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China, 20 other countries Form own IMF Bank
Seems that Russia and China don't like that Petrol Dollar anymore and who could blame them with the antics of The Western Banks!
Yet those communists are our friends now right?[:o)] For how long is the next question![;)]
serf
http://www.newsday.com/news/world/china-21-other-countries-initiate-new-asian-bank-1.9540643
Naturally, Washington is also concerned about any move by China to shift attention away from institutions that it and its allies dominate. The world's first and second biggest economies deeply distrust each other and are locked in a ceaseless competition for pre-eminence in Asia, where the U.S. is the dominant military power but China's massive economy carries enormous heft.
Yet those communists are our friends now right?[:o)] For how long is the next question![;)]
serf
http://www.newsday.com/news/world/china-21-other-countries-initiate-new-asian-bank-1.9540643
Naturally, Washington is also concerned about any move by China to shift attention away from institutions that it and its allies dominate. The world's first and second biggest economies deeply distrust each other and are locked in a ceaseless competition for pre-eminence in Asia, where the U.S. is the dominant military power but China's massive economy carries enormous heft.
Comments
and of course china and russia give a s--t what washington thinks
Right now gold is dropping like a rock while paper money is in vogue along with stocks and all is going to plan for Basel III with the BIS Bank in Switzerland!
It's all a stacked deck with The central banks buying up all the cheap gold before The IMF starts to take over The Bond market for international trade!
serf
http://www.theguardian.com/business/blog/2011/nov/18/gold-backed-bonds-solve-eurozone-crisis
Eurozone leaders have devised several complicated partial loss guarantee schemes to persuade China and other potential investors to invest in EFSF bonds. Hardly surprising that the response has been: "Thanks, but no thanks." On the other hand, if EFSF bond issues had the backing of gold plus interest, it would be surprising if European and international investors didn't snap them up. Depending on demand, gold backing could be 25% to 50% of the total value of an Italian bond, for example.
Gold backed bonds have worked before. Take some precedents. In 1981 and 1982, South Africa, which was then the world's largest gold producer, swapped nearly 5m ounces of gold collateral in return for foreign exchange. In the late 1970s and early 1980s, indebted nations such as Brazil, Uruguay and Portugal either swapped or sold their gold to raise funds. In 1973, France issued 'Giscard' bonds, indexed to the price of gold.
The International Monetary Fund (IMF) could also make better use of its 90.5m ounces of gold - worth $156bn. The US, which has also hardly touched its 262m ounce bullion hoard, worth $455bn, could play its part in combating the European financial crisis
Why is silver dropping like a rock too? Who is selling off at those prices?
It's simple the money masters (Illuminati) are in control of The Central Banks and have paper and digital units accepted as real money.
They dump paper assets to control any rivals in establishing any thing other than their system of value.
Of course they can buy any commodity with it and manipulate it's value in the future regardless of it's intrinsic value.
Soon the intangible is going show it's weakness but before they have bought all the tangible items first on the cheap. The old bean in the shell game!
Fractional banking is a con game which ends with a new con game with a basket of commodities to back international trade with IMF SDR's.
serf
The actual value of money or an asset based on an underlying perception of its true value including all aspects of it's rarity, in terms of both tangible and intangible factors.
My gut feeling is as you say it's being manipulated before the price runs up to the long predicted 100 an ounce or more but who knows. The American Free Press reported that the mega billionaire are trading their cash for Precious metals and real estate.