The Phaserl


China Leads Campaign to Replace the Dollar as Reserve Currency

by Sasha Cekerevac, Investment Contrarians:

A very interesting item appeared through the official Chinese news agency, Xinhua, in which the Chinese government is effectively calling for the end of the U.S. dollar as the world’s reserve currency, stating that the world should “…start considering building a de-Americanized world.” (Source: “Commentary: U.S. fiscal failure warrants a de-Americanized world,” Xinhua web site, October 13, 2013.)

In my view, the commentary was intended to voice the opinion of Chinese leaders that they are fed up with the political fighting in Washington, leaving China’s trillions of dollars in U.S. debt in the hands of ineffective leaders.

Read More @

Help us spread the ANTIDOTE to corporate propaganda.

Please follow SGT Report on Twitter & help share the message.

1 comment to China Leads Campaign to Replace the Dollar as Reserve Currency

  • mac

    China Downgrade by Dagong: some snipets:

    “The federal government debt stock increased by 60.7% between 2008 and 2012 when the nominal GDP increased by only 8.5% while the fiscal income decreased by 2.9%, which indicates that fiscal income is losing its means as the primary source of debt repayments. Because of the fact that the federal government now depends highly on borrowing new debts to repay its old ones, vulnerability of its debt chain is accumulated so that technically debt default may occur at any time.”

    “the U.S. government has been taking advantage of the international currency dominance of the U.S. dollar to monetize its debts and has been taking quantitative easing monetary policy to maintain its government solvency since 2008.”

    “Ever since Obama’s inauguration in 2009, the U.S. Congress has extended the debt ceiling for five times, reaching a total volume of USD5.1tn. This further raise of the debt ceiling shows the government’s incapability of improving its solvency by improving the basic economic and fiscal elements.”

    and: “The recurrence of the bi-partisan conflict over debt ceiling once again reveals the U.S. superstructure’s incapacity to solve national debt crisis. A debt crisis evolves into a political crisis, which in turn exacerbates the debt crisis. Such political environment over debt repayment renders the dim and pale prospect of the U.S. federal government’s solvency.”

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>