In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19.
When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets.
But for years, China has been amassing huge amounts of gold bullion; some have said their appetite for bullion has been “staggering.” And with a new gold-backed Yuan to be issued next Tuesday, the entire world will have a choice of a new currency to use for international trade: The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold. Which currency would YOU use?
When this new currency is issued, countries that have been forced to use US Dollars for decades, and have had to keep billions of dollars in their foreign currency reserves, will be free to dump those dollars. But they won’t be able to dump them to China for the new gold-backed, Yuan!
China has reportedly decided ”there can be no conversion of gold-backed Yuan to or from US dollars.” What China fears is that many countries around the world will want to trade their reserve US dollars for the new Yuan, leaving China with mountains of worthless US dollars. China already has several trillion in US dollar reserves and does not want or need more.
If news of this decision by China is correct, then countries around the world may just have to decide whether or not they wish to continue trading with the USA at all?
The upheaval this could cause as early as next week, would be staggering.
This is a fast-developing story; check back.
http://archive.is/yhU7j
http://www.globalresearch.ca/china-says-no-dollars-for-new-yuan/5520618
gg america
>>71428392
China has not choice but to allow the Yuan to be convertible freely to dollars or any other of the world reserve currencies literally it's a required part of the position. China is a paper tiger and it's made out of shit debt paper the U.S. swindled it with
Can a finance nerd explain this to me pweeze :)
>>71428683
china currency is backed by gold
usa currency is backed by nukes
>>71428672
>China is a paper tiger
People like you have been saying this for decades. It's time to wake up and face reality.
>>71428672
Obviously, what they are saying is that they will not allow for a mass conversion upon release.
>>71428683
China's money represents something of worth, and does not want to give it away for worthless US banknotes, of which is has trillions already.
US's money is inherently worthless as it represents the credit of the nation, which is shit apparently and China owns trillions in US debt.
They are trying to make their money take over as the world standard, i.e.: most valuable.
>>71428921
they literally have no choice, world reserve currencies must be freely convertible between each other. It doesn't matter anyway as the world isn't going to suddenly jump all in on Chinese securities or currency. For as bad as the U.S. is it's still the safest place to park money and will remain so for a long time
>>71428944
>China's money represents something of worth
and what is that exactly? because the Yuan is a fiat currency also and this new fangled gold back Yuan is a myth that's never going to come to fruition unless the entire world returns to a gold standard
Funny this comes at the exact same time that we announce we are putting women on our money.
>>71429165
people value gold for myriad reasons. always have and always will. a currency backed with gold is preferable than a currency backed by faith. faith which is obviously faltering, as we can see by the mere fact China does not want any more USD
>>71428392
>backed by gold
Not like the Chinese cook the books or anything.
also there is no new 'gold' yuan the chinese have simply created a yuan denominated gold market in the Shanghai exchange which means that in that particular market gold trades for yuan instead of any other world currency this literally means nothing as the biggest gold market in the world is in London and will remain so despite China's fickle move to appear to be a financial powerhouse. Next time you probably want to actually research the issue before falling for click bait articles as well
>>71429290
there is no currency backed by gold you idiot, all this means is that there will be a yuan denominated exchange market for gold i.e you can exchange yuan for gold directly. surprisingly just like you can exchanged any other currency for gold so by that logic all the world currencies are backed by gold then
>>71428392
This is so stupid, their growth would be stunted by a gold backed currency. You need to have more money as your economy grows, thus it would require more and more gold.
Get over the gold standard. It won't work again. Fiat money is the now.
>>71428392
>US Dollar which is backed by nothing,
Its backed by freedom
Keep on acting uppity and you dirty chinks will get a taste of it.
>>71428392
Can we please embargo china already ?
What are they gonna do nuke us ? Start a fucking war against everyone else ?
Goddamnit our governments are such cucks.
>>71428392
Sweet. We need a world war anyway
>>71429624
Are you retarded?
>>71429452
this also. spergs trusting the slant eye as if they are some sort of upstanding morally non bankrupt race. you know one that won't swindle even their own with fake medicine and baby formula that kills.
>>71429755
Don't forget counterfeit eggs
oh shit, trump will abuse this fact. ww3 soon?
>>71428392
>globalresearch ca
this is like a left wing infowars but even worse
come back when you find a real and non-tinfoilfag source on this
(you can't because it didn't happen)
>>71429825
truth the chinese are the most morally bankrupt race on the planet for a shekel even worse than jews, jews may rip you off but they won't kill you with the product the first time and kill off their customer base.
