China, the world’s largest holder of official foreign exchange reserves, has no intention of abandoning the U.S. dollar, Vice Foreign Minister He Yafei said on Tuesday.
He was speaking at a news briefing on President Hu Jintao’s forthcoming trip to Russia, where he will attend an inaugural summit of the BRIC countries — Brazil, Russia, India and China — in Yekaterinburg on June 16.
Russian President Dmitry Medvedev and others have said the meeting would discuss the search for alternatives to the dollar as the world’s principal reserve currency.
But, asked about the issue, He said: “Nobody is talking about dumping the dollar. I don’t think this is realistic.”
Chinese central bank governor Zhou Xiaochuan caused a stir in late March by proposing that the Special Drawing Right, the International Monetary Fund’s unit of account, could eventually replace the dollar.
June 9th, 2009 at 4:30 am
Phew! That is good news. Now we can keep shipping them our worthless paper for things of real value. ….Tongue planted firmly in cheek.
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Social Viability Reply:
June 9th, 2009 at 1:56 pm
Yes, what a relief. I’ll place my faith in a slimy Chinese politician. They would never bullshit us for their own benefit. I’m sure all of the other indications from China that they have lost their faith in the US Dollar were just misunderstandings…
Right?
Safe bet: If a politician denies that he is doing something, he’s lying.
Don’t fight the system:
Replace it
http://socialviability.com/
Chris Cudnoski Reply:
June 9th, 2009 at 6:54 pm
Thank you to all trolls and patriots alike for using cuss words on this forum. The government “loves the children” of this nation too much to let them be exposed to such language. Internet 2 will impose fines on websites that allow such language to be used. It will be up to the website host to either pay the fines, pay a fee to allow x-rated content, or pay a moderator to censor your comments since you can’t seem to censor yourselves.
BTW 80% the so-called patriots who make valid, cogent points, and then throw in 3 or 4 cuss words, are paid or unpaid trolls. All they have to do is say something true, that you can agree with, then they pile on the vulgarity which will lead to this sites downfall, and you allow this to happen because you happen to agree with the statement they made.
If you are not a troll, stop the cussing right now!
June 9th, 2009 at 4:32 am
BS….Don’t ever believe everything you hear…just watch their future actions…we shall soon see..
June 9th, 2009 at 4:46 am
What the hell do they think? Do they think after 30 years of working on it that the PRC is going to telegraph the greatest knock-out punch in the history of civilization?
I mean, come on, the Chinese were traders and merchants for thousands of years before America even existed.
And when it comes to warfare, they wrote the damn book.
Unknown Reply:
June 9th, 2009 at 7:22 pm
That was extraordinarily well written, my dear man.
Thank you.
June 9th, 2009 at 4:56 am
I say, that the Chinese are going to say one thing, and do the other. I wouldn’t tell you I was going to dump the dollar, and make it worthless, until I had already moved the majority of the dollar out of my own hands. China would be stupid to cut their own throat by devaluing the dollar in a massive sell off. It will be much wiser to slowly stop using the dollar, so they can off load the worthless paper to other nations, instead of doing a huge fire sale.
jackoff Reply:
June 9th, 2009 at 1:37 pm
no one said that the USA had a divine right to stay on top forever, its nearly over for you guys in the USA.
June 9th, 2009 at 5:03 am
Ha Ha
China, you so funny!
June 9th, 2009 at 6:13 am
Just like every other Country that has stood up to the U.S., there is a great deal China has to contemplate before they completely crush the U.S. Federal Reserve by dumping all of there holdings in American reserve currency for another “basket”.
Beware the scorn of a has-been economic super power with a state of the art weapons cash…
June 9th, 2009 at 6:29 am
Yeah, we are done TALKING about it LOL.
June 9th, 2009 at 6:32 am
stupid round eye
June 9th, 2009 at 7:07 am
We do not need China talking about it. It is happening in the FX market!
June 9th, 2009 at 7:44 am
And as a mainframe programmer/analyst people should understand the electronic infrastructure of changing currencies. There’s billlions of lines of COBOL computer code out there and schools aren’t teaching COBOL anymore.
Yes, many shops are off the mainframe or moving off the mainframe.
But, try to imagine all of the web computer code, mainframe computer code plus anything published that has the dollar monetary system in it and that would all have to be changed.
The effort to convert the US government and every state government to a different currency would be mind boggling. It would be at least as bad as Y2K.
And then to real in all of the old money and print the new money.
Yes, of course anything can happen. But, is it attainable and reasonable?
momof4 Reply:
June 9th, 2009 at 8:38 am
I also am a COBOL programmer and management is always saying the mainframe will be gone in 5 or 10 years, – but than 5 years later they say it will be another 5-10 years. They have no clue, as they are not techinally minded like us pions that actually do the work. It’s like a joke around here now. Too expensive and time consuming to do and all the knowledgeable people who wrote the stuff are retiring now. That and the few ALGOL programs we have around and only a couple of people know ALGOL. Now the Y2k wasn’t that big of an issue as the media made it sound like. It was pretty easy. Just add 2 more digits and if yr less than 50 fill with 19 else 20.
