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  • July 5, 2009 at 12:12 PM #15990
    PadreBrian
    Participant

    http://www.reuters.com/article/marketsNews/idUSL570633320090705

    China says dollar to remain leading world currency

    Foreign Minister He Yafei said on Sunday the U.S. dollar would continue to be the world’s leading reserve currency for years to come.

    “The U.S. dollar is still the most important and major reserve currency of the day, and we believe that that situation will continue for many years to come,” He told a news briefing in Rome before this week’s Group of Eight summit.

    Beijing has floated the idea of an alternative to the dollar as global reserve currency and wants the topic broached at the summit starting in Italy on Wednesday.

    The vice minister said Chinese officials had voiced concern about the safety of the country’s dollar-denominated assets. “That is natural,” he said.

    He said many other countries over the years had been calling for the stability of the U.S. dollar. “We appreciate the efforts made by the U.S. government in that direction,” he said, adding that it was the responsibility of the government issuing the reserve currency to maintain its stability.

    He said discussion about reserve currencies had intensified since the outbreak of the global financial crisis, which he said had revealed “many shortcomings in the international monetary system”.

    However, he described this as an intellectual debate.

    “You may have heard comments, opinions from academic circles about the idea of establishing a super sovereign currency. This is all, I believe, now a discussion among academics. It is not the position of the Chinese government.”

    Zhou Xiaochuan, head of the Chinese central bank, launched the reserve currency debate last March when he said the SDR, the International Monetary Fund’s unit of account, might one day displace the dollar.

    Some diplomats and bankers suggest Zhou’s primary aim was to highlight attention on concern expressed by Premier Wen Jiabao about the safety of China’s huge dollar holdings — at risk if U.S. policy turns to greater tolerance of inflation.

    Bankers reckon China holds perhaps 70 percent of its $1.95 trillion in official currency reserves in the dollar. (Reporting by Silvia Aloisi, editing by Mark Trevelyan)

    July 5, 2009 at 1:14 PM #425486
    Chris Scoreboard Johnston
    Participant

    It will be fun to listen to the gold hucksters trying to discredit this story this week. I think we are getting close to the biggest con since real estate getting exposed.

    Buy coins for a 30% premium over spot because gold is going to $3000. It would be hysterical if it were not going to be some damaging to so many people who have bought into this.

    Somehow a 40 or 50% loss in Gold does not count where a 30% loss in stocks does. I still cannot figure out why they both are not losses?

    July 5, 2009 at 1:14 PM #425714
    Chris Scoreboard Johnston
    Participant

    It will be fun to listen to the gold hucksters trying to discredit this story this week. I think we are getting close to the biggest con since real estate getting exposed.

    Buy coins for a 30% premium over spot because gold is going to $3000. It would be hysterical if it were not going to be some damaging to so many people who have bought into this.

    Somehow a 40 or 50% loss in Gold does not count where a 30% loss in stocks does. I still cannot figure out why they both are not losses?

    July 5, 2009 at 1:14 PM #426001
    Chris Scoreboard Johnston
    Participant

    It will be fun to listen to the gold hucksters trying to discredit this story this week. I think we are getting close to the biggest con since real estate getting exposed.

    Buy coins for a 30% premium over spot because gold is going to $3000. It would be hysterical if it were not going to be some damaging to so many people who have bought into this.

    Somehow a 40 or 50% loss in Gold does not count where a 30% loss in stocks does. I still cannot figure out why they both are not losses?

    July 5, 2009 at 1:14 PM #426070
    Chris Scoreboard Johnston
    Participant

    It will be fun to listen to the gold hucksters trying to discredit this story this week. I think we are getting close to the biggest con since real estate getting exposed.

    Buy coins for a 30% premium over spot because gold is going to $3000. It would be hysterical if it were not going to be some damaging to so many people who have bought into this.

    Somehow a 40 or 50% loss in Gold does not count where a 30% loss in stocks does. I still cannot figure out why they both are not losses?

    July 5, 2009 at 1:14 PM #426233
    Chris Scoreboard Johnston
    Participant

    It will be fun to listen to the gold hucksters trying to discredit this story this week. I think we are getting close to the biggest con since real estate getting exposed.

    Buy coins for a 30% premium over spot because gold is going to $3000. It would be hysterical if it were not going to be some damaging to so many people who have bought into this.

    Somehow a 40 or 50% loss in Gold does not count where a 30% loss in stocks does. I still cannot figure out why they both are not losses?

    July 5, 2009 at 1:30 PM #425491
    paramount
    Participant

    The ‘buy gold’ lobby is little more than a conglomerate of hustlers. Of course the same can be said of Realtors, mortgage brokers, many Wall Street firms, insurance companies/agents and so forth…

    The Chinese might be saying this though because they hold so many $$ themselves.

