Tuesday, January 25, 2011

Evidence: The End Of The Dollar

It is a reciprocal relationship, too. China now directly holds over $900 billion worth of eurozone national debt. In Greece, China is investing billions more as it attempts to build the Mediterranean port city of Piraeus into the “Rotterdam of the south,” and create a modern-day silk road linking Chinese factories with consumers across Europe and North Africa.
Most importantly, China has thrown its weight behind the euro.
In a recent trip to Europe, Vice Premier Li Keqiang did nothing less than transform Europe’s economic picture. Just as commentators were predicting the collapse of the eurozone, Li—a favorite to become China’s next prime minister—appeared to throw China’s $2.85 trillion worth of foreign exchange reserves into Europe’s breach, promising to be a committed and responsible long-term investor in Europe. icbc bank, China’s largest lender, quickly followed suit, announcing its intention to move full force into the eurozone. It will open its first-ever branches in France, Spain, Italy, Belgium and the Netherlands. It has already opened offices in Frankfurt and Luxembourg.

Li’s support is already paying dividends in Europe. With interest rates coming down from recent highs and successful debt auctions, Spain and Portugal got a welcome taste of what several billion euros’ worth of Chinese “sugar” can do.
Of course, it doesn’t come free. Li publicized China’s desire that the EU relax restrictions on high-tech exports to China and develop trade relations. In addition, China wants access to Europe’s defense companies.
Europe seems all too willing to do business. The EU’s Foreign Minister Catherine Ashton called for abolishing Europe’s arms embargo with China. Reportedly, American officials, who have to deal with a rapidly growing Chinese military presence in the Pacific, are furious.
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  1. Let China buy up all the debt in the EU and the USA and then mass default.

  2. 10.43
    Ah,the smartest arrogant American in the room!


    But what about the internal bondholders ?

    US goverment default on that internal debt too?

    American banks would collapse in a whimpering heap.

    And just how might america rebuild itself then, with a discredited government,Fed,a broken financial system and a dead dollar hegemony?

    Does america have Stalin for a forced quick industrial development plan ?

    How will you finance your wars for empire ?

    What price in dollars will the oil producing countries want after America seizes their dollar savings and investments the US ?

    Will they even want to trade with america ,cheap oil for a bit of corn and soy?

    America as international thieving untrustworthy pariah ,will have few foreign friends ,or investors or partners in trade ,after defaulting in the trillions of dollars in debts.

    Maybe that would trigger off an international UN run world gang of receivers for a bankrupt country?

    Certainly all external assets would be siezed.

    A lot of the money China is investing in Europe and winning friends around the world in trying to help provide stability from america exporting its economc crisis, is dollar denominated money investment .dollar claims against america ,not investment yet in Chinese Yuan denominated claims against China.

    These Euro suckers are still stupid enough to sell their assets for dollars to China!

    China has plenty of these dollars and unloads them as increasinly worthless money as the money printing in america fast destroys their value.

    But, ah ,simplicity in cutting the Gordian knot of american dollar debts!

    Way to go smart guy!

  3. 12:39
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