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China Nears Global Reserve Status: “There Will Be a Reset of the Financial Industry”
China Nears Global Reserve Status: “There Will Be a Reset of the Financial Industry”
The world is anticipating a new global reality with huge implications: China’s yuan is poised to get recognized as a global reserve currency.
In a sign of the times, the IMF has essentially rebuffed U.S. claims of currency manipulation, to instead affirm that China’s currency is “no longer undervalued” – essentially giving its approval for the inner circle what many have described as an incubating world currency.
China’s yuan currency, which Washington has long alleged was manipulated, is “no longer undervalued”, the International Monetary Fund said Tuesday.
The value of the yuan, also known as the renminbi, has been a source of tension for years, with China’s major trade partners — led by the United States — accusing Beijing of keeping it artificially low to give Chinese exporters an unfair competitive advantage, which Beijing denied.
“Our assessment now is that the substantial real effective appreciation over the past year has brought the exchange rate to a level that is no longer undervalued,” the IMF said in a statement after a consultation mission to China. (source)
#China‘s #yuan may become world currency after #IMF ‘approval’ http://t.co/OyAfKUI1XMpic.twitter.com/bArePaPpJe
— Sputnik (@SputnikInt) May 27, 2015
With longstanding U.S. opposition to China’s currency status, the IMF decision has been seen as the biggest hurdle to world reserve status. This news brings China one giant step closer to entry onto the global stage of currencies and new financial norms for Americans, as SHTF has long reported.
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PIGMEN WIN AGAIN « The Burning Platform
PIGMEN WIN AGAIN « The Burning Platform.
“The real owners are the big wealthy business interests that control things and make all the important decisions. Forget the politicians, they’re an irrelevancy. The politicians are put there to give you the idea that you have freedom of choice. You don’t. You have no choice. You have owners. They own you. They own everything. They own all the important land. They own and control the corporations. They’ve long since bought and paid for the Senate, the Congress, the statehouses, the city halls. They’ve got the judges in their back pockets. And they own all the big media companies, so that they control just about all of the news and information you hear. They’ve got you by the balls. They spend billions of dollars every year lobbying lobbying to get what they want. Well, we know what they want; they want more for themselves and less for everybody else.” – George Carlin
After the disgusting example of politicians of both spineless parties bowing down before Wall Street, the military industrial complex and corporate interests this weekend with the passage of a bloated pig of a spending bill totaling $1.1 trillion, how can anyone not on the payroll of the vested interests not admit there is only one party – and it serves only the needs of the wealthy business interests. Obama, champion of the common folk, signed this putrid example of political corruption and corporate capture of the American political system. For all the believers who voted for the red team in the November mid-terms, this is what you got – a bipartisanship screwing of the American people.
Something Is Dangerously Wrong at the New York Fed | Armstrong Economics
Something Is Dangerously Wrong at the New York Fed | Armstrong Economics.
In a speech this week, New York Federal Reserve Board President William Dudley addressed pervasive misconduct within the financial industry, refusing to dismissively lay the blame on a few bad apples. “The problems originate from the culture of the firms, and this culture is largely shaped by the firms’ leadership,” Dudley said.
He offered some interesting suggestions on industry compensation practices, but his main message was a warning: If nothing changed, regulators would have to conclude that large
financial institutions are too big to manage, and “that your firms need to be dramatically downsized and simplified so they can be managed effectively.”
Related: Are Regulators About to Let Another Bank Get Too
Big to Fail?
These were notable words from someone in the actual position to undertake a big bank breakup. But Dudley added a little caveat, as typical for such speeches: “What I have to say today reflects my own views and not necessarily those of the Federal Reserve System.” He would have to say that, because the organization he runs hasn’t practiced what he preached.
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