China: America’s Banker
May 3rd, 2007Via: CNN:
China, Long recognized as the world’s factory, is earning a new distinction: America’s banker. As it continues to suck in foreign investment and crank out exports, the world’s fastest-growing economy is piling up foreign currency, mostly dollars, at an astonishing rate.
In April, China’s central bank stunned economists with the disclosure that, in the first three months of the year, China had added $136 billion to its official foreign-currency reserves, more than double the increase in the previous quarter. The influx boosted China’s foreign reserves to $1.2 trillion – an Everest of money that towers over reserves held by any other nation.
Posted in Economy | Top Of Page
THE END OF NATIONAL CURRENCY
Good thing the Rockefeller gang at the CFR is standing by, with operators ready, to ‘help’ us by saving the world from the unstable US Dollar.
http://www.foreignaffairs.org/20070501faessay86308/benn-steil/the-end-of-national-currency.html
“Summary: Global financial instability has sparked a surge in “monetary nationalism” — the idea that countries must make and control their own currencies. But globalization and monetary nationalism are a dangerous combination, a cause of financial crises and geopolitical tension. The world needs to abandon unwanted currencies, replacing them with dollars, euros, and multinational currencies as yet unborn.
Benn Steil is Director of International Economics at the Council on Foreign Relations and a co-author of Financial Statecraft.”