China Hoarding Gold To Challenge U.S. Dollar?
Photo Credit :Wikipedia
The Liberator
Did you know that every currency ever printed has always failed in due time,it’s the US dollar that’s hanging on by the skin of it’s teeth.The only reason it is still somewhat afloat is because it’s the world reserve currency,not for much longer though?
China knows the dollar is history and they have been buying up all the gold they can, and will more than likely back the Yuan with gold.The US dollar is being slaughtered on many fronts,it’s as if the US dollar is in front of a firing squad,just waiting for the word to kill it,it’s doomed.
Not that long ago, that fool Ben Bernanke said gold is not money.Then, a few days ago Zero Hedge reported that Allen Greenspan was saying that Gold is a currency. It is still, by all evidence, a premier currency. No fiat currency, including the dollar, can match it.
A USA Today article says In a world filled with fiat currencies, how important is gold’s role in the financial system? Proponents often view the precious metal as a hedge against economic chaos, while critics typically claim gold is hardly more than an unproductive rock. Interestingly, some countries appear to believe gold is quite important, and one former Fed chair explains why.
Alan Greenspan, who served at the helm of the Federal Reserve for nearly two decades, recently penned an op-ed for the Council on Foreign Relations discussing gold and its possible role in China, the world’s second-largest economy. He notes that if China converted only a “relatively modest part of its $4 trillion foreign exchange reserves into gold, the country’s currency could take on unexpected strength in today’s international financial system.”
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