Australia dumps U.S. dollar for Chinese yuan (Zero Hedge) A month ago we pointed out that as a result of Australia’s unprecedented reliance on China as a target export market, accounting for nearly 30% of all Australian exports (with the flipside being just as true, as Australia now is the fifth-biggest source of Chinese imports), the two countries may as well be joined at the hip. Over the weekend, Australia appears to have come to the same conclusion, with the Australian reporting that the land down under is set to say goodbye to the world’s “reserve currency” in its trade dealings with the world’s biggest marginal economic power, China, and will enable the direct convertibility of the Australian dollar into Chinese yuan, without US Dollar intermediation, in the process “slashing costs for thousands of business” and also confirming speculation that China is fully intent on, little by little, chipping away at the dollar’s reserve currency status until one day it no longer is. zerohedge/news/2013-03-31/thanks-world-reserve-currency-no-thanks-australia-and-china-enable-direct-currency-c Soon many countries will follow suit and dump the USA DOLLAR and pick up on the Chinese yuan or perhaps something on the order of Bit-Coin but only controlled by a Group of very very Wealthy Individuals. The latter is a Given. How Else? Crash the dollar giving it near zero value and offer a great deal to buy them from you with a Currency with multi-country backing and GOLD. China, Russia, Argentina Etc. We will have no choice but to accept it. They will steal TRILLIONS and leave us lower than a 3rd World Country. Lifestyle change coming Soon. Anyone under the age of 30 please listen. You need to save a little cash and leave this country asap. I advise trying to go north of the Border. Canada is a whole different country. The healthcare is good its totally Free. It also could be one of the safest places to be when it gets nasty. Canada is the sleeping Giant that China was. I see greatness for the Canadians. Go be part of that and get the hell out of here. SERIOUSLY
Posted on: Fri, 14 Mar 2014 05:06:16 +0000
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