Diplomat Admits China Is Accumulating Gold To Back The Yuan
December 19, 2012
Today acclaimed money manager Stephen Leeb stunned King World News when he said he was recently speaking with a Chinese diplomat and the diplomat accidently admitted to him that China was accumulating gold specifically to back the yuan. This was a shocking admission and the diplomat then attempted to backtrack but it was too late.
But first, here is what Leeb had to say about what is happening in the gold war: “The Federal Reserve here in the US recently announced they are willing to print over $1 trillion worth of paper in the next 12 months. We can print as much money as we want but it’s not going to do any good.”
Stephen Leeb continues:
“Unless the Federal Reserve comes up with a long-term plan for printing food, water, rare earths, silver, we are going to have serious problems because the paper will become worthless. Longer-term, no one is going to keep giving you something that is critical and rare in exchange for something you can just press a button and print.
The Chinese obviously get this and they are hoarding these critical resources….