A state-owned Chinese bank says its New York City branch has begun offering accounts denominated in China's tightly controlled yuan in a new move to expand the currency's global reach.
Bank of China's announcement comes ahead of Chinese President Hu Jintao's visit to Washington next week. The White House says President Barack Obama will press U.S. complaints about China's currency controls that critics say keep the yuan undervalued and swell its multibillion-dollar trade surplus.
Beijing is trying to reduce reliance on the dollar by promoting the yuan, also known as the renminbi, for trade and finance. It is promoting Hong Kong, a Chinese territory with its own currency, as an offshore market for foreigners to conduct yuan business separate from the mainland, which is kept isolated from global capital flows.
From a reader:
But there really is a way out of this mess, and it could save the planet once and for all...
Look at Ellen Brown's recent book titled "Web of Debt". On page 422 she illustrates how to eliminate the federal debt in just a few days, and reduce federal income taxes to zero by issuing debt free currency, bypassing the FED with Treasury generated Greenbacks, just as JFK wanted to do with EO 11,110 on June 4 1963.
And then, on page 424 she illustrates how to continue printing Greenbacks in such a way that inflation would be half what the FED is doing each year while ensuring that every adult could, not only pay no federal taxes, but get a dividend from the Government that is $10,000 every year and every child could get a dividend of $5000 a year. Not mentioned, is the savings in the cost of goods with a smaller tax overhead for labor. She does mention that there is still over a trillion dollars left over to keep the government in cash.
With this analogy it is totally clear to the most casual observer why the mid century Bankster's could not let the Kennedy EO become the law of the land, and why the CIA, to this day, considers the circumstances surrounding the JFK "Big Event" to be so classified that they cannot release even 100% redacted pages on certain documents. It is now fully determined that Lee Harvey Oswald was paid by the CIA to help create "weapons grade cancer" to inject into Castro, and wasn't even on the right floor when the "Big Event" took place.
One wonders why we keep doing insane economic models....
Stay tuned This rant will continue until they come to get me or I win.