Communist Chinese (1); Communist hierarchy (1); Communist Party's Standing Committee Cheng Siwei (1).
Thu 2009-09-17 10:31 EDT
China has issued what amounts to the ``Beijing Put'' on gold. Former Vice-Chairman of the Communist Party's Standing Committee Cheng Siwei: China has fundamentally lost confidence in the US dollar and is going to shift to a partial gold standard through reserve accumulation. [dollar losing reserve status]
Jesse's Café Américain Sun 2009-09-13 10:37 EDT
The US Federal Reserve's policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to Cheng Siwei, a top member of the Communist hierarchy...The blowback on the US dollar will be significant. Dollar losing reserve currency status.
China admonished; Dollar; Hard Fall; Jesse's Café Américain; monetize; see; Time.
Fri 2009-01-16 00:00 EST
``There is a game of chicken developing here: both China and Japan hold more than $1.5 trillion in US paper and whoever drops it off the cliff first, will beat the one who hesitates...Will they do it? I would think so! This will probably happen after Saudi Arabia falls to revolutionaries...It is the focal point of all of bin Ladens works and dreams. And it will happen if oil drops below $30 a barrel.'' ``Store shelfs are packed with goods. But let that not fool us! These are the detritus from deals made at least a year ago if not longer. There is nothing in the pipeline. Once the shelves are cleared of goods, there will be few replacements.'' ``The US and EU refused to police our bankers and brokers. So the Communist Chinese will do this for us. No one will bank with the West. They will bank with China if China has good controls...And our money will have Mao grinning at us. We deserve this.''
