In a shocking move, likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible to or from US Dollars.
The new Yuan, which will be gold-backed, will be introduced next Tuesday, April 19, 2016. China decided to make the Yuan a more reliable currency when the International Monetary Fund (IMF) agreed to add it to the list of world currencies used for Global Reserves and International Trade.
China has been collecting huge amounts of gold bullion for years. Now, 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. However, 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.
Now the time comes for countries around the world to decide whether or not they wish to continue trading with the USA at all. This could cause the US Dollar to crash basically overnight. What have YOU done to prepare for this financial apocalypse?
The new Yuan, which will be gold-backed, will be introduced next Tuesday, April 19, 2016. China decided to make the Yuan a more reliable currency when the International Monetary Fund (IMF) agreed to add it to the list of world currencies used for Global Reserves and International Trade.
China has been collecting huge amounts of gold bullion for years. Now, 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. However, 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.
Now the time comes for countries around the world to decide whether or not they wish to continue trading with the USA at all. This could cause the US Dollar to crash basically overnight. What have YOU done to prepare for this financial apocalypse?
No comments:
Post a Comment