Dollar Collapse Update: 7 Of 10 Asian Countries Move From Dollars To Yuan!! And Fed May Buy $85 Billion in Bonds Per Month. We Are On The Verge Of A Major Currency War!!
November 17th, 2012
A “renminbi bloc” has been formed in East Asia, as nations in the region abandon the US dollarand peg their currency to the Chinese yuan — a major signal of China’s successful bid tointernationalize its currency, a research report has said.
The Peterson Institute for International Economics, or PIIE, said in its latest research that Chinahas moved closer to its long-term goal for the renminbi to become a global reserve currency.
Since the global financial crisis, the report said, more and more nations, especially emergingeconomies, see the yuan as the main reference currency when setting their exchange rate.
And now seven out of 10 economies in the region — including South Korea, Indonesia,Malaysia, Singapore and Thailand — track the renminbi more closely than they do the USdollar. Only three economies in the group — Hong Kong, Vietnam, and Mongolia — still havecurrencies following the dollar more closely than the renminbi, said the report, posted on theinstitute’s website.
Williams Says Fed May Buy $85 Billion in Bonds Per Month
Federal Reserve Bank of San Francisco President John Williams said the central bank will probably buy about $85 billion in bonds per month starting in early 2013 and continue purchasing securities well into the second half of the year.
Marc Faber: “I keep in my toilet a picture of Mr. Bernanke. And every time I think about selling my gold,
I look at it and I know better!”