In Islam a currency isn't legit until it contain gold inside it.
Like 1 dollar should contain 1 dollar worth of gold...
Waiting for the day it will comeback.
WE WUZ KHALIFAS N SHIT.
http://www.aei.org/publication/the-house-financial-services-committee-repeals-title-ii-of-dodd-frank/
Title 2 of Dodd frank was repealed today...
>globalresearch.ca
If I wanted to read Putin's personal version of Infowars, I'd just look at RT.
>>71429457
9457
Heh nice try kid. I've been following gold since the price crash '12. Yeah China's gold market is bad, but so is London's. You don't even know the real place we "gold bugs" trade. You think you have what it takes to make a living trading the ultimate currency? Well good luck
>>71428672
>paper tiger
>has all your gold
Sorry son. You lost this one.
>>71430012
>truth the chinese are the most morally bankrupt race on the planet for a shekel even worse than jews, jews may rip you off but they won't kill you with the product the first time and kill off their customer base.
You know that "quality products" are Chinese too right? Like iPhone, Mac, Beats the "American products" are actually made in China...
If you get a bad product it's only because the Jew importer in US wanted to gain a lot of shekels.
>>71429290
>people value gold
Jews aren't people.
>>71428392
The Chinese idea of obeying a law is not getting caught. They poisoned infant formula to save the equivalent of pennies in production costs. How exactly is this currency not going to do exactly what all currencies do as soon as it is expedient to a given business?
>>71428672
The US will be a majority shitskin country very soon
And you think China is the paper tiger? a country of 1.5 billion ppl ?
It's the west that'll die violently in civil war/seccession wars soon enough
>>71428743
>>71430151
Fuck your gold
If it was so important was is it not the standard for decades?
It's only in third world countries that you can buy anything with gold
>>71430071
Title 2 literally doesn't matter. It's literally ignored in the real world. This is literally amounts to a fart in a hurricane.
This is the type of shit that really shows how stupid most of this board is
"do you want China, the most reliable country in the world's new SHINY GOLD BACKED money? Or shitty American dollars backed by NOTHING! lol why do people even use the Us dollar it's not worth anything right?"
You just don't understand anything do you?
>>71430036
The price of gold fluctuates independently from the price of the currency that it is part of, this wouldn't work.
What about a currency that is backed by lolis?
>>71430190
Seriously, I can barely find anything made in the US.
still not one of you acknowledging the fact that this new gold backed yuan doesn't exist and you fell for a fucking retarded click bait article hook line and sinker
It is all working like clockwork. There is absolutely no way USA can win China in long run even if China just keeps on doing what it has been doing for the last 40 years. This move would cut wings off USA and make China's dominance permament and do it much faster. I was predicting 2040 year of total Chinese global dominance, now I'm betting on 2020.
>>71430226
Chinese immigrants in the US are the most law abiding demographic. My neighbor is Chinese and he is the nicest most honest person i've ever met. He came over and brought some orange chicken his wife made and it was delicious. Also his son is honor role at the local school. Racists like you need to get a grip!
>>71430326
BARBAROUS RELIC
>>71429290
>>71429567
Seems like oil is just as valuable, that we need it in every day life more than gold. Why isn't there an oil backed currency? Gold and oil seem finite as well.
>>71428392
>source is globalresearch.ca
gr8 b8 m8 i r8 8/8
>>71430499
Yeah, yeah act all high and mighty because people are going back and forth on a topic and you know better than everyone
you're what people call a faggot
>>71429624
>their growth would be stunted by a gold backed currency. You need to have more money as your economy grows, thus it would require more and more gold.
What the hell?
>>71430595
Ever hear of the petrodollar? That's right kid, you think you've come up with this brilliant idea but the whole world is laughing at you.
>>71430575
your shit use of english outs you as being a chinamen
So? They will just change their money into euros and then change it into dollar. Woooow, that was hard.
>>71430326
>If it was so important was is it not the standard for decades?
Then how do you explain that most countries have kept their gold reserves?
>>71428683
The old economic system had gold and precious metals backing the currency notes. That is, the intrinsic value of currency is derived from a physical asset.
That was not good enough for doing business and expansion, so most countries fucked off gold standard and started printing money, especially US since they can just print new money to pay off all debts as the entire world uses dollars.
If China goes gold standard, their currency has solid value, no worry of default as gold reserves can be utilized. That also means US no longer has monopoly to print more money to settle its debt. It cannot import/export anything using its own currency as Yuan is now the best thing in the market.
