Entries in Currency (3)
China’s economy is at serious risk – and the entire world will feel the blow both economically and even militarily.
And your life savings and investments are no exception because China’s economy is so closely linked to America’s and other Western nations.
You are probably aware of Robert Wiedemer, the New York Times best-selling author of Aftershock.
Wiedemer was one of the first economists to warn of the 2008 crash.
And now he is warning that China’s economy is at grave risk.
He points out that after several years of massive government stimulus as well as heavy support for the real estate sector, China’s bubble is about ready to burst.
“Housing prices in 100 major cities in China fell for the sixth consecutive month... even the China Iron and Steel Association says that growth has slowed from 15% in 2010 to 4% in 2012.”
Adding to China’s economic woes is their fragile stock market.
It has already fallen to 2009 lows, a significant psychological benchmark, and Bloomberg News points out that if this resistance level breaks, stocks could drop another 10 percent.
Shockingly, many insiders warn that China, facing severe domestic problems, may turn toward their military muscle to gain an economic edge.
A realistic fear Japan is already familiar with.
In search of cheap energy, China has become aggressive with Japan regarding a longstanding dispute over some uninhabited islands that sit atop potentially enormous oil and natural gas resources.
Forbes columnist Ben Marks points out, “In the event that the Chinese economy continues to weaken, do not be surprised if China deepens its nationalistic tone, which could lead to even more military hostility with its neighbors over disputed territories in Asia.”
James Rickards, a top security adviser to the Pentagon and CIA, recently released evidence that China is secretly stockpiling gold.
“In 2009, without anybody having an early warning, even the intelligence community, China unveiled gold reserves of 1,054 tons [not 600 tons as reported]... They are treating the acquisition of gold like it’s a military mission... they are expanding and conquering... and their military monitors this entire process. It’s critical they keep this secret.”
What will happen with China next and what are the implications for the U.S. and global economies?
To answer that question with a special focus on the implications of a possible Chinese economic collapse, Newsmax's global intelligence and forecasting service, LIGNET, will be holding an urgent online briefing on China, her economy and the possibility of escalating tensions between the U.S. and China.
This special online event will be held Tuesday, Dec. 4, 2012, at 11 a.m. EST.
Leading the intelligence panel will be former CIA Director Gen. Michael Hayden and Gov. Jon Huntsman, who recently served as U.S. ambassador to China.
Please Note: This private forum is available to LIGNET members only.
LIGNET is a globally recognized intelligence resource prepared by former CIA analysts, national security officers, and presidential advisers.
What transpires between the U.S. and China could have dire consequences for America and inescapable economic ramifications.
During this exclusive program, LIGNET's esteemed intelligence panel will address the following:
- The implications surrounding China's volatile leadership change
- The likelihood China will surpass the U.S. as the global economic superpower
- Is China a true currency manipulator?
- The truth about China's economy and the potential for a real estate bust
- The impact of China's military expansion and cyber-warfare capabilities
- The possibility China will use military force to seize control of contested islands in the Asia-Pacific region
- China's growing influence in Latin America and Africa
- The immense investment opportunities in China
- And much, much more!
We strongly encourage you to join this urgent LIGNET briefing Tuesday, Dec. 4, 2012, at 11 a.m. EST to discover how this dangerous conflict affects you and your wealth.
Important: We recommend forwarding this email to your friends so they can sign up to participate in this event as well.
By Blake Ellis @CNNMoney February 3, 2012: 10:53 AM ET
Worried that the Federal Reserve and the U.S. dollar are on the brink of collapse, more than a dozen states have proposed using their own alternative currencies of silver and gold.
NEW YORK (CNNMoney) -- A growing number of states are seeking shiny new currencies made of silver and gold.
Worried that the Federal Reserve and the U.S. dollar are on the brink of collapse, lawmakers from 13 states, including Minnesota, Tennessee, Iowa, South Carolina and Georgia, are seeking approval from their state governments to either issue their own alternative currency or explore it as an option. Just three years ago, only three states had similar proposals in place.
"In the event of hyperinflation, depression, or other economic calamity related to the breakdown of the Federal Reserve System ... the State's governmental finances and private economy will be thrown into chaos," said North Carolina Republican Representative Glen Bradley in a currency bill he introduced last year.
Unlike individual communities, which are allowed to create their own currency -- as long as it is easily distinguishable from U.S. dollars -- the Constitution bans states from printing their own paper money or issuing their own currency. But it allows the states to make "gold and silver Coin a Tender in Payment of Debts."
To the state legislators who are proposing state-issued currencies, that means gold and silver are fair game, said Edwin Vieira, an alternative currency proponent and attorney specializing in Constitutional law. And since gold has grown exponentially more valuable, while the U.S. dollar continues to lose ground, the notion has become increasingly appealing to state lawmakers, he said.
Read Full Article Here: http://money.cnn.com/2012/02/03/pf/states_currencies/index.htm