China wants the US dollar to be replaced!

[Walter Gropius]

Sorry if this has been posted already:

http://news.bbc.co.uk/1/hi/business/8120835.stm

[LiveDose]

China owns us. Time to bow down...

Rosetta Stone here I come.

[seeandsee]

so juan will be new curency? :D

[BlackCrayon]

every couple of months an article like this one gets put out there...

[Libertine]

Originally Posted by seeandsee

so juan will be new curency? :D

Yuan. And no, they're actually arguing for a general international reserve currency which is not tied to any single country.

In truth, it's not a bad idea, since it would contribute to a more stable global economy.

[Mr.Right - Banned For Life]

China hates America

[IllTestYourGirls]

Originally Posted by Mr.Right

China hates America

Without a doubt. Makes you wonder why the leaders and federal reserve are so willing to borrow money from them.

[brassmonkey]

rude fuckers

[Angry Jew Cat - Banned for Life]

Originally Posted by brassmonkey

rude fuckers

are you talking about china or america? lol

[J. Falcon]

Next thing you know they'll want to block porn on the net... oh wait.

[BFT3K]

I Like Chinese...



https://youtube.com/watch?v=hMA6Ftmykmc

[GatorB]

Does anybody fucking read? They're not talking about replacing the US dollar as America's currency. geez!

[$5 submissions]

Can't really blame them. They are sitting on TRILLIONS of dollars worth of US treasuries. The more the dollar tanks, the lower the value of that pile.

I don't get their point though--there is ALREADY a replacement for the us dollar. It's called OIL.

Dollar goes down, oil zooms up.
Dollar goes up, oil sinks down.

[ContentSHOOTER]

Originally Posted by brassmonkey

rude fuckers

It's a rude fucking board

[DWB]

Originally Posted by GatorB

Does anybody fucking read? They're not talking about replacing the US dollar as America's currency. geez!

Of course not. They are talking about not using the dollar as the world currency for trade. That would mean a total collapse of the USD and probably send the USA into a serious downward spiral. Think of it like this, one day you will wake up and all the money you have in the bank will be worth maybe 20% of what it was the day before. Maybe less.

The trick is, they have about 2 trillion dollars worth of US treasury bonds. So they will have to cut their losses if they are going to get out of the USD. That's a huge hit for them. Nothing they couldn't recover from, but a blow none the less.

When / if China pulls the plug on the dollar, it's curtains for the USA.

[Socks]

[Blackamooka]

Originally Posted by Socks

After you get your CIB, those are standard issue along with a set of clown shoes.

[DWB]

Originally Posted by Jesus H Christ

It's also curtains for China if they do. It's like if you're starving to death and your holding the rope of wild bull you just paid for? You're fucked if you do and fucked if you don't.

I disagree. They are not up to their eyes in debt like we are. YES they will take a hit but 2 trillion is not really that much for such a massive country like China.

[IllTestYourGirls]

Originally Posted by DirtyWhiteBoy

I disagree. They are not up to their eyes in debt like we are. YES they will take a hit but 2 trillion is not really that much for such a massive country like China.

People forget that unlike the USA, China has a lot of growth left. They can take a hit and bounce back very quickly. We take a hit and it is going to take us a very long time to get back.

[spider_x]

U.S. dollar for the end to your bullshit Communism and abolishment of state powers. Otherwise no deal.

[Agent 488]

they aren't going to do shit. they are just going to grunt like n korea to save face.

[lofasz]

Originally Posted by Libertine

Yuan. And no, they're actually arguing for a general international reserve currency which is not tied to any single country.

In truth, it's not a bad idea, since it would contribute to a more stable global economy.

[HomerSimpson]

if China stops buying USD and start buying EUR, CHF, GBP's tomorrow,
US is DOOMED!

so this should be taken very seriously...

[lofasz]

Originally Posted by Mr.Right

China hates America

They only hate Japanese, for historic reasons. They don't hate Americans, but they are pretty shrewd business people. The dollar was devalued by our own banks and mortgage brokerages lending money to every Tom, Dick, and Harry that could fog a mirror.

They, like all serious investors, simply want sound investments.

[BFT3K]

The annual US GDP is currently in the area of $14 trillion.

China playing around with $2 trillion of our debt is not going to destroy anything.

Tube sites on the other hand...

[Dcat]

Originally Posted by IllTestYourGirls

People forget that unlike the USA, China has a lot of growth left. They can take a hit and bounce back very quickly. We take a hit and it is going to take us a very long time to get back.

Exactly.