GG NO RE
>m-muh sources
ITT: tinfoil hats
>>71428918
>>71430151
>le China is a super power
>>71428392
>http://www.globalresearch.ca
you are a dumb, tinfoil cunt.
>>71430635
i thought getting fucked in the ass every night like you made one a faggot. pointing out that people are falling for a shit fake article and being led like lemmings isn't being a faggot...there used to be some intelligent folks around that didn't fall for obvious click bait trash wtf happened
>>71428392
>I don't understand fractional reserve banking
>I don't understand why cheap money is a good thing
>I hate my country enough to limit us to a finite amount of currency, cutting our buying power off at the knees
At the end of the day, gold is just as much of a fiat currency as ours, except we can make more of it. Oh, and how do you plan to enforce this whole "can't trade dollars for new Yuan" thing?
Christ, China. I can't wait for Trump to ream you out.
>>71430575
I'm Chinese and my parents have nothing but thinly veiled disdain for mainland chinese.
>inb4 HK, they're not
WWIII guys, the US has gone to war with every country that has tried to make a precious metal backed currency. The jews even killed JFK over it, he wanted a silver backed dollar and to audit the fed.
Look at what comes up in this search
https://www.google.dk/#q=jfk+audit+fed&gws_rd=cr
>>71428672
Convert dollars to yuan. Convert yuan to hold yuan.
That was easy.
>>71428392
>The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold. Which currency would YOU use?
USD could be toilet paper and it doesn't matter at this point. Still backed by the worlds most powerful army by leaps and bounds. Tuesday will be interesting regardless.
>>71428392
all what american domain in the world brought us was more brown immigrants and cuckoldry, lets see what chinks have to offer
>>71430740
Leafbro seems fine
>>71428392
>backed by gold
When will this meme end? The gold standard is literally a tool used to give banks supreme power over the state. Credit-based economy, while not perfect, is objectively better. The advent of credit-based economics is one of the main things that allowed Britain to defeat Napoleon, whose rigid gold-standard economic ideology couldn't compete.
>>71430667
A gold backed currency encourages saving and gives too much power to the working class.
An imaginary currency lets the elites flood the country with money that constantly loses value, which makes people have to work non-stop to maintain anything. The only things safe from this kind of currency are owning either real estate or the means of production. Everyone else is constantly losing earning power
>>71430909
>Canada
Seriously?
>>71430740
Gold has value outside of "ITS SHINY :D"
It has function in technology and "jew"lery
Other than that, it's functionally worthless. Saying that China is more powerful because it has more gold is delusional, I don't need to apply any metaphors or examples, that is just pure idiocy.
>>71430190
>iPhone, Mac, Beats the "American products" are actually made in China...
>Quality
>"American products"
KEK
>>71430595
oil is perishable
>>71428392
>The new Yuan will be introduced next Tuesday, April 19.
>Check today's date
?
>>71429567
its written into the US Constitution (albeit ignored) that the US can only use gold and silver as money
>>71428743
Sure, china doesn't have nuke...
>>71430799
>tfw no gold reserves
>forced to live off of maple syrup
>becomes vassal state of Venezuela due to excess toilet paper currency
>>71430909
>>71431017
Gold is unimportant. But we are doing fine because we don't rely on gold. If we relied on gold like we did with oil we'd be in deeper shit. Nobody relies on gold for good reasons.
>>71430326
You see, the point of metal-backed money is that it has a real 1:1 translation to human work spent - the value of work done to extract the metal from the earth is now the standard against which all other work is measured. When your currency is backed by nothing but your promises and when it's subject to changes in mass on a whim of the guys controlling the printer it becomes really hard to make this 1:1 connection between actual work and its value, and so you become prone to various nasty shit like ridiculous inflation. It makes sense to have your money directly represent a unit of human labor.
Who /arsenal/ here?
>>71429624
We have double the reserves (gold and other assets) than we have the actual printed money, i believe the only country in the world like that. Along with China also one of lowest in the world Debt to GDP.
We know the dollar crash is inevitable and comming and preparing for over decade. That said it`ll likely take another decade for it to actually happen - next few years should be relatively stable.
>>71430012
Pic related
>>71431027
The US depends on it's status as a reserve currency. It's what creates demand for the otherwise worthless paper.
If that's threatened (dollar status as reserve currency) the US economy completely implodes.
