Online:
Visits:
Stories:
Profile image
By Josey Wales (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

China Makes Move To Collapse U.S. Dollar: Announces Gold Back Currency For Global Trade

Monday, January 28, 2013 11:35
% of readers think this story is Fact. Add your two cents.

(Before It's News)

 

The People’s Bank of China has already reduced its holdings of US treasuries below those of Japan and last announced a change in its gold reserves in 2009 when it declared a 76 per cent hike to 1,054 tonnes. Germany, Italy, France and the US keep more than 70 per cent of their reserves in gold, the last bulwark against the devaluation of money printing.

 
China Launching Gold Backed Global Currency 4.7 out of 5 based on 3 ratings.

According to the article, China is recasting all of their gold reserves into small one kilo bars in order to issue a new “gold-backed” currency. Many say this will disrupt global trade and will eventually cause a collapse of the US dollar.

There can be no doubt that the US dollar will soon be history. China is recasting all of their gold reserves into small one kilo bars in order to issue a new ‘gold backed’ global currency. This is surely a strategic part of their recent push to sign new trade agreements with Russia, Japan, Chile, Brazil, India, and Iran. The cat is now out of the bag, the US will be given the ‘bums rush’ by the largest trading nations in the world and the dollar will go down in flames. GATA now estimates that 80% of the gold that investors believe they have in allocated accounts is long gone, the majority of it probably wound up in China.

 

Here is an excerpt from Jim Willie’s ‘Hat Trick Letter’

Jims recent article starts out with…

Many are the events, signals, and telltale clues of a real live actual systemic failure in progress. Until the last several months, such banter was dismissed by the soldiers in the financial arena. But lately, they cannot dismiss the onslaught of evidence, a veritable plethora of ugly symptoms of conditions gone terribly wrong and solutions at best gone awry and at worst never intended in the first place.

CHINA RECASTS GOLD BARS

China is well along an ambitious plan to recast large gold bars into smaller 1-kg bars on a massive scale. A major event is brewing that will disrupt global trade and assuredly the global banking system. The big gold recast project points to the Chinese preparing for a new system of trade settlement. In the process they must be constructing a foundation for a possible new monetary system based in gold that supports the trade payments. Initally used for trade, it will later be used in banking. The USTBond will be shucked aside. Regard the Chinese project as preliminary to a collapse in the debt-based USDollar system. The Chinese are removing thousands of metric tons of gold bars from London, New York, and Switzerland. They are recasting the bars, no longer to bear weights in ounces, but rather kilograms. The larger Good Delivery bars are being reduced into 1-kg bars and stored in China. It is not clear whether the recast project is being done entirely in China, as some indication has come that Swiss foundries might be involved, since they have so much experience and capacity.

 

The story of recasting in London is confirmed by my best source. It seems patently clear that the Chinese are preparing for a new system for trade settlement system, to coincide with a new banking reserve system. They might make a sizeable portion of the new 1-kg bars available for retail investors and wealthy individuals in China. They will discard the toxic USTreasury Bond basis for banking. Two messages are unmistakable. A grand flipped bird (aka FU) is being given to the Western and British system of pounds and ounces and other queer ton measures. But perhaps something bigger is involved. Maybe a formal investigation of tungsten laced bars is being conducted in hidden manner. In early 2010, the issue of tungsten salted bars became a big story, obviously kept hush hush. The trails emanated from Fort Knox, as in pilferage of its inventory. The pathways extended through Panama in other routes known to the contraband crowd, that perverse trade of white powder known on the street as Horse & Blow, or Boy & Girl.

Source: http://worldtruth.tv/china-launching-gold-backed-global-currency/

Critical Reads: More News Mainstream Media Chooses To Ignore By Josey Wales Click Here!

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Total 25 comments
  • Dayton Flyers

    Interesting article if it’s true. It would have been nice if the article said where individuals can purchase these gold coins.

    • Anonymous

      China was also going to open a PMs exchange- never happened. Guess there is too much tungsten in their vaults to melt down… Implicit in the article is that China is in opposition to the US agenda, when actually they are the biggest part of it and obey the Masonic Grand Plan like all the other countries- incl Iran and Russia, btw

    • Anonymous

      I don’t think I’d want to ‘announce’ that I am buying ‘gold’ anything if you live in the West. You may end up with visitors at your door to take your weapons AND YOUR GOLD. What’s to stop them? LOL The way things are going in the west, hang on to the elastic in your underpants.. until they decide to confiscate that too.

