You knew when Treasury Secretary Geithner stated that he would be in favor of replacing the US dollar for another currency (the Chinese yuan), it was already in the works.
After all, US-hater and Obama-supporter George Soros had expressed his support for moving from US currency to the yuan.
China has also been arranging currency swaps with trading partners to bypass the U.S. dollar in trade settlements. Since mid-December, China has signed currency swap contracts worth 650 billion yuan (about 95.6 billion U.S. dollars) with six central banks in Hong Kong, the Republic of Korea, Malaysia, Belarus, Indonesia and Argentina.
These swap accords allow other overseas central banks to lend yuan to local importers who want to buy Chinese goods. Since these deals bypass the U.S. dollar, they reduce exposure to exchange-rate volatility and cut transaction costs for both parties.
Chen said these deals “expand the yuan’s use in the region and pave the way for its global acceptance.”
The rules are also good for Chinese exporters, who have long had to bill their foreign customers mainly in U.S. dollars.
The full story is here.
…. We learned this week that Obamatrons have leaked their intent to infiltrate tea parties on April 15 to instigate disruptions (more info later).
…. The alleged plan to attack Obama in Turkey was a hoax.
…. Obama’s Afghanistan policy is to be modeled after Clinton’s Columbia Plan (surely you didn’t expect anything original, did you?) which is just now in its final stages and appears to be ending with another broken Obama promise.
And if you think the military have forgotten how Obama tried to shaft them on health care — guess again. The reception in Iraq this week was not all “oohray” — not by a long shot. Troops don’t forget when a sitting President votes against them or insults them ….
… Oh please — so they will not meet one-on-one at the Americas’ Conference? Two of the most self-adoring, egotistical leaders in the world? Yeah right …. My only question is: who will bow to whom?