For thousands of years GOLD was the fiat currency of the world because it was universally malleable and portable and everybody wanted it; it was the most efficient means of valuing wealth. Now that gold is a consumable resource in the production of electronics and the like, it is no longer a valuable store of wealth or an efficient fiat currency. The nigh physically useless dollar on the other hand, backed by American hegemony and global capitalism, is not liable to be replaced by heavy metals any time soon.
>>71430190
>>71430575
Thanks chow, go pet a pitbull
>>71430799
>>71429729
Embargo China? Are you fucking retarded?
>>71430410
>The price of gold fluctuates independently from the price of the currency
you mean the value of fiat currency fluctuates compared to the value of gold
>>71431214
Beautiful AK clone anon
>>71430430
Spain asking the important questions
>>71430117
http://www.forbes.com/sites/kitconews/2016/04/13/chinas-yuan-based-gold-fix-to-include-two-international-banks/#bdab20573b79
better now Amerifat?
>>71431241
also the fact that oil is traded with the dollar, but the point is countries go to war over this sort of stuff
>>71428392
Thank you US for peggin the dollar on oil you fucking saudi loving faggots. Trump needs to win
>>71431027
It has a greater function in technology than you or I even realize. It also cannot be made, and so serves as a platform from which HONEST people can build civilization.
>>71430575
We're you missing a cat after that meal?
>>71431124
Article 1 section 10 restricts the states, not the federal government.
>>71431347
Thanks
Dem 5.45x39mm wounds, mang
>>71431151
At least toilet paper has more value than gold :^]
Also show me where your oil fields are :^]
if true, this means war.
>>71430490
Buy some guns you fucking cuck
>>71429624
Do you seriously not understand how precious-backed currency works?
>>71428392
This is fake.
>>71430151
The United States has over 8150 Tonnes of gold in their reserves.
China has roughly 1700 Tonnes.
The United States has more gold than any 3 countries COMBINED.
If the US decided, tomorrow, to back our currency with Gold, we'd crash the global economy.
>>71429911
http://www.forbes.com/sites/kitconews/2016/04/13/chinas-yuan-based-gold-fix-to-include-two-international-banks/#5a0e363473b7
>>71430595
the $ is unofficially backed by oil. Thank god we found oil in our backyard
>>71429089
>must be freely convertible between each other.
says who?
Is there some international law about this?
>>71430505
How are they going to do that when their entire industrial capacity has been bombed to smithereens?
>>71431016
>own 120 acres
>broke as shit
So you're saying I'm kinda safe?
You know I actually like that a lot of Americans are still delusional about China becoming the next superpower. I want this to last as long as possible until it hits them so hard. Just like a BBC up their ass. But it's too late.
>>71431652
Lol. No. China has the most.
>>71430117
RT at least has the decency to have qt reporters
>>71428392
The USD is backed by the world's strongest military and longest continuous government in the developed world.
That's why US bonds are the safest investment in the world. It is the most likely currency to keep existing and be useful for exchange
Tell me, is a 70 year old state, with a long history of regime changes, a better bet on stability than a 400 year old state who currently occupies almost every landmass on earth?
>>71431652
>implying thatthe US has as much gold as it says it does
Good goy
>>71431652
>The United States has over 8150 Tonnes of gold in their reserves.
In their reserves no one has seen since 50 years, and they don't want anyone to see them
>>71428392
nice
>>71429452
They manipulate their currency too much for anyone to take it seriously. They need to be more tricky like the jews. Too obvious
>>71431195
A Single worker at the printing factory would be worth ¢0.005 in China tho
>>71428392
>http://www.globalresearch.ca/
Ok, now some less tinfoily and conspiracy less article?
you niggers are all debating stupid shit that came from a tinfoil hat site.
>>71430595
Oil prices go up and down a lot. If there's a new technology, the currency will crash
all this means is we're going to war with China
fucking sucks since i'm 21
>>71430595
Is this bait?
The US Dollar is backed by oil
>>71430770
Yeah, but we have nukes. If you don't use our currency, we'll nuke you. Sound fair?
>>71429729
Your govt is king of cuckry. Do something about it you beta italian
>>71428392
Fucking idiotic. Can't they see that anybody could just trade USD for a currency they WILL accept for gold yuan? And that they, by the code of the Global Reserves they gold-backed the yuan to get into in the first place, they MUST be able to be exchanged for any of the other Global Reserve currencies, of which the USD is one.
tl;dr China is fucking retarded and don't understand economics still, making the USD possibly stronger than ever by making China's shit all stupid and duh
BREAKING NEWS
US intelligence reports strong suspicion China holds WMDs capable of hitting the West Coast!
>>71431442
Yes but you can't base a currency on gold any more in this century.
When will /pol/ accept the demise of fiat?
>>71428392
Oh don't antagonize our greatest allies in Asia they said... a tariff means a trade war they said. Trump was right again, suck my fucking dick Megan Kelly.
>>71431652
You don't honestly believe this right? Yeah fuck this idiot, I'm calling bait
>>71428392
>can longer trade freedom bux for cheap Chinese shit
The growing pains might be tough, but this is for the best
>>71431756
http://www.profitconfidential.com/gold/top-10-countries-highest-gold-reserves/
China isn't even in the TOP FIVE.
>>71430012
Jews understand good business, chinese wanna watch the rest of the world burn
>>71428392
>it's a China will crush the US economy episode
>>71431756
Sure it is Daniel
>>71431652
>nobody has been in Fort Knox since the 60s
but yeah, heh, its totally there , r...right goys?
>>71431900
>America declares war on China
>world declares war on America
DO it already DO IT DO IT DO IT DO IT DO IT
The U.S. dollar is the world's currency because it is stable, and confidence in its U.S. backing is high.
Gold-backed or not, trust in the Chinese gov't is low.
>>71432014
>using a fake source with a made up chart
Lol.
>>71432014
the fed isn't a goverment agency though
>>71431889
A currency "backed" by oil will mean you go to the federal reserve and you can buy 1 dollar worth of oil for 1 dollar.
The US currency is backed by debt, public and private.
>>71431900
Try that line with China. My country has most of its reserves in USD.
>>71432049
Israel will help us.
They would lose hundreds of billions in exports to the usa. As the added expense of converting back and forth between a third party currency, would raise prices.
>>71431951
Burgers won't ever, not until they are literally handing a cashier a duffel bag of American money for some bread and a bottle of whatever they are going to drown in for the night.
>>71431733
>owns 120
>hasn't already made a self-sufficient farm.
>>71431547
We have this thing called the North Sea.
Angry Americans who don't understand the history of currency or the role of physical assets in the role of backing currency: The thread
I hate slants too but get a grip burgers, the petroleum dollar is shit compared to a currency exchangeable for gold at a fixed rate. Hell it's so threatening to a dollar backed by common use in trade that they killed Gaddafi over his plans to create a new gold Dinar.
>>71432055
who gives a shit about goverment, it's backed by gold
you think people actually care about muh human rights?
What's their end game?
Chinese economy depends on the US. We're literally the biggest consumer of chink shit in the world.
>>71428392
>There are no jews in China
>Xi Jin Ping can't get Gaddafie'd
Will China defeat the Jew
Does the Jew really fears the Samurai?
>>71432226
>What's their end game?
Crash the global economy, no survivors.
>>71430404
Indeed, like this guy >>71430326
Literally baffled at the stupidity sometimes
>>71432217
Americans still believe they're a superpower. Well as a German I know when a country is past its prime. However, they have so many layers of 'Murica indoctrination that they think they get to glass the world before allowing anyone to be independent from them.
>>71432226
china makes our shit, retard.
>>71430740
Or "liberated" them as in your country's most recent case
>>71432275
southeast asians have so much secrecy within their communities it is very possible they can
>>71432049
>We get to nuke the world
Sounds good tbqh
>>71430326
>It's only in third world countries that you can buy anything with gold
This is what americans actually believe
>>71431970
Fort Knox has been under wax seal since 1986.
The seal was only broken once in 2010, so it could be replaced with a stronger plastic seal.
The gold hasn't gone anywhere.
>>71432223
No, government is backed by force of arms and intervention in society, which are tools they use to enforce a social contract within their respective states.
>http://www.globalresearch.ca
into le trash
Gold is outdated. Get with the times grandpa, it's not the 1800's anymore!
A superior currency will be backed by a diverse range of assets, rather than just one. Gold is simply another asset on the market, that fluctuates wildly according to supply and demand. As anyone on Wall Street will tell you, the most stable store of value is not in a single asset but in a diversified basket
With modern technology it's easy to exchange assets and adjust portfolios. Having a diverse currency is not out of the question.
>>71432226
Americans would be able to buy Chinkshit with Yuan.
That is the goal.
Americans won't use Fiat Dollars if they can't pretend they have value any more.
>>71428392
Can't an intermediary just make this irrelevant?
I'm sure plenty of banks would be willing to exchange yuans for dollars. Plus the exchange rate is determined on the forex market, so even if china says you can't convert, you can still get an exchange rate on the markets
>>71428392
IT. IS.