      I sure miss the good ‘ole’ US of A …back when it was a Land of Opportunity!! :o (

      • arpes

        … currently run by a muslim marxist traitor, who is arming our enemy the muslim brotherhood

  • Anonymous

    This is a retelling of an article from a year ago. No hard evidence for it either.

    • Anonymous

      A year ago?…I want a source…not your lip service…

  • airspoon

    DISINFO! This is exactly why people shouldn’t be believing everything they read on the internet. The author is obviously trying to deceive people. Crazy enough though, many people will probably buy this hook, line and sinker and repost it to social media websites. When rational people see this, they will then likely dismiss everything else the propagator says. No doubt that this is the intention of the author -as well as the authors of most of the other outlandish conspiracy tales -like Pete Santilli and Judy Woods.

    • Anonymous

      China is issuing us our debt right now. They insisted on getting themselves made whole after the sub-prime collapse. Tim geiutner made it so. Our SDR is been drawn, and China is in the drivers seat. They just forgot to tell us that fact.

    • Josey Wales

      Already the Chinese and the Japanese really don’t want to buy any more Treasuries to finance the deficit. So the Federal Reserve is buying most of it, and crediting the accounts of the U.S. government with the money it creates. Maybe it should ask the Chinese if it would like the Trillion Dollar coin? At least it would have a cute collectible. The Chinese should insist on a 10-ounce-size coin, so it doesn’t get lost too easily.

      • Mayhem

        I’m rooting for the 1 kg commemorative plate sized coin :lol: that would be collectible: what picture and writings would they, put on the one trillion dollar medallion?

        China is smelting it’s gold to find out how much tungsten there is and whom it came from :shock: It’s all good, China will accept either gold or land to address any shortfalls :roll:

  • Anxu

    Old info that is not even from a reliable source or from government.

    Perhaps from someone that has investment in gold and wants to see the gold increase in value.

    The amount of money printed out 100 years ago may have been supportable by gold, but current amount is not.

    Just look at the US as an example. How much currency has been printed/created?
    How many trillions debt do they have? Conservative lets just say 16Trillion.

    Price of Gold 50000/Kg  
    Total gold ever mined being a cubic block of 20X20mx20m x 20,000kg/m3 equals 160,000,000kg 160000000X50000=8 Trillion
    Clearly ALL THE GOLD IN THE WORLD could not back the USD.
    I doubt any big country with the amount they printed could change to truely/honestly/genuinely backing by gold. And it would limit the amount you could print off in future.

    These articles are just disinfo to make people panic and buy more gold.
    Perhaps the US government wants a panic so that people buy gold and then later the government can confiscate it.
    HAHAHAHAHA.
    SUCKERS!
    LOL.

    • Anonymous

      Buy more Gold.. Were going into a cashless society. Technically, buy more Silver to be more precise. Search: Turn in your Bin Ladens. Very interesting MSNBC segment.

      • Anxu

        Sure. Buy more Silver.
        But the US Government will soon enough consider people that want to hide transactions by using silver/gold as either criminals or terrorists. Then registrations will be required and reporting of transfers! If you refuse to register than that material becomes illegal and for sure subject to confiscations.
        I would not be surprised if the government has technology that would allow them to drive past your house and detect how much silver or gold you have and the location in your house. Paper money has metallic strips in them, maybe they can see how much paper money you have too. Perhaps any amount of silver/gold/money above a specific amount in your home or on you will be suspicous and open you up to be accused as criminal or terrorist and to confiscation.

        Maybe you need to wrap all your silver/gold/money in aluminium foil, while you are at it put on an aluminium foil hat.

        Hahaha!

    • dj

      Well if gold is so worthless why would the government want to confiscate it?????

    • Josey Wales

      Anxu

      “Old info that is not even from a reliable source or from government.”

      You mean reliable such as CNN Or MSNBC? The Government is far from a reliable source in my opinion. Please share with our audience what you consider to be a reliable source if you would please.

      Maybe you would also like a Trillion dollar coin from the reliable government?

      You can’t solve problems just by printing pieces of paper. You become prosperous by producing more than you consume, and by saving the difference. However, the U.S., Western Europe and many other parts of the world consume more than they produce. They have been living on borrowed money and mortgaging our future with debt. That holds true for governments and for individuals.