China is in great shape regardless because it's industrial capacity has now been built out, whereas the USA has been de-industrialized (outsourced) and is now bankrupt.

[BFT3K]

Originally Posted by Dcat

Exactly.

China is in great shape regardless because it's industrial capacity has now been built out, whereas the USA has been de-industrialized (outsourced) and is now bankrupt.

The US has to concentrate on Energy Technologies, and we need to be open to immigrants again. We used to be the country that attracted the world's most intelligent people. The last 8 years changed that in a big way. We need to lead in the energy field, and we need to invest in that growth industry like our very lives depend on it.

8 years with zero investment in infrastructure, zero investment in alternate fuels (other than corn), and zero investment in solar and battery technologies really fucked us up. Big oil assholes running our country into the ground was a fucking disaster!

China is not in great shape at all. They are overpopulated, underfed, over polluted, and rely on dollar store exports to hold it all together.

Poleeeease!

[nomercy]

I vote we switch to ROFL Dollars.

[Dcat]

Originally Posted by BFT3K

The annual US GDP is currently in the area of $14 trillion.

China playing around with $2 trillion of our debt is not going to destroy anything.

Tube sites on the other hand...

I dunno. What was the last USA Debt-To-GDP ratio calculation pegged at? ..Somewhere in the neighborhood of 680%!!!

[BFT3K]

Originally Posted by Dcat

I dunno. What was the last USA Debt-To-GDP ratio calculation pegged at? ..Somewhere in the neighborhood of 680%!!!

So you agree with me then... $2 trillion is barely a drop in the bucket.

[Dcat]

Originally Posted by BFT3K

So you agree with me then... $2 trillion is barely a drop in the bucket.

Well, the problem is not so much the $2 trillion, but rather "what" it would signal to the rest of the world.

It would mean a complete loss of confidence, and that indeed would be DEVASTAING.

[BFT3K]

Well, there's always Ritalin...

https://youtube.com/watch?v=UXQO1tQvBK4

[Libertine]

Originally Posted by DirtyWhiteBoy

I disagree. They are not up to their eyes in debt like we are. YES they will take a hit but 2 trillion is not really that much for such a massive country like China.

Much (most?) of the hit wouldn't be those 2 trillion dollars, but the immediate drop in American demand, as well as the inevitable rise in American competition.

Keep in mind that with a far weaker dollar, American-made products would quickly become much more affordable for the rest of the world for the next few years.

A switch away from the dollar might even benefit the US in the long run, since a more volatile currency would eventually cause it to adapt to changes in its own economic situation relative to the rest of the world more quickly.

Of course, that's the long term - you'd see virtually nothing of those effects for the next decade or two, since the impact of the dollar getting dropped as the world's reserve currency would initially outweigh them by far.

[charlie3273]

Originally Posted by lofasz

They only hate Japanese, for historic reasons. They don't hate Americans, but they are pretty shrewd business people. The dollar was devalued by our own banks and mortgage brokerages lending money to every Tom, Dick, and Harry that could fog a mirror.

They, like all serious investors, simply want sound investments.

That says it all. I myself like China except for there stance on porn. They should set up a high priced permit and regulations for pornsites instead of banning them . They like the U.S. alot . They just wish we would get our head out of our ass before it is to late in regards to our spending.

[$5 submissions]

Originally Posted by DirtyWhiteBoy

I disagree. They are not up to their eyes in debt like we are. YES they will take a hit but 2 trillion is not really that much for such a massive country like China.

Also, their economy is based on PRODUCTION. The US economy is very diverse with CAPITAL MARKETS and capital-fueled consumption driving the economy. Heaven forbid the world economy shifts to production based valuations....

[garce]

America's problem would all be solved if you guys just fucked like rabbits and spit out ten kids each until your population hit a couple billion. Then you drop the minimum wage to $0.60 an hour and flood the world with millions of shitty, useless products. Also stop having elections so you can control everyone and make them all work for the greater good. For free.

Why the fuck did anyone think trading with China was a good idea in the first place? All that shitty country produces is, well, shit. Every single country on the face of the earth can make what China makes, only 1,000 times better quality. They just can't produce as much of it, or make it as cheaply as China does

China is a commie shithole that should have been nuked and turned into Disney World East. Everything they produce is useless trash that ends up in a landfill about three months after its purchased - but idiots keep buying the shit.

I hate that useless fucking country. Why that dumpfuck of a cesspool gets treated any better than North Korea is beyond me. That America boycotts Cuba while its sucks China's dick is just embarrassing.

