The Chinese G Dollar: USD under attack

[frugal.rock]

So, this has gone under my radar...

China is pushing for a gold backed renminbi.
Could explain why the US is buying up gold.
Further research needed, will pick the brains of the wife who is currently obsessed with the imminent? downfall of the CCP.
Anyone aware of this?
Any other information at hand?

https://www.kitco.com/news/2020-05-...ipulations-on-a-scale-rarely-seen-before.html

https://dissidentvoice.org/2020/05/chinas-new-crypto-currency-first-step-to-full-dedollarization/

If you want to argue, Pearce off, Jack. Gibbs on.

F.Rock

 

[frugal.rock]

A little more info.
Unregulated as yet.

Canadian regulator BCSC warns against Cryptec, GTV Media Group Inc. and others.
https://www.leaprate.com/financial-...ainst-cryptec-gtv-media-group-inc-and-others/

To my knowledge, this crypto currency is aimed at removing the CCP from power.
Very much a watch this space scenario, - it may or may not eventuate.
The current geopolitical situation is conducive of this potentially coming to fruition.

F.Rock

 

[wayneL]

All the macro guys are talking about this... or rather, crypto and/or CB digital currencies.

I agree there is a currency cold war going on and there are efforts to develop weaponized instruments now.

Great idea for a thread mate, as mere proles we are all behind the eight ball and a bit of intel collection will help!

 

[PZ99]

So, this has gone under my radar...

China is pushing for a gold backed renminbi.
Could explain why the US is buying up gold.
Further research needed, will pick the brains of the wife who is currently obsessed with the imminent? downfall of the CCP.
Anyone aware of this?
Any other information at hand?

https://www.kitco.com/news/2020-05-...ipulations-on-a-scale-rarely-seen-before.html

https://dissidentvoice.org/2020/05/chinas-new-crypto-currency-first-step-to-full-dedollarization/

If you want to argue, Pearce off, Jack. Gibbs on.

F.Rock

There's a twelfth man in every economy with a gold card

 

[Bob111]

I was just reading an article on Zerohedge about this. I know Zerohedge are negative about everything but this seems like a real problem moving forward. I knew Russia and China had been amassing gold for years now but I didn't realise China had enough already to back the Yuan and the implications are quite concerning. Luckily? their belt and road initiative is a detractor from pegging the Yuan to gold for the moment.

I wonder what peoples thoughts are on maintaining personal wealth should something like this eventuate and the USD collapses? I guess physical gold is one way to protect yourself but I would certainly not have 100% of one asset. I'm thinking US shares would be pretty worthless but would the Australian dollar follow suit and collapse as well? It would put a test to the theory that we have a commodity backed dollar. We certainly hold a lot of USD. If our dollar followed the same trajectory and actually collapsed would CHESS sponsored shares not be the paper they are written on or could you ride it out until we peg our new dollar to the Yuan?

Or maybe I should cut back on my Zerohedge intake?

Zerohedge article:
https://www.zerohedge.com/geopoliti...the+survival+rate+for+everyone+drops+to+zero)

 

[ducati916]

So, this has gone under my radar...

China is pushing for a gold backed renminbi.
Could explain why the US is buying up gold.
Further research needed, will pick the brains of the wife who is currently obsessed with the imminent? downfall of the CCP.
Anyone aware of this?
Any other information at hand?

https://www.kitco.com/news/2020-05-...ipulations-on-a-scale-rarely-seen-before.html

https://dissidentvoice.org/2020/05/chinas-new-crypto-currency-first-step-to-full-dedollarization/

If you want to argue, Pearce off, Jack. Gibbs on.

F.Rock

Re. Gold backed currency. Will never happen.

A government's main pillar of power is controlling the money supply, to expand or contract at will. No government will pass control of the money supply to Gold and leave itself vulnerable to outside control of its internal monetary policy, especially not China.

Sure China wants to have the Reserve Currency. Who wouldn't. To wrest that from the US$ would require a significant period of time with a Gold backed currency and they would suffer all the same issues that the US$ did prior to Nixon closing the Gold window in August 1971. https://en.wikipedia.org/wiki/Nixon_shock

As to crypto's, not a chance, for obvious reasons.

jog on
duc

 

[Bob111]

Re. Gold backed currency. Will never happen.

A government's main pillar of power is controlling the money supply, to expand or contract at will. No government will pass control of the money supply to Gold and leave itself vulnerable to outside control of its internal monetary policy, especially not China.

Sure China wants to have the Reserve Currency. Who wouldn't. To wrest that from the US$ would require a significant period of time with a Gold backed currency and they would suffer all the same issues that the US$ did prior to Nixon closing the Gold window in August 1971. https://en.wikipedia.org/wiki/Nixon_shock

As to crypto's, not a chance, for obvious reasons.

jog on
duc

Completely agree but then what would be the logic in both China and Russia going on this gold buying spree?

 

[ducati916]

Completely agree but then what would be the logic in both China and Russia going on this gold buying spree?

Why would you not exchange worthless paper, that you can print in any quantity, for Gold/Silver?

As Mr Trump would say: a no brainer!

jog on
duc