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.
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Confirmed: We’re Literally On the Brink of Catastrophic Collapse
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.
Len
Interesting...anything can be done when you are printing money out of thin air...at least until it comes back home to roost.
ReplyDeleteSorry Len
ReplyDeleteYou lose
America is a failed, debt ridden, ,insolvent Ponzi capitalism, now unable keep up and pay the promised interest and dividends on its governments national debts ,its comercial debts and many ordinary peoples mortgage and credit card debts.
ReplyDeleteDebt ,debts !
Unpayable levels of poverty creating debt everywhere .
The government has turned into a corporate state economy where a desperate government provides debt relief to the finance sector by socializing their past losses for the taxpayer to pay off.
Companies debts like for mortgage losses ditto, by nationalizing Freddie and Fannie and AIG .
Turning private debts and derivative bets into public debts .
Deficit spending for wars has already left the treasury department empty except for Treasury bills to pay off.so it can only turn to the printing press.
This whole plan is to re-finance all this by counterfeiting excess money in the form of valueless fiat paper in the hope that somehow the great Ponzi economy will revive itself and that debts can eventually be paid off in devalued dollars.
This will all end badly in at least two decades of depression for ordinary people in order to pay off all the debts assumed by the government .while tax revenues are falling.
The interests of the majority including the middle class now being looted of their savings
are opposed to those of the demands by capital.
As america has exported a lot of its commodity producing industry and jobs, it is hard in an unproductive of real profits empire that was getting its profits by borrowing money from the rest of the world, for say , Marxists to find an "exploited" working class ,let alone an industrial proletariat as a vehicle for radical change.
So there is only a middle class of debt peons.
But, after all as prior beneficiaries of the prosperity from empire war system the middle class is greatly in favor of capitalism and can only pray or vote and dream for this or that messiah to bring recovery to the Ponzi.
It is even hard even for Founding Father bourgeois types to preach independence and revolution against foreign monarchs and exploitation by East India companies and
rally up Boston Tea Party types.
After all America is the empire not the old British monarchy .
The American debt peons cannot even cry "no taxation without representation’ after all their own representative voted for a financial coup in a bi-partisan manner ‘constitutional” manner .
Turning to a gold backed currency would only mean the banksters would demand payment of their interest and dividend incomes in real gold value as the future fiat paper does not look too good now at all to them either.
What is to be done?
Who or what ,will rid us from the control of these troublesome priests of finance banking usury , Paulson, Bernanke ,Geithner, bush and Obama and their “printed out of thin air” enslaving inflationary fiat paper debt money ?
Decades of Austerity as the way out?
Thats not going to work for you!
Or is it time for a jubilee year and a fresh start for all?
yeah it's just digits in a computer. their pushing for a global currency, suppose they could offer debt writeoffs/forgiveness with the clause one must accept some chip implanted to access new digital global currency system or something. I know, the bible..would catch less flak if say the mayans had written it lol
ReplyDeleteThe reference to weapons grade cancer is well documented in the book "Dr. Mary's Monkey". It is a most excellent read.
ReplyDeleteBack in the 1960's our wonderful government created a vaccination to prevent polio. There were 3 batches created. It was found out right before the release, that two of the 3 batches were contaminated. The government refused to recall the vaccines and ordered the "go ahead" of the program. Many medical experts of the day suggested that when these kids of the 1960's grew to adults, we would see all kinds of strange illnesses. Naturally these kids grew to adults and suddenly breast cancer became an issue, along with all kinds of other cancers never manifested before. How about AIDS? The kids born in the 1960's were adults in the 1980's, just when AIDS became part of our lifestyles.
I guess I got one of the shots from the "good batch". The injection left a scar on my left arm. Notice how all the "old people" have a scar on their left arm?
Oswald was knee deep into this stuff in New Orleans and you have never heard about it.
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