Just yesterday, Cheng Siwei, vice-chairman of China's parliament announced that China will shift the country's reserves out of dollar-denominated investments and into the euro and other strong currencies!
Beijing central banker Xu Jian twisted the knife, saying “The dollar is losing its status as the world currency. The U.S. dollar's global currency status is shaky,” he said, “and the creditworthiness of dollar assets is falling.”
And to make matters worse, Xu predicted the dollar would continue to collapse in 2008 — and that $1,000 gold is now a near certainty!
This is devastating news for an already-shaky U.S. dollar. With China’s $1.43 trillion in reserves and a total of more than $7 trillion now in foreign hands — this could very well be the straw that breaks the dollar’s back, unleashing a world-wide torrent of dollar-dumping and a sudden, unprecedented collapse of the greenback.
Just yesterday, Cheng Siwei, vice-chairman of China's parliament announced that China will shift the country's reserves out of dollar-denominated investments and into the euro and other strong currencies!
Beijing central banker Xu Jian twisted the knife, saying “The dollar is losing its status as the world currency. The U.S. dollar's global currency status is shaky,” he said, “and the creditworthiness of dollar assets is falling.”
And to make matters worse, Xu predicted the dollar would continue to collapse in 2008 — and that $1,000 gold is now a near certainty!
This is devastating news for an already-shaky U.S. dollar. With China’s $1.43 trillion in reserves and a total of more than $7 trillion now in foreign hands — this could very well be the straw that breaks the dollar’s back, unleashing a world-wide torrent of dollar-dumping and a sudden, unprecedented collapse of the greenback.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment