The poo-poo is hitting the fan
China calls for new reserve currency to dump the dollar.
China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund.
In an essay posted on the People’s Bank of China’s website, Zhou Xiaochuan, the central bank’s governor, said the goal would be to create a reserve currency “that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies.”
Analysts said the proposal was an indication of Beijing’s fears that actions being taken to save the domestic US economy would have a negative impact on China.
The Chinese hold 2,000,000,000,000 US dollar foreign exchange reserves.
recent comments
Rayarena: There’s a blitzkrieg of Cuban tourism propaganda going on at the moment. You can always tell when the...
Ziva Sahl: Because the unkempt greasy looking mass murderer is just too sexy! There a sickness out there… why...
Ziva Sahl: Somehow the outrage never extends to Cubans, you know, those smiling happy dancing making music natives...
Carlos Eire: I bow to THE master, “el cirujano”, top stealth ninja counter-misinformation warrior in the...
George Moneo: Heh heh heh. Eire and Fontova revolviendo the you-know-what on this blog! It don’t get better...
Humberto Fontova: Oye pero la verdad que este Carlos Eire es TREMENDO jodedor! Engangandonos con el titulo y las pics...
FreedomForCuba: joe, I know you understand the MSM agenda but what I do not understand how you can vouch for John Q....