    July 5, 2009 at 1:30 PM #425720
    paramount
    Participant

    The ‘buy gold’ lobby is little more than a conglomerate of hustlers. Of course the same can be said of Realtors, mortgage brokers, many Wall Street firms, insurance companies/agents and so forth…

    The Chinese might be saying this though because they hold so many $$ themselves.

    July 5, 2009 at 1:30 PM #426006
    paramount
    Participant

    The ‘buy gold’ lobby is little more than a conglomerate of hustlers. Of course the same can be said of Realtors, mortgage brokers, many Wall Street firms, insurance companies/agents and so forth…

    The Chinese might be saying this though because they hold so many $$ themselves.

    July 5, 2009 at 1:30 PM #426075
    paramount
    Participant

    The ‘buy gold’ lobby is little more than a conglomerate of hustlers. Of course the same can be said of Realtors, mortgage brokers, many Wall Street firms, insurance companies/agents and so forth…

    The Chinese might be saying this though because they hold so many $$ themselves.

    July 5, 2009 at 1:30 PM #426238
    paramount
    Participant

    The ‘buy gold’ lobby is little more than a conglomerate of hustlers. Of course the same can be said of Realtors, mortgage brokers, many Wall Street firms, insurance companies/agents and so forth…

    The Chinese might be saying this though because they hold so many $$ themselves.

    July 5, 2009 at 1:42 PM #425496
    Arraya
    Participant

    China has been schizophrenic on this all year. Their desire for the dollar changes with the wind per their press releases.

    China knows we are fucked and the economy is dropping like a rock WHICH affects our ability to pay back our debts. Of course this is happening simultaneously with skyrocketing deficits and plummeting tax revenue. Hockey sticks in either direction.

    If you really want to listen to china I bet you could find A LOT more articles saying they are going to ditch it rather than not.

    Take your pick but I suggest you look at the big picture first.

    Also, I’ll take gold hustlers over the criminal digital dollar shysters any day, which keep all their holdings on hard drives in virtual realty.

    Oh yeah, China seems to keep increasing their gold holdings as well as stockpiling commodities. I’m sure that does not mean anything.

    July 5, 2009 at 1:42 PM #425725
    Arraya
    Participant

    China has been schizophrenic on this all year. Their desire for the dollar changes with the wind per their press releases.

    China knows we are fucked and the economy is dropping like a rock WHICH affects our ability to pay back our debts. Of course this is happening simultaneously with skyrocketing deficits and plummeting tax revenue. Hockey sticks in either direction.

    If you really want to listen to china I bet you could find A LOT more articles saying they are going to ditch it rather than not.

    Take your pick but I suggest you look at the big picture first.

    Also, I’ll take gold hustlers over the criminal digital dollar shysters any day, which keep all their holdings on hard drives in virtual realty.

    Oh yeah, China seems to keep increasing their gold holdings as well as stockpiling commodities. I’m sure that does not mean anything.

    July 5, 2009 at 1:42 PM #426011
    Arraya
    Participant

    China has been schizophrenic on this all year. Their desire for the dollar changes with the wind per their press releases.

    China knows we are fucked and the economy is dropping like a rock WHICH affects our ability to pay back our debts. Of course this is happening simultaneously with skyrocketing deficits and plummeting tax revenue. Hockey sticks in either direction.

    If you really want to listen to china I bet you could find A LOT more articles saying they are going to ditch it rather than not.

    Take your pick but I suggest you look at the big picture first.

    Also, I’ll take gold hustlers over the criminal digital dollar shysters any day, which keep all their holdings on hard drives in virtual realty.

    Oh yeah, China seems to keep increasing their gold holdings as well as stockpiling commodities. I’m sure that does not mean anything.

    July 5, 2009 at 1:42 PM #426080
    Arraya
    Participant

    China has been schizophrenic on this all year. Their desire for the dollar changes with the wind per their press releases.

    China knows we are fucked and the economy is dropping like a rock WHICH affects our ability to pay back our debts. Of course this is happening simultaneously with skyrocketing deficits and plummeting tax revenue. Hockey sticks in either direction.

    If you really want to listen to china I bet you could find A LOT more articles saying they are going to ditch it rather than not.

    Take your pick but I suggest you look at the big picture first.

    Also, I’ll take gold hustlers over the criminal digital dollar shysters any day, which keep all their holdings on hard drives in virtual realty.

    Oh yeah, China seems to keep increasing their gold holdings as well as stockpiling commodities. I’m sure that does not mean anything.

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