China: US Dollar Junk?

The Strength of Dollars Have Long Been Part of the “Pride of the Power” of the USA (which will be broken per Leviticus 26:19)


The following news item was of interest:

The Age, Australia – Aug 30, 2008

A high-ranking Chinese economist has put his nation’s cards on the table in the global financial poker game by effectively telling the US to fix Freddie and Fannie … or else.

“A failure of US mortgage finance companies Fannie Mae and Freddie Mac could be a catastrophe for the global financial system”, Yu Yongding, a former adviser to China’s central bank, says.

“If the US government allows Fannie and Freddie to fail and international investors are not compensated adequately, the consequences will be catastrophic,” Yu said in e-mailed answers to Bloomberg. “If it is not the end of the world, it is the end of the current international financial system.”

It is well within the bounds of imagination. People have been thinking the unthinkable for some time.

Yu Yongding, whose statement seems to have been lost to most of the world as the Olympics came to a merciful end, is described as “a former adviser to China’s Central Bank”. He is possibly the most highly accredited economist in China. A list of his positions would fill a little red book.

Men like Yu Yongding don’t just get up one morning and say this sort of thing. US Treasury Secretary Paulson was put on notice…

The Chinese have basically said “we have spent 10 years of savings on your junk and it is getting close to high noon” – and the US has come quickly to attention.

For the Chinese have not declared war, but issued a statement of intent. It might have been ignored by much of the planet, but the US Fed, to whom the statement was directed, took note.

The Chinese are not entirely happy with the fact they have been faithfully buying Freddie and Fannie and Ginnie and all the Macs and Maes that might come home by May Day itself. Their fear is that the US might be speaking with a forked tongue.

They are starting to remember the history of Western behaviour and it has come upon them that they might be played for suckers, big time. Dr Strangelove is now sitting in Beijing saying “I smell a big dirty, er … commie er … rat.” And the good doctor is holding the financial equivalent of the entire ICBM arsenal of Russia over the US and, as the email points out, the world’s head.

Notice that the Chinese indicate that the US better clean up its act or its dollar, which it seems to think is a type of junk, will apparently no longer dominate the international markets.

As reported here earlier, the US dollar was so close to collapse this year, the Europeans and Japanese decided that they would intervene TO PREVENT ITS COLLAPSE (please see Europe and Japan Planned on Saving the Dollar), but instead, essentially the Chinese intervened and restored value to the US dollar (see China Supporting the Dollar?).

This situation will NOT continue indefinitely. Our creditors will rise up and it will be over for the USA (see Habbakuk 2:3-8). But not yet.

Several articles of possibly related interest may include:

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Modern Nations and God’s Ancient Plan Many peoples are mentioned in the Bible. And other than the fact that the modern nation of Israel represents the ancient kingdom of Judah, do you know who any of these people are now?
Did The Early Church Teach Millenarianism? Was the millennium (sometimes called chiliasm) taught by early Christians? Who condemned it. Will Jesus literally reign for 1000 years on the earth? Is this time near?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? When does the six thousand years of human rule end?

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