The Chinese are going to back their currency with gold.

18 comments on “The Chinese are going to back their currency with gold.
  1. Commentariat says:

    Thank goodness something is happening at last – this FIATSCO was driving me round the bend.
    Max, that Casino Gulag may get some new inmates from wall street now.

  2. Commentariat says:

    Oh and Happy Birthday bye the way this is a great birthday present.

  3. Part time lover says:

    This is the day WW3 started. The US empire wont go quietly! Go China anyway!!

  4. nexusakachus says:

    nice pic :)
    nice notice also :D

  5. flicks says:

    Yes its quite a Birthday present for Max.

  6. The Ricard says:

    Happy birthday, Sir!

  7. jmurphy says:

    Yay!!!
    Can’t wait to see Baby Ben Bernanke in tears as the empire collapses into the cesspool it has become.

  8. Vonda Bra says:

    @ Commentariat | January 23, 2013 at 11:10 am |

    thanks for that word creation FIATSCO !!!!
    brilliant ! LOL :D
    I just spilled my coffee ….

  9. hbd keiser says:

    Can anyone confirm this? No news from the mainstream media?

  10. Matt says:

    Who cares? They are finally going to unpeg? Good news all around. I have doubts about their ability to pull it off but Good Luck China!

  11. ronron says:

    looks like the fucking dollar is gonna crash through the 49th floor of the comex. :-) morning Vonda.

  12. Danny Cunnington says:

    It’s great if it can be confirmed but we really need a link to the WGC document. We know that China announced that it was going to use it’s Yuan externally (for instance to buy oil and other raw materials) so if they back their currency with gold They could be the new currency of choice but there’s a problem. In order to prevent it from being drained of it’s gold China would have to accept payment for it’s exports in gold or a gold backed currency. Because of Gresham’s law, all nations want to spend unbacked fait money and get paid with gold backed money

    I think it too general to just state “China will back it’s currency with gold.” There’s several different ways to gold back a currency and there’s also gold backed trade settlement. These are the details that we don’t yet have. I suspect that we will see something new in regards to gold backing.

    We know that China has been recasting t’s production and imports into one Kilo bars for several years quietly. What if it was also recasting another source of Asian legacy gold that was locked out of the system by the Bretton woods agreement of 1944?

    Also, who are the owners of this gold stash? The Chinese government may just be a custodian or part custodian for other controlling groups. Just as the western governments may have overstated their gold holdings, the Asian may be understating their holdings. What we do know is that the Chinese have recast more one kilo bars than anyone else but not a single one of these bars with Chinese markings in held anywhere in a western bullion bank. So huge flows in and no flows out.

  13. Mother Earth says:

    The main process in this ‘soon, really, soon, really’ propaganda (independently of the pro’s and cons of goldbacked currencies) is posponed orgasm..

    Yes, yes, almost, no, almost, yes, comming, no wait, soon, abit more, yes, yes, YEASSS, oh wait, no almost! etc.

    This is what drives people crazy. Lots of people depressed after the final climax, and dead probably.

  14. jmurphy says:

    can i have some of what mother earth is having…?

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