H A P P E N I N G!!!
(and /pol/tards don't even understand it oh the ironing)
>>71432217
Kind of this, Burger land thrives on our ability to strong arm smaller weaker countries with economic hits to reallocate resources or generally keep the economic climate in favor of burgerland, but that changes when it's a bigger country like China, we can't play the same economic hit game that we do with smaller less stable countries. I'm not going to claim to know how this will play out, but it's way different then with most of the countries we try to fuck with.
>>71428672
40, or even 20 years ago I would completely agree that China was a paper tiger.
Not so anymore. They are rapidly expanding their influence in the world, I encourage you to look at the grip they have on resource-rich nations in Africa. Their military is top-tier and they won't have problems with internal dissent like America will going forward.
>>71432300
>can't even keep Mexicans out of his country
>thinks he can take on the world
>>71429089
>Americans actually believe this.
Why the hell would any other nation want to continue to use the dollar? Literally the only reason not to would be the fact that any other country that's threatened the dollar we've went to war with and taken down.
>>71428392
Is this new gold backed yuan the same thing as the old ones? I have a bunch of Yuan I picked up just in case China ever turned into the new world hyperpower, grabbed some rubles at ~70 to the dollar too, which is already a profit.
>>71432476
Yes, but Forex is huge, they can't exchange it all without printing money.
The entire point of this is to cause inflation and crash the US economy (because it's fake and gay)
>>71432476
I'm certain some poor sucker's currency is going to be recruited for the task of intermediating Yuans and USD. Whatever country that is (most likely Aus) will get the shit end of the stick in this deal
If they "destroy" our economy they'll also destroy their own. Mutually assured economic destruction is a beautiful thing.
So Trump's totally going to use this as leverage, right?
>>71428392
The US is going the way of the Soviet Union. It's about fucking time that the other world power parasite collapses
>>71432226
I think they realise that they are so tied in and reliant with the US that they want to break away and start having a more independent economy, and as >>71431780 said >The USD is backed by the world's strongest military and longest continuous government in the developed world. So why not back a currency in the next best thing.. precious metals
>>71432476
You don't understand do you. The whole point for China is that they don't want crappy US dollars. It's not like they're trying to stop the world from exchanging to USD. There are more to it than this but this is one part of it.
>>71432350
Chinks are going to take our power position, have no worries. This is what we get for getting mad and literally topping people like Gaddafi who tried basically the same thing. America wants to be the big bad bully but we won't be able to any longer, a new kid is on the playground. A slanty eye with gold.
>>71432046
>fort knox
ha, it is for tourists
>>71432621
CHINA!
>>71430404
Bait
>>71432677
>>71432451
>the most stable store of value is not in a single asset but in a diversified basket
Staggering insight, now let's check what US$ is backed by
1. worthless oil
2. useless oil
3. too much oil
Nice currency you're having there.
>The old US Dollar which is backed by nothing,
>Nothing
It's called "Reputation".
>>71428653
first best
>>71428392
Living the American dream
>expensive education
>expensive healthcare
>economy in downfall
>immigrants stealing the jobs
>dependent on goddamn Chinese for survival
>>71432632
nukes
remember the nukes, leafnigger
>>71431674
>Is there some international law about this?
any currency added to the basket of world reserve currencies must meet certain criteria to even be consider try googling it fag
>>71432711
>USA
>reputation
>>71432451
>Gold is outdated!!!1
>Gold and other precious metals such as silver are some of the most textile resources in the world, and trumped only by oil in applicable uses in production
Burgers in full damage control
>>71431942
The day that happens will be the day I find myself a cabin deep inside the mountains and prepare for nuclear holocaust.
At least the announcement. Pretty sure China already has WMDs capable of reaching basically anywhere within the US.
>>71432602
Thats not how it works when everyone decides to use their currency as their reserve currency, or even their regular one for daily transactions.
Little pissant countries like Jamaica suddenly use the Chinese gold back Yuan, and your economy dies over night.
The result is that China within the span of 1 year switches positions with the US, and keeps all of the manufacturing too. Youd lose everything, they gain everything.
They would boom, youd be a third world country.
>>71432226
Guy. China makes shit for every part of the fucking world, would they lose some business? Maybe, but we're not their only consumer base. Besides that, if our money goes belly up anyway, why would they care about our consumer base anyway?
>>71429171
Underrated
>>71428392
Please tell me this is fake? War with China incoming. Collapse of US economy incoming. Lord help us the Chinks are going to destroy us.
