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> Top Chinese Banker: Dollar Soon Irrelevant
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Patch 
Posted: 09-Apr-2009, 04:04 PM
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Zhu Min, executive vice president of the Bank of China, a government-run commercial bank, says that the Federal Reserve’s decision to print billions and billions in new dollars to head off the financial crisis would make the greenback irrelevant to global finance and trade.

This will not bode well for the US economy.

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Patch    
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Antwn 
Posted: 10-Apr-2009, 06:22 PM
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QUOTE (Patch @ 09-Apr-2009, 04:04 PM)
Zhu Min, executive vice president of the Bank of China, a government-run commercial bank, says that the Federal Reserve’s decision to print billions and billions in new dollars to head off the financial crisis would make the greenback irrelevant to global finance and trade.

This will not bode well for the US economy.

Slàinte,    

Patch    

I suspect this is mostly bluster, a political attempt to inspire greater global credibility in the Yuan and/or the fear of devaluation of the dollar (which hasn't happened yet) which would lessen the value of the bonds China bought to finance our bailouts. To what degree that lessens global faith in the dollar over the long term is highly conjectural. To suggest the dollar would be "irrelevant" to global finance and trade is highly premature if not just silly. It stirs up controversy however, which might be advantageous to my first point by inspiring world economies to consider the Yuan more seriously. I'm not an economist however...so a grain of salt is required. Guess we'll see.


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Patch 
Posted: 10-Apr-2009, 07:22 PM
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There are numerous countries calling for a global currency. I am certain that the Chinese are worried though they are not calling for their currency to be made the new standard. Should oil be priced in anything but $, the rapid fall in the value of the dollar will ensue. That would be a frightening situation. Unfortunately we have floated unknown trillions of dollars through the Fed. and that is likely to come home to haunt us. I suspect that the reason we have made it this far is that the other major world currencies have done the same.

Since we as individuals have no control over the Fed. Reserve, there is not much use worrying about it.

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krioni98 
Posted: 11-Apr-2009, 12:52 PM
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I am not a economist myself. However, from what I have read if the Fed. continues to print money then inflation and devaluing the currency will happen at some point. A government that is already broke can only print money for so long before the whole economy breaks down. I believe that's what happened to Germany between WW1 and WW2. Just my 2 cents. =)

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Patch 
Posted: 11-Apr-2009, 01:51 PM
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Your observation is correct.

In the book, "The Creature From Jekyl Island" the whole procedure is explained. I believe the author is G. Edward Griffen.

The Federal Reserve, though sanctioned by the govt, is free of all govt control.

Last night on TV, Pelosi admitted that the govt was broke, then corrected it to "had been" probably to mean bush broke the govt till. She also admitted that the federal reserve was "floating" money. That is very bad!!!!

You can find the German catastrophe with stories from those who lived through it on the net. One that I recall was from a man who was working . He was paid three times a day as the value of the mark dropped. His wife waited and got his pay each time and then rushed out and spend it on necessities as prices went up hourly.

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