  • hotdoge3

    Tell me why ? US need China need US

  • Pharisees.org

    In 2012 the US Justice Dept. approved China owning US banks at the request of the Federal Reserve. China has a stake in US banks and they can own partial or whole. Nefarious doings and for what end purpose? China gains legal rights in US courts via ownership of US banks it otherwise not have.

    Does the Federal Reserve and China intend on forever changing American society when US dollar collapses and people by the tens of thousands can’t pay their mortgages and what if China through ownership of US bank(s) becomes holder of those mortgage notes and demands the underlying assets thereof, American homes and businesses?

    The Federal Reserve is a corruption institution by its nature and FR bringing in its corrupt Chinese counterparts to own US banks is not a good thing for Americans.

    http://beforeitsnews.com/spirit/2013/01/jews-of-asia-v-false-apostle-paul-2474836.html

  • Anonymous

    Quote:
    “I would not be surprised if the government has technology that would allow them to drive past your house and detect how much silver or gold you have and the location in your house. Paper money has metallic strips in them, maybe they can see how much paper money you have too. Perhaps any amount of silver/gold/money above a specific amount in your home or on you will be suspicous and open you up to be accused as criminal or terrorist and to confiscation.”

    Is Your Money Being Tracked? RFID in Euro and Dollars!

    http://www.ssrichardmontgomery.com/rfidmoney.htm

  • Bill Downey, Goldtrends.net

    At best — perhaps a world currency with some percentage of gold used. I don’t have a link — but i also think this news came out a year ago.

    The best source in this report also was making predictions that the COMEX would close in 2009 and that gold was about to explode a year ago.

    With that said — i’m not dissing the author, JW or his source. But the timing of this is not known by anyone for sure except the upper upper elites who control. And they will have to lose control in order for gold to emerge as the currency.

    Not saying it won’t happen — but a lot more water is going to have to flow over the dam first. I can just see Europe, USA and the rest of the world saying — Ok, China — lets use your currency instead of ours and now that you have all the gold — you can use it to back your currency.

    Perhaps — but the Dow will be 2000 and interest rates 30 % first.

    The days of US dominance surely will pass —— but its going to take a lot more to put China in control of the world currency.

    The currency of USA will have to be extracted from their hands —– just ask Saddam, Kadaffi and JFK. The real road to JFK is that he printed up NON FEDERAL RESERVE NOTES — called UNITED STATES NOTES —- and for the same reason and Saddam and Kadaffi — they took him out and legally i might add under NATIONAL SECURITY rules.

    I’ve seen the notes — I have one —- and Johnson cancelled them by exectutive order. He was getting rid of the FED.

    • natanarchist

      Bill;
      Can you provide a picture of the Notes you refer and can you provide EO number that Johnson signed you also reference. Thanks

      • natanarchist

        Bill;

        Before you answer my previous question, are you referring to Jim Marrs claim about Kennedy’s EO #11,110 ? That order refers to Silver Certificates that were issued which is most likely the notes you are referencing. Executive order 11,110, modifies Executive order 10,289 signed by Truman in 1951. E.O. 10,289 states “The Secretary of the Treasury is hereby designated and empowered to perform the following-described functions of the President without the approval, ratification, or other action of the President…” The order then lists tasks (a) through (h) which the Treasurer can now do without bothering the President. None of the powers assigned to the Treasury in E.O. 10,289 relate to money or to monetary policy. Kennedy’s E.O. 11,110 then instructs that

        SECTION 1. Executive Order No. 10289 of September 9, 1951, as amended, is hereby further amended (a) By adding at the end of paragraph 1 thereof the following subparagraph (j):

        ‘(j) The authority vested in the President by paragraph (b) of section 43 of the Act of May 12, 1933, as amended (31 U.S.C. 821(b)), to issue silver certificates against any silver bullion, silver, or standard silver dollars in the Treasury not then held for redemption of an outstanding silver certificates, to prescribe the denominations of such silver certificates, and to coin standard silver dollars and subsidiary silver currency for their redemption,’ and (b) By revoking subparagraphs (b) and (c) of paragraph 2 thereof.

        SECTION 2. The amendments made by this Order shall not affect any act done, or any right accruing or accrued or any suit or proceeding had or commenced in any civil or criminal cause prior to the date of this Order but all such liabilities shall continue anymay be enforced as if said amendments had not been made.

        John F. Kennedy, THE WHITE HOUSE, June 4, 1963.

