President Barack Obama Message Board

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Politics : President Barack Obama

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To: Road Walker who wrote (136968)	9/6/2013 6:20:07 PM
From: RetiredNow	Read Replies (1) of 149317

Still think I'm off my rocker for thinking beyond the mainstream about long the long term impacts of the Fed's war on the US dollar via QE and ZIRP? Seems the Chinese are thankful few Americans give a shit about esoteric topics like these. It gives them all the rope in the world to push their agenda of making the Chinese currency the world's de facto reserve currency. Think that won't have an impact on US standard of living? You'd better think again. Everyone on this thread thought I was crazy when I brought up the insidious impact of the Patriot Act and the FISA laws on American freedoms. Now with the Snowden revelations, those discussions are on the tips of everyone's tongue. I'm a bit early on the Chinese Yuan as well, but mark my words. There will come a day when everyone wonders how it's possible we lost our currency reserve status. They will claim, no one saw it coming. Sheesh. Everyone should see this coming. The Chines are BROADCASTING it. With their bilateral currency trade deals with an increasing roster of other countries and there massive and accelerating acquisition of gold bullion, it is clear what they are doing. ---------- Chinese yuan now among most traded currencies By Chris Isidore @CNNMoneyInvest September 6, 2013: 8:07 AM ET money.cnn.com NEW YORK (CNNMoney) The Chinese yuan was the ninth most traded currency in the world in the most recent ranking by the Bank for International Settlements, the first time the currency has broken into the top 10.The Chinese government has traditionally worked to keep the currency pegged to the dollar as a way of promoting manufacturing in its export-driven economy. That has prompted charges by critics that it is involved in currency manipulation. Pressure from other nations has led the Chinese government to allow more movement in the value of the yuan in recent years, which in turn has increased the trading activity. The currency was involved in 2.2% of foreign exchange trading worldwide in April, the period examined by this week's report. That's more than twice the share of the foreign exchange trading it participated in April 2010. The dollar was involved in 87% of all trades, the euro was part of 33% of trades, and the Japanese yuan was involved in 23%. But while the dollar and yuan both gained in their share of the foreign exchange market, trading in the euro was down significantly from 39% of all trades in 2010. The lessening of worries about European sovereign debt resulted in the declining trade to the lowest share since the European common currency was introduced. The amount of foreign exchange trading increased to $5.3 trillion per day in 2013, up from $4 trillion in 2010.

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