Yeah, I'm drunk. Fuck off.

Edit: I just find it funny that GFY thanked me for posting this.

[Defiance Inc]

Originally Posted by DirtyWhiteBoy

I disagree. They are not up to their eyes in debt like we are. YES they will take a hit but 2 trillion is not really that much for such a massive country like China.

They've also increased their gold reserves, and other commodity holdings significantly. A collapse of the dollar would increase the price/value of such commodities. They would more than make up for the $2 trillion short fall.. which may be much less if they used the same dollars they purchased from us. If you don't think they already have us by the balls,
we're already whining to the WTO about not getting access to raw materials... yes the same WTO America ignores when complaints are brought up about making online gambling illegal. Also, if COMEX is caught over selling their gold , their holdings price could easily double.

[Walter Gropius]

Originally Posted by garce

America's problem would all be solved if you guys just fucked like rabbits and spit out ten kids each until your population hit a couple billion. Then you drop the minimum wage to $0.60 an hour and flood the world with millions of shitty, useless products. Also stop having elections so you can control everyone and make them all work for the greater good. For free.

Why the fuck did anyone think trading with China was a good idea in the first place? All that shitty country produces is, well, shit. Every single country on the face of the earth can make what China makes, only 1,000 times better quality. They just can't produce as much of it, or make it as cheaply as China does

China is a commie shithole that should have been nuked and turned into Disney World East. Everything they produce is useless trash that ends up in a landfill about three months after its purchased - but idiots keep buying the shit.

I hate that useless fucking country. Why that dumpfuck of a cesspool gets treated any better than North Korea is beyond me. That America boycotts Cuba while its sucks China's dick is just embarrassing.

Yeah, I'm drunk. Fuck off.

Edit: I just find it funny that GFY thanked me for posting this.

LOL! Big fan of China huh?

Seriously though, the bit about spitting out 10 kids - don't they have a law in China that each couple is only allowed to have one child? In which case it's surprising to hear that the country is over-populated, unless it has been for a long, long time and this law was introduced to combat it... in which case I guess it would make sense.

[tigermtb]

With the Fed printing more and more every year nobody seems to give a shit that the money in your pockets is being stolen...

Money is a scam. Sorry, but its true.

Buy Gold.

[voa]

I think is time for new global currency something like Euro for EU , this function good here in EU

[Dcat]

Originally Posted by tigermtb

With the Fed printing more and more every year nobody seems to give a shit that the money in your pockets is being stolen...

Money is a scam. Sorry, but its true.

Buy Gold.

True.

..and people, if you do invest in gold, take physical possession of the gold. Don't be fooled into gold futures markets, and paper promises. If things go to shit, you'll even be in a worse situation than you'd be in holding onto severely devalued paper currency.

[romeo22]

China is one of the most progresive countries...their economy is growing up and its very inovative...but usd should stay as a currency.

[Dvae]

Originally Posted by Walter Gropius

China wants the US dollar to be replaced!

So does George Soros. Which can't be good.

[RayBonga]

they are secrewed.

either they keep their currency artifically low vis-a-vis the dollar by buying t-bills and selling yuans or they let the yuan fluctuate freely, it apreciates and they take a huge exchange loss in the debt they already have and net exports down.

[tony286]

They do that and who is going to buy their cheap shit.

[xmas13]

[DWB]

Originally Posted by IllTestYourGirls

People forget that unlike the USA, China has a lot of growth left. They can take a hit and bounce back very quickly. We take a hit and it is going to take us a very long time to get back.

Exactly. They are just getting started. 2 trillion to them or American cutting back on buying their crap (which we have already started cutting back on) will be a black eye but they will press forward and bounce back. They are Chinese, they WILL find another way.

[DWB]

Originally Posted by tony404

They do that and who is going to buy their cheap shit.

China can survive without the United States. And long term the United States can live without China. However, short term, the USA is going to have its ass handed to it.

[Libertine]

Originally Posted by DirtyWhiteBoy

Exactly. They are just getting started. 2 trillion to them or American cutting back on buying their crap (which we have already started cutting back on) will be a black eye but they will press forward and bounce back. They are Chinese, they WILL find another way.

One thing few people in the west realize is just how hard China is working to decrease its dependence on American and European demand.

They're actually starting to focus more and more on satisfying demand in other developing countries, rather than relying on the west to keep buying stuff. While the direct profits might not be as big, it means long term growth is pretty much guaranteed even if the entire west were to fall off the edge of the earth tomorrow.

[V_RocKs]

GFY China!