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03-07-2010, 06:41 PM #1
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China ready to end dollar peg
China ready to end dollar peg
The head of China’s central bank has given the strongest signal yet that the country will move away from pegging its currency to the dollar, but he said any changes would be gradual.
By Garry White
Published: 5:31PM GMT 06 Mar 2010
Zhou Xiaochuan, governor of the People's Bank of China Photo: AP
At the annual session of the legislative National People’s Congress in Beijing, Zhou Xiaochuan, governor of the People’s Bank of China, said that the days of the “special yuanâ€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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03-07-2010, 06:58 PM #2
Buh Bye, China! It's been real! EXPENSIVE for US! Glad we could help you, but thank God you can carry your own weight now and leave US alone in our peace to rebuilt our own liberty and prosperity.
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03-07-2010, 07:19 PM #3
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Can we trade one Geithner and one Bernanke in exchange for Zhou?
Unfortunately, China cannot necessarily step away from the dollar easily, since they own approximately 43 percent of our Treasury obligations. They will not be able to get away easily since any rise in the yuan due to unpegging will raise prices in their exports to the U.S. so out of work Americans will not demand their stuff. Were they to unpeg, they stand to lose business from the consumer nation of the world.
And if the yuan is unpegged, the traders will run to it and away from the dollar, which means the interest we pay them will be worth less and less.
But they hold the upper hand here if they decide to dump the obligations they hold. That woud destroy us without any violence.Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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03-07-2010, 08:51 PM #4Originally Posted by vortex
They don't own 43% of our treasury obligations. They hold $900 billion of US debt. Our national debt alone is over $14 Trillion. The sooner we pay down the loans from China the more secure everyone will be, here and over there. The Chinese people are entitled to the value and benefit of the money they earned and all that money should be directed towards improving their country and their lives, not ours, even if its just sitting in Chinese banks earning Chinese interest.
We on the other hand need to be earning our own money, producing for our domestic economy, putting our money we earned in American banks earning American interest.
We'll continue to be great friends with China and we'll continue to do alot of business with China, importing and exporting, but it must be on a balanced basis so that they keep the money they earn from US, and we keep the money we earned from them.A Nation Without Borders Is Not A Nation - Ronald Reagan
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