>>71432711
A reputation of enormous national debt and invading anyone who won't go along with it.
>>71432073
Federal Reserve only holds 5% of the US's total gold reserve.
95% of it is in deep storage at various facilities. Ft. Knox being the most famous, and actually having been sealed and undisturbed since 1986, with the seals having been replaced once in 2010.
Unless someone spent the last 30 years silently tunneling into the vaults and through steel and concrete bunker and slowly and laboriously removed the gold without selling it, I highly doubt it has been touched.
>>71432743
life is great here. we have toilets at every gas station. nobody shits on the streets here.
>>71430505
You gotta remember Chins has seen the rise and fall of the Roman, Persian, Greek, Indian, Mongolian, British, Japanese and European empires. It just outlasts everyone.
>>71432762
Remember the soviet union did they use theyre nukes?
>>71432055
You have that backwards. It's stable because it's the world currency.
>>71432621
Trumps basically already out of the running to even make it to the primary, why are you talking like he's in the white house already?
>>71428392
interesting. China is extra stupid, basing the value of everything your country does on global supply/demand of some useless metal in the ground is incredibly stupid. Their economy must be more fucked than I thought
>>71432857
we don't have to invade
we could just use nukes
we could just end life
it's like this:
OPTION A: submit to the chink menace
OPTION B: end life on Earth for good
which would you choose, bong?
>>71432841
They still need someone to sell their products to and guess who's the largest consumer market by far and none?
Top kek Americans ITT libertarian cucks suddenly love their fiat currency
Muh NWO is being taken away from meh
>>71432880
>life is great here
Depressed fat burgers killing themselves every minute
>>71431323
Gold used to be used for currency and decoration only. It wasn't linked to industry like it is now.
>>71432841
>The result is that China within the span of 1 year switches positions with the US, and keeps all of the manufacturing too
As much as I want to see China succeed and see the US crumble to it's death. What you're saying is almost impossible.
>>71432572
>went to war with and taken down.
>Why the hell would any other nation want to continue to use the dollar?
>went to war and taken down
why answer your own question faggot
>>71432850
Forget a war AGAINST the Chinks, we need them on our side so we can do something about India.
>>71432358
Not as much. That's a highly artificial state of affairs that is only possible given slave labor and Chinese levels of lying. As the Chinese laborers start to demand more money the Pacific Ocean remains a really really big thing to schlepp goods across. Manufacturing is slowing or returning and marine freight is static lately.
>>71432791
>Germany talking to anyone about international reputation.
>>71432857
>Britain "273% of GDP" talking to anyone about national debt.
O I am laffin.
>>71432897
China is just separate from the rest of the civilized world. They were surrounded by hoards so they never faced longterm subjugation, but there are plenty of periods where china wasn't united
>>71432880
No, it's not great here. It's a nigger-kike shithole everyone just muddles through because their little town is still White.
All empires fall, Trump is your last chance to fix it.
>>71432350
If we aren't a superpower, no one is. Sorry kid. China might be someday, but not yet. India probably never.
>>71432996
A-are you shilling for fiat currency?
>>71432897
>this fucking meme
They've collapsed more than any other civilization in the world
>>71432917
But don't forget the Russians were more manly and had honour than Ameriashits
>>71433017
Anybody who isn't high off American exceptionalism would submit. So about 6.7 billion people.
You are either trolling or seriously delusional
>>71433018
>They still need someone to sell their products to and guess who's the largest consumer market by far and none?
Not the US when its currency is worthless. You seem to think wealth just disappears. There is no such thing, it merely gets redistributed.
Everyone but the US booms. You turn into Africa.
>>71432917
true but we are literal children and millennials can't be trusted
>>71433031
>pajeets literally dying from drinking shit water
i havent read too much into the new yuan, but i cant see how every yuan is backed by its value in gold. there's no way they own that much gold, and gold isn't about to make massive gains.
what are they playin at?
>>71428392
It is an important move for China, but this,whole thing is being misrepresented.
China will begin its competition with London & New York and attempt to create the equivalent of the London gold fix but in Chinese yuan on April 19th. Top Chinese banks, alongside Standard Chartered and ANZ, will be among 18 members to join a new yuan-denominated gold benchmark that signals China’s biggest step towards making the yuan convertible.
China is not making its currency backed by gold and the USD and Yuan will still be convertable.
All China is doing is making a competitive structure to set the price of gold each day.
This is currently only done in London and the price they set is used globally.
