The Dying Dollar: The Federal Reserve and Wall Street “Assassinate the US Dollar”
Since
2006, the US dollar has experienced a one-quarter to one-third drop in
value to the Chinese yuan, depending on the choice of base.
Now
China is going to let the dollar decline further in value. China also
says it is considering undermining the petrodollar by pricing oil
futures on the Shanghai Futures Exchange in yuan. This on top of the
growing avoidance of the dollar to settle trade imbalances means that
the dollar’s role as reserve currency is coming to an end, which means
the termination of the US as financial bully and financial imperialist.
This blow to the dollar in addition to the blows delivered by jobs
offshoring and the uncovered bets in the gambling casino created by
financial deregulation means that the US economy as we knew it is no
more.
The
US economy is already in shambles, with bond and stock markets propped
up by massive and historically unprecedented Fed money printing pouring
liquidity into financial asset prices. This month at the IMF annual
conference, former Treasury Secretary Larry Summers said that to achieve
full employment in the US economy would require negative real interest
rates. Negative real interest rates could only be achieved by
eliminating cash, moving to digital money that can only be kept in
banks, and penalizing people for saving.
The
future is developing precisely as I have been predicting. As the dollar
enters its death throes, the lawless Federal Reserve and the Wall
Street criminals will increase their shorting of gold in the paper
futures market, thereby driving the remnants of the West’s gold into
Asian hands:
The
People’s Bank of China said the country does not benefit any more from
increases in its foreign-currency holdings, adding to signs policy
makers will rein in dollar purchases that limit the yuan’s appreciation.
“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang,
a deputy governor at the central bank, said in a speech organized by
China Economists 50 Forum at Tsinghua University yesterday. The monetary
authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. (PBOC Says No Longer in China’s Interest to Increase Reserves, Bloomberg News – Nov 20, 2013)
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