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Bane Necran
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1541
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Posted - 2013.01.26 01:07:00 -
[1] - Quote
It's now been confirmed that China is going to back the Yuan with gold.
Quote:The second thing I want to make KWN readers aware of is the report which was commissioned by the World Gold Council. This is an incredible document, especially coming from the World Gold Council because it's basically saying that the Chinese are going to back their currency with gold. This would, in turn, displace the US dollar and make the Chinese yuan the world's reserve currency.
The Chinese are sitting on piles of dollars right now, and while the US continues its decline, the reality is that all of the fiat currencies are in a race to the bottom. We just saw the Bank of Japan yesterday talk about opening up QE and printing vast sums of money. This will be an attempt to reverse their deflation with inflation. This move by the Japanese is very, very bullish for gold.
For years now i've remained quiet as people claim the USD is about to collapse, but there's no way this can turn out well. Our only hope is that he's outright lying about the World Gold Council Document saying that, but if he's not it's time to panic.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1542
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Posted - 2013.01.26 01:57:00 -
[2] - Quote
Rain6639 wrote:are you serious bane
i am seriously passing this potentially devastating news on, yes, while hoping it is not true instead of blindly believing it
headline might be a little sensationalistic, but i like sensations
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1542
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Posted - 2013.01.26 02:30:00 -
[3] - Quote
Caleidascope wrote:Talk is cheap.
Back in 1620s or so there was a ruler in Saxony. He made several rules. Rule 1 was that his paper currency was equal to his silver coins. Rule 2 was that it was illegal to exchange paper currency for the silver coins. Naturally he paid for goods and services with paper. So technically the paper was backed by silver, but reality was that there was no silver. The result was that paper currency sunk.
There's no doubt China has been stockpiling gold. People have theorized they were planning on backing the yuan with it, but this would be the first confirmation.
Russia and China already dropped the USD as the reserve currency a couple years back, so they have at least one other country already ready to adopt it, and have been planning something like this for at least that long.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1551
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Posted - 2013.01.26 11:24:00 -
[4] - Quote
Kurfin wrote:First off China wouldn't allow the Yuan appreciate greatly relative to the USD as that would decimate their manufacturing sector, the bedrock of their economy.
They can still manufacture, even if they sell less because of a strong dollar. They're massive exporters, and someone else will buy their stuff if the US doesn't.
The US, on the other hand, is a massive importer, primarily of cheap things from China. If the yuan suddenly became strong it would cripple US business because much of it has grown dependent on Chinese products to some degree. For example Walmart would go out of business overnight, because their entire business model relies on cheap things from China.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1555
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Posted - 2013.01.26 16:08:00 -
[5] - Quote
And so it begins.
Maybe.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1562
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Posted - 2013.01.26 21:37:00 -
[6] - Quote
Kirjava wrote:The Chinese could become powerful, but right now they are a paper tiger and they can't bootstrap their economy at the previous pace while their cashcow cheap labour is idling.
Had a similar argument with someone awhile back on another forum, and they called China a paper tiger because it lacked force projection. Saw this just today. In a couple months they'll have dozens of those. When you've got the largest manufacturing base in the world you can make things happen fast, and payment of workers is optional. I wouldn't dismiss them so easily.
With the overly provocative North Korean nuke tests not long ago on top of that new Chinese troop transport, you have to wonder if there's even more to this.
Theory tiem:
Maybe they're going to destabilize the economy first, then swoop in with nukes and troops amid the chaos. China wants land badly, and if this is to be believed, they've got the US in their sights.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1568
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Posted - 2013.01.27 16:25:00 -
[7] - Quote
Caleidascope wrote:Russia is right across the Amur River... no need for fancy Navy, no need for fancy aircraft, just drive across and you got land, oil, gas, timber, coal, iron. Much easier! Gÿ¦
Russia is easily their strongest ally, so they wouldn't want to do that. The top 4 military forces in the world are China, Russia, the US, and North Korea. Guess who is allied, and who is the odd man out.
The Germans tried to invade Russia during WWII, and lost 75%- 80% of their total casualties in the war on that front. Russia also doesn't currently have its troops spread all over the globe claiming resources for bankers.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1589
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Posted - 2013.02.03 02:06:00 -
[8] - Quote
Billionaires quietly dumping stocks.
And imminent has been downgraded to soon.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1591
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Posted - 2013.02.03 23:34:00 -
[9] - Quote
Akita T wrote:Well, that seems at least mildly plausible, but that "-90% worst case scenario" is really that, a (very unlikely) worst case scenario. The yuan gold standard however didn't seem even remotely plausible, then again, you never know. Now, a 10% to even maybe a 25% drop, that I'd say is not only possible but quite likely. Maybe not really imminent/soon, but it sort of has to happen eventually with how things are going. Could be more than just a couple of years until then, probably a decade or even longer. P.S. Don't get me wrong, a 25% drop would be quite bad for the general public, and even 10% won't be that pretty any time soon.
There are automated failsafes in place ever since the last big US market crash that sense when things are heading down and stimulate the right areas to keep things afloat and stop people from panicking. The problem with that is while they've probably already avoided several 10-25% drops or 'market corrections' if you prefer, they're only worsening any crash that finally does happen.
China has for years now been warning about the inevitable result of all the fed's actions. Perhaps what China is doing is simply taking measures to ensure their economy isn't dragged down with the US, or politely waiting for it to collapse on its own before making the yuan the dominant global currency. Although the only reason i can think of why China would buy so many federal reserve bonds when they have doubts about the federal reserve and the US economy's stability, is so they can either control when the US economy collapses, and/or take over when it does.
Obligatory conspiracy theory: The Bilderberg group is alleged to be planning a collapse of the US economy "that paves the way for a new sustainable economic world order, with less sovereignty but more efficiency.GÇ¥
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1599
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Posted - 2013.02.04 03:44:00 -
[10] - Quote
silens vesica wrote:OK, now you've crossed over into Quetiapine / Thorazine land. This level of tinfoil-hattery exceeds even that of the Gold Standard cranks. You've entirely forfieted any right to hold an opinion on the subject.
Yes, because investor confidence is something wall street doesn't care about at all. I bet they always just lay bare how bad things really are, and don't even try to fabricate anything to restore confidence, because they are naturally honest people who truly care about hapless investors, even if it means everyone going into panic mode and causing another major market crash. They have ethics, those noble men of wall street.
That would be minor on the scale of shenanigans that go on there.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
Bane Necran
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1601
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Posted - 2013.02.04 15:29:00 -
[11] - Quote
Jhagiti Tyran wrote:Kurfin wrote:Also what is so great about gold? It hasn't got many practical uses, at least not ones that require significant quantities of it.. Get one ton of scrap consumer electronics like smartphones & tablets and one ton of gold bearing ore and there will be more gold in the scrap phones. 150 million smartphones where sold last year each with an average of 0.034g of gold, about $1.50c worth. Same goes for just about any electronics, to a greater or lesser degree obviously.
It's actually based simply on it being a rare metal, and was considered valuable even before we had practical applications for it.
But what ruins the entire thing, is years ago we learned how to make gold in a lab pretty easily, and i'm wondering why that never upset gold markets. But since conspiracies never happen everyone must have just forgot we could.
"The nice thing about quotes is that they give us a nodding acquaintance with the originator which is often socially impressive." ~Kenneth Williams |
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