The sky is not falling. If anything we might start getting a more realistic price for physical gold rather than one forced down by ETF's (paper gold).
>>71433056
Our reputation is nearly as good as can be. And our state does not run on a deficit.
Considering how almost every country that has dropped the petro-dollar has been invaded by the US, are we about to see some fireworks over Hong Kong?
>>71428392
COME ONE COME ALL
GET YOUR ZLOTYS HERE
PERFECTLY TRADEABLE FOR YUAN
GIVE ME YOUR TOTALLY USELESS SHEKELS
HERE HERE
ONLY 5$ FOR 1 PLN
DOLLARS ARE WORTH NOTHING
I'M BASICALLY GIVING YOU F R E E MONEY
"We have to use our nukes, we haven't used them in years."
-Donald J. Trump
>>71432711
> ITT: people deny the petro dollars existence
>>71433131
You plan on providing any proof of these claims, chink?
>>71433042
Reserve currencies are the only reason the US is able to sustain its debt load. Without the US dollar, or it as a reserve currency in almost every country in the world, the US is nothing but a very large Greece with more debt to GDP ratio and no Germany to bail it out.
>>71430012
I disagree, they are actually a very moral race from the point of view of their collectivist ideals.
>>71430799
Do the Chinks name all their planes after cities?
>>71432046
Ft, Knox was last physically inspected in 1986.
Every gold bar was accounted for, and the only door inside was sealed. Like, actually sealed with a heavy wax seal.
The seal was unbroken until 2010, when the seal was replaced with a stronger plastic seal. The door was not opened to do this. There's like 50 witnesses to this, including a few journalists. The seal remains unbroken to this day.
>>71428918
Considering that China still hasn't done anything bad I would say they are right.
>>71433150
I forgot here is the wiki article on the London gold fix.
https://en.m.wikipedia.org/wiki/Gold_fixing
>>71431147
We have more nuke than China and we're a joke of a country compared to the US.
Add "china quarity" to this.
>>71432711
>New US Reputation backed currency
>>71432880
Life is not great here. The economy is shit, liberals have infested everything, neo-cons fucked everything up, Jews are everywhere, degneracy and culture is fucked up and gone, teen pregnancy, HIV, stds and aids are through the roof, unemployment, niggers and nigger infested cities with crime, jobs shipped overseas to places like CHINA.
We are fucked, it's a dying nation. China knows this and is moving in to supplant us.
>>71433167
No, it runs off of Muslim immigration.
>>71433104
>They've collapsed more than any other civilization in the world
And than came back like a roaring tiger!
>>71433183
fugg
>>71433200
Yea, It will be provided on the nightly news for the next 20 years.
WE HAVE TO SAVE SOME POOR OPPRESSED CHINESE MINORITY!!
Yer either with us or against us
>>71432571
>will be an islamic nation in ~20 years
>thinks his opinions matter
>>71428672
That paper tiger ate your manufacturing base.
>>71430326
Aaand when America abandoned the gold standard the dollar started inflating and the US economy got to where it is today (aka needing bailouts to avoid total collapse)
Abandoning the gold standard benefits a wealthy few bankers who can now manipulate the currency at the expense of literally everything else
>>71433183
HUGE FEET
>>71432862
the gold in Fort Knox is also only 22k at it was primarily from melted 90% gold U.S. coins and thus would all have to be remelted assayed and barred stamped to even be able to be sold in International markets. This would be one hell of a work process also that would be noticeable. They all just hate us cause they aint us
>>71433281
Go back to China, Xin Lee.
So many fucking chinks in Canada.
>>71433296
So in other words you're making baseless claims. Go back to Beijing, Wu.
>>71433167
your country is fucked way more than mine
>>71430692
Why do you keep calling everyone kid, are you autistic or just an edgy teenager? I can't tell, but I'm guessing the former
>>71428743
To be more accurate, US currency is backed by petroleum.
>>71433101
i only care about my own wealth. Seriously the only use gold has is when you need to concentrate and extract wealth from a war torn country, because their fiat currency would be worthless then. But it is actually useless, and it's shit we dig out of the ground. Why should the price of a loaf of bread be tied to supply and demand of something we dig out of the ground? If you can tell me why that makes sense and not sound completely autistic maybe ill entertain your ideas
what are the odds the yuan is actually changeable to gold? if every yuan cannot be exchanged for gold, is it really gold-backed?
>>71433304
>will stop existing as a country once the Fed rate rises
>thinks he gets to banter anyone