Madman Reply:
June 9th, 2009 at 10:01 am
This is also known as job security.
Bill Reply:
June 9th, 2009 at 7:49 pm
I never understood the Y2K deal either. Problems whose solutions are relatively well defined with years of lead time aren’t the ones that get you.
dalgo Reply:
June 9th, 2009 at 10:12 pm
” Just add 2 more digits and if yr less than 50 fill with 19 else 20.”
Actually, it would be if yr less than 50 fill with 20 else 19.
June 9th, 2009 at 8:34 am
Lets see the FED can be tied to Hitler and Warburg can be tied to Lenin the Bankers seam to cause all the problems. Through out history its always the Bankers the Rothschilds and the Warburgs. The real problem causers.
June 9th, 2009 at 8:35 am
Funny how Warburg had no problem getting out of Germany. Helped put in Power then split.
June 9th, 2009 at 8:43 am
The Bankers and their wars and their Sacrifed Sheeple. Hiding in their bunkers counting that money.
June 9th, 2009 at 8:44 am
The Movie The Bankers and the Sacrificed for War Profits and Big Yachts.
June 9th, 2009 at 9:34 am
Wonder what would happen if we stopped buying cheap shoddy chinese goods ??? Whoops, not possible. That’s almost all you can find, especially when we’re foolish enough to shop @ wally-world.
June 9th, 2009 at 10:10 am
DUMPING THE DOLLAR OF CORSE NOT, THIS WOULD NOT BE REALISTIC UNTIL …… EVERYTHING IS BOUGHT UP
June 9th, 2009 at 10:30 am
People watch the US Dollar index daily, but are they watching the Chinese Yuan? Investors trade trillion dollars between the USD, Euro and Japanese Yen daily. But there is not much trading between USD and Chinese Yuan. That is because for the past one year, trading between USD and CNY is equivalent to exchange one dollar into four quarters, nothing is gained or lost.
The Chinese government has locked the exchange rate at a constant *Y6.832 = US$1.00*, for over a year now. *WHY ?* Insightful investors such as Jim Rogers, Peter Schiff, Marc Faber all predicted a US dollar collapse and the appreciation of Chinese Yuan, and advised people to sell the dollars and buy the Yuan. Many people listened . They sold their houses and furniture in the USA, sold all their US assets. They brought boat loads of US dollars to China, exchange into Yuan, and sit on their piles of Yuan, betting on the Yuan appreciation over US dollar to collect some profits.
And they collected some dust instead. Making money should never be easy. Straight line thinking is never how great investors make their money. Why would China allow foreign speculators to profit on its currency while it suffers loss?
As the flood of US dollars flows in, China merely cranks up its own money printing press to print more RMB Yuan to exchange for the US dollars. It then uses some of the dollars to buy US Treasury bonds and prop up the value of the dollar, maintaining a constant USD/Yuan exchange rate. But China’s real goal is not to support the dollar in long term, but to buy time to allow it to divest the huge dollar assets it is holding, in exchange of physical assets: natural resources, raw commodities, foreign mining companies and other physical assets. It costs China *nothing* to print more Yuans to buy more US dollars and then use the dollars to buy up the whole world.
June 9th, 2009 at 11:31 am
我们在fema阵营使与您的政府的成交所有鸡美国人进来出来面条使我们的人民的食物我现在去做丰足橡胶迷人您的浴盆的鸡
jackoff Reply:
June 9th, 2009 at 1:43 pm
Fema camp we make with you the Government’s transactions came from Americans of all chicken noodles to make our people’s food, I do plenty now charming your bathtub rubber chicken
June 9th, 2009 at 6:26 pm
Here is something you cant Understand
http://www.youtube.com/watch?v=ZFfIZSh_chg
‘We The People’ should say, “Thanks but NO THANKS” to the Chinese about whether or not the US is in Debt. Lets Dump the FED and revoke all Trillions of Dollars owed that the Foreign Banks created out of Thin Air… backed by nothing but the citizens of the US as collateral. I do not accept those Terms and I push for a vote on a straight up Default. We DO NOT owe trillions because there was never a vote by the People to be enslaved by Foreign Banks…
I Therefore retain the right to abstain from said debt and hold only the banks that created the debt as LIABLE…
June 9th, 2009 at 6:37 pm
http://www.youtube.com/watch?v=Je35bjfpBjg
So the Chins think our Fiat Paper is worth more then thiers… Go Figuire it probably is, but nonetheless if they want to buy some other FIAT PAPER then by all means go ahead, we should Tariff all Chinese products since there is no Free Trade, They DO NOT abide by our rules, and most importantly they Enforce slavery of the workforce to keep “Costs” down. For that I think they should be on a 100% Tariff. Time for US issued currency stripped from the FED REVERSE (Executive Order 11110).
June 9th, 2009 at 8:48 pm
Hold onto your hats if they do decide to dump…
I hope you’ve spent a few bucks on precious metals…
Instead of ammo…
June 10th, 2009 at 3:08 am
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