollar index futures. They made new highs for the decade today on heavy panic buying so I don't think they are aware of this most recent developement.
Not floored by this, didnt know there was a diffrence between USD or Renminbi, what is it?
Yuan is artificially pegged to the dollar.
I'd love to see Simon Black vs Michael Snyder in a cage fight to the death.
"12 Reasons Why That Would Be A Bad Idea"
Hi, I'm simon black. Recently, I was staying in a lovely apartment in China that overlooked the city of Shanghai for the unbelievably low price of $0.17/hour!!!!!!!!1111111!!!! I got so in tune with the locals I was able to snap a picture of a billboard.....in China....written in English!!!1111111. Don't you wish you were like me? I feel like I know everything there is to know about people in foreign countries when I rent a house in their country for 30 days and write about it!!!1111111111111
Gee central banks and fiat backed by guns. http://asitimes.blogspot.com/2014/04/russian-made-fighter-sukhoi-cripple... where are the gold backed bonds? come on Guys...... Krugman says money backed by guns.......
"The Rothschilds, and that class of money-lenders of whom they are the representatives and agents -- men who never think of lending a shilling to their next-door neighbors, for purposes of honest industry, unless upon the most ample security, and at the highest rate of interest -- stand ready, at all times, to lend money in unlimited amounts to those robbers and murderers, who call themselves governments, to be expended in shooting down those who do not submit quietly to being robbed and enslaved." by: Lysander Spooner(1808-1887) Political theorist, activist, abolitionist Source: "No Treason #6" (1870) Rating: Categories: Banking, Corruption, Debt, Despotism, Economics, Illuminati, Power, Rothschild, Slavery, Tyranny
China is fucked.
The trend in China is down. There is nothing to suggest that a long-term reversal will somehow materialize. It's a centrally managed economy with huge and growing problems that begin with air, food, water and energy. Massive government spending, inflating wages, a repressed monkey-see-monkey-do-as-told culture and jiggered statistics do not a bright future make. Marketing and sales types fall in love with the population size and all that potential, but modern economies are not built on gross numbers, and 500 million peasants looking for work in dysfunctional cities do not form a backbone of first-world dominance.
you are wrong. Precisely because China haa a central government whose leaders are selected for real abilities they plan rather than react to daily crises. They know what they're doing and they don't have to deal with inefficient democratic nonsense.
I knew a Chinese man, who was in charge of supplies.
Sometimes he would just jump out of an empty room, and yell "supplies!"
You've no idea, socialism will not work ever. And china is a socialist country. You could see what happenend to unwanted people but you do not want to see. If you are so convinced about China how about relocating to it? What's the hindrance for you?
If you are conviced that central planning ever will work, I suggest you visit Kuba or other countries with central planning. You have my warmest farewells. Maybe we'll meet gain - maybe not.
"Detailed podcast," my arse. I learned that I should buy low and sell high, and Simon Black lives a glamorous lifestyle. Thanks Simon.
I love how the "O" in world. is what appears to be a gold coin.
I, for one, welcome our new currency overlords. The faces on the currency all look the same to me but they have to be better than that whore Elizabeth. have they considered Spock for the 5 Renmnbi bill?
Duh I think Bitcoin beat them by a few years. When they put a rover on the moon you'd a thunk it was the first time anyone did it by they way they were propagandizing it. Name me one F'n product the Chinese are known for creating bitchez.
They do what others have already done, badly, and with added cancer.
gunpowdel
Stop your bitching.
There is no world reserve currency anymore.
If they really were they didn't need big billboards.
New Fiat? What difference does it maKe? NWO right?
https://www.youtube.com/watch?v=SHhrZgojY1Q
I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around
Pick up my guitar and play
Just like yesterday
Then I'll get on my knees and pray
We don't get fooled again
Don't get fooled again
No, no!
Yeaaaaaaaaaaaaaaaaaaaaaaaaah!
Meet the new boss
Same as the old boss
USA USA USA "SWEET CAROLINE" wake up Soros moveon.org 1m to draft Warren? More imigrants leaving than comming in.. Wake up
"Are smarter people than Us running the show" Great Game $$$$$$$$ LOL "SWEET CAROLINE" "SWEET CAROLINE"
I may be a dummy and reading too much from the billboards symbolism. Isn't it suggesting to anyone else the idea "backed by gold" in that the fingers are holding a gold coin? Also, the billboards "catch phrase" The World Currency is also meant to be "a double definition--1) Chinese Renminbi (by inclusion of the left side of the billboard)--the world currency 2) Gold (by inclusion of the coin picture)--is also the world currency. Are they trying to suggest the Chinese currency is as good as gold? Possibly backed by gold in the future? Nothing in that billboard was inserted without careful thought of meaning and intent.
It's just legal tender money. So no money at all. And surely not my choice.
"..And China is in deep trouble right now.."
Compared to the US "deep trouble" it's nothing.
Do not believe most of the negative comments about China. They are planted by American banksters in an attempt to stem investment dollar flows into Chinese businesses. It won't work, however, because that's where the gowth is.
Puffery at its finest!
Yeah, and human manure is the world's reserve fertilizer considering how much shitting on the side of the road is done in China.
They can't even pronounce "world reserve currency".
They certainly can. Only it's in chinese. Do Youan know what "world reserve currency" is in chinese? Or "global?" You provincial american plick. You know what Babe Ruth ate for breakfast? Shittake mushrooms.
China is an absolute dump. If the white men in Europe and the US had any brains,they would have stuck to Taiwan, Hong Kong, Korea and Japan. But they are a bunch of dumb greedy F's. For "easy money" they sold American and European industry down the river and made a deal with people who still poop on the streets of Sahnghai and Beijing!