        To understand exactly what Kennedy’s order was trying to do, we must understand the purpose of the legislation which gave the order its underlying authority. The Agricultural Adjustment Act of 1933 (ch. 25, 48 Stat 51) to which Kennedy refers permits the President to issue silver certificates in various denominations (mostly $1, $2, $5, and $10) and in any total volume so long as the Treasury has enough silver on hand to redeem the certificates for a specific quantity and fineness of silver and that the total volume of such currency does not exceed $3 billion. The Silver Purchase Act of 1934 (ch. 674,48 Stat 1178) also grants this power to the Treasury Secretary subject to similar limitations.

        To conserve the Treasury’s silver needs, the Silver Purchase Act and related measures were repealed by Congress in 1963 with Public Law 88-36. Following the repeal, only the President could authorize new silver certificate issues, and no longer the Treasury Secretary. The law, signed by Kennedy himself, also permits the Federal Reserve to issue small denomination bills to replace the outgoing silver certificates (prior to the act, the Fed could only issue Federal Reserve Notes in larger denominations). The Treasury’s shrinking silver stock could then be used to mint coins only and not have to back currency. The repeal left only the President with the authority to issue silver certificates, however it did permit him to delegate this authority. E.O. 11,110 does this by transferring the authority from the President to the Treasury Secretary.

        E.O. 11,110 did not create authority to issue new silver certificates, it only affected who could give the order. The purpose of the order was to facilitate the reduction of certificates in circulation, not to increase them. In October 1964 the Treasury ceased issuing them entirely. The Coinage Act of 1965 (PL 89-81) ended the practice of using silver in most U.S. coins, and in 1968 Congress ended the redeemability of silver certificates (PL 90-29). E.O. 11,110 was never reversed by President Johnson and remained on the books until 1987 when there was a general cleaning-up of executive orders (E.O. 12,608, 9/9/87). However, by this time the remaining legislative authority behind E.O. 11,110 had been repealed by Congress with PL 97-258 in 1982.

        In summary, E.O. 11,110 did not create new authority to issue additional silver certificates. In fact, its intention was to ease the process for their removal so that small denomination Federal Reserve Notes could replace them in accordance with a law Kennedy himself signed. If Kennedy had really sought to reduce Federal Reserve power, then why did he sign a bill that gave the Fed still more power?

        see: Woodward, G. Thomas (1996), “Money and the Federal Reserve System: Myth and Reality,” Congressional Research Service.

  • HolyCow

    It wouldn’t surprise me if these coins were some kind of metal, covered with a thin plating of gold, and sold as “solid gold”. The chinese are notorious for fake stuff, and poisonous food products all in the name of making money.

    You heard it here first.

  • lezlow@hackersclub.net

    yuan a piece,lol

  • Jose

    IMPEACH Obama,
    Prosecute Obama for FRAUD (NOT eligible to hold the office)
    Prosecute Obama, Holder AND Soros for VOTER FRAUD.
    Prosecute Obama, and ALL associated with the FED RESERVE for FRAUD (Inflation)
    What IS inflation.
    We did NOT have inflation before 1913, and before the inception of the Fed.
    $ 1 from 1913 was worth 2 CENTS in 2008.
    $ 1 from 1985 was worth 20 CENTS in 2008.
    WHAT IS INFLATION.
    This is where the Fed prints money, and then PAYS it out to the elite that are controlling the FED.
    If that money was printed, and stored, there would be no inflation, but the elite have put the money back in OUR system, as if it was theirs.
    This explains WHY the Rockefellers are worth over $100 Trillion, and WHY the Rothchilds are worth over $600 Trillion.
    This is NOT complicated. They have ROBBED our country BLIND.
    Between 2008, and 2010, they DOUBLED the money supply AGAIN.
    $ 1 from 1913 is now worth 1 CENT.
    Seize the banks that own the Fed, and let the American citizens be the shareholders.
    Seize ALL of the assets of EVERYONE associated with the Fed SINCE IT’S inception, and prosecute them for CRIMES against humanity!

  • Bankster Slayer

    Jim Willie has a new blog posted April 30th along these same lines, and a great chart showing the Concentric Rings of Dollar Death. Quote: “Wall Street Boyz did not return the Chinese gold in 2007,” now China payback is to lead the world back to a global Gold Standard.

    http://news.goldseek.com/GoldenJackass/1367352000.php

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.