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Topic: Jintao: dollar-denominated international currency system "product of the past" (Read 1529 times)

legendary
Activity: 1708
Merit: 1010
Maybe we can help push the dollar along on the road to extinction.  Wink


No need to do anything but wait.  All fiat currencies have followed the same path.  Although the FRN has had a pretty good run, perhaps the longest in the history of fiat currencies, it looks like the game is almost up.

Quote

The Chinese president also said that U.S. Federal Reserve policy was fueling inflation in emerging economies.


That's actually a fair accusation, but it's almost as true for the Yuan.  The Chinese government has been understating their inflation rate for a number of years now.  Perhaps the past decade.  They aren't as careful at it as the Federal Reserve, and they are going to have a currency crisis pretty soon.  An in China, that is likely to lead to civil unrest, since the working man there ddoesn't even have the pretense of having some say in his own government's policies, and therefore the only path towards reform is bloody.  I would caution anyone considering large investments into China.  We know that China is a powder keg and the fuse is already lit, we just don't know how long the fuse is.
legendary
Activity: 1470
Merit: 1006
Bringing Legendary Har® to you since 1952
Bitcoin is the solution to China's problems!  We need to get Bitcoin to China!!!

The problem with Chineese is that they may get a bullet in their head for doing something the government doesn't like.
They don't fuck around with dissidents in China like they do in democracies. If they even suspect that you're doing something nasty, you get sent to labor camp or worse.
legendary
Activity: 1304
Merit: 1015
Bitcoin is the solution to China's problems!  We need to get Bitcoin to China!!!
legendary
Activity: 980
Merit: 1014
The Chinese will lose too!
legendary
Activity: 1658
Merit: 1001
The Chinese have been tightly regulating their yuan (compared to the dollar). And now he starts complaining about the dollar?  Roll Eyes
hero member
Activity: 726
Merit: 500
http://online.wsj.com/article/SB10001424052748703551604576085803801776090.html

Maybe we can help push the dollar along on the road to extinction.  Wink

The Chinese president also said that U.S. Federal Reserve policy was fueling inflation in emerging economies.

Time for more yuan<->BTC exchangers?

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