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Author Topic: Jintao: dollar-denominated international currency system "product of the past"  (Read 1265 times)
Cryptoman
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January 16, 2011, 05:25:47 PM
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http://online.wsj.com/article/SB10001424052748703551604576085803801776090.html

Maybe we can help push the dollar along on the road to extinction.  Wink

The Chinese president also said that U.S. Federal Reserve policy was fueling inflation in emerging economies.

Time for more yuan<->BTC exchangers?


"A small body of determined spirits fired by an unquenchable faith in their mission can alter the course of history." --Gandhi
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January 16, 2011, 06:54:41 PM
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The Chinese have been tightly regulating their yuan (compared to the dollar). And now he starts complaining about the dollar?  Roll Eyes
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January 16, 2011, 08:13:55 PM
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The Chinese will lose too!

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January 17, 2011, 05:19:42 AM
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Bitcoin is the solution to China's problems!  We need to get Bitcoin to China!!!

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ShadowOfHarbringer
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January 19, 2011, 04:55:03 PM
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Bitcoin is the solution to China's problems!  We need to get Bitcoin to China!!!

The problem with Chineese is that they may get a bullet in their head for doing something the government doesn't like.
They don't fuck around with dissidents in China like they do in democracies. If they even suspect that you're doing something nasty, you get sent to labor camp or worse.

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January 19, 2011, 09:44:09 PM
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Maybe we can help push the dollar along on the road to extinction.  Wink


No need to do anything but wait.  All fiat currencies have followed the same path.  Although the FRN has had a pretty good run, perhaps the longest in the history of fiat currencies, it looks like the game is almost up.

Quote

The Chinese president also said that U.S. Federal Reserve policy was fueling inflation in emerging economies.


That's actually a fair accusation, but it's almost as true for the Yuan.  The Chinese government has been understating their inflation rate for a number of years now.  Perhaps the past decade.  They aren't as careful at it as the Federal Reserve, and they are going to have a currency crisis pretty soon.  An in China, that is likely to lead to civil unrest, since the working man there ddoesn't even have the pretense of having some say in his own government's policies, and therefore the only path towards reform is bloody.  I would caution anyone considering large investments into China.  We know that China is a powder keg and the fuse is already lit, we just don't know how long the fuse is.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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