Heidi Posted November 28, 2010 Share Posted November 28, 2010 China and Russia quit the dollar. So... isn't this a big deal? I saw this headline today and my heart skipped a beat. Yet I can't find anything about it on american news sites. :confused: I don't know what this means; hopefully nothing, but I'm doubting it. I guess only time will tell. Quote Link to comment Share on other sites More sharing options...
Hunter's Moon Posted November 28, 2010 Share Posted November 28, 2010 China and Russia quit the dollar. So... isn't this a big deal? I saw this headline today and my heart skipped a beat. Yet I can't find anything about it on american news sites. :confused: I don't know what this means; hopefully nothing, but I'm doubting it. I guess only time will tell. I am absolutely not an expert on this, but the first thing that came to mind to me was inflation. 1 USD = 6.6675 Chinese yuan 1 USD = 31.3957 Russian rubles http://www.google.com/finance?hl=en&rlz=1C1SKPC_en&q=CURRENCY:USDCNY&ei=_83xTOPxF8SAlAf70N2gDQ&sa=X&oi=currency_onebox&ct=currency_onebox_chart&resnum=1&ved=0CBsQ5QYwAA http://www.google.com/finance?hl=en&rlz=1C1SKPC_en&q=CURRENCY:USDRUB&ei=Ss7xTMCjKMSBlAeE87XlDA&sa=X&oi=currency_onebox&ct=currency_onebox_chart&resnum=1&ved=0CB0Q5QYwAA Our currency has decreased drastically in value when converted to yuan. When converted to rubles, it hasn't changed too much, but still, it has gone down since the middle of 2008 where it used to be about 36 rubles. It's been going up and down a bit over the past few years, but nothing like how drastically our currency has decreased in value in China, especially in the past 5 yrs. I would assume this means ultimately, we will be paying more for trade then we would if they were using the dollar. Like I said, I am no expert. I tried to use my common sense to decipher the charts, but I could be waaaaaaay off :tongue_smilie: :lol: Quote Link to comment Share on other sites More sharing options...
Rebecca VA Posted November 28, 2010 Share Posted November 28, 2010 Yes. Yes. I've been expecting this for years. I was reading financial websites years ago that were predicting exactly this. I'm only surprised that it has taken so long. Quote Link to comment Share on other sites More sharing options...
Kathleen in VA Posted November 28, 2010 Share Posted November 28, 2010 I just read about this too on www.chinadaily.com and couldn't find anything on cnn. The article says they are not challenging the dollar, just building a stronger relationship with each other. But..."aimed at avoiding the risks the dollar represents." Umm...yes, isn't this a huge deal? Quote Link to comment Share on other sites More sharing options...
gaillardia Posted November 28, 2010 Share Posted November 28, 2010 Thanks for posting that. American news is so biased but you are aware of that as well. I haven't checked into it yet but a good place to look is sometimes bbc, or the newspaper websites of foreign countries. I think my dh mentioned something about this recently as well. I felt relieved, and I think it happened because China especially is not doing well because of our economy. Hasn't Obama had some strong words against China lately? I really wish I payed more attention to what was going on so I could have an intelligent conversation about it.:tongue_smilie: Quote Link to comment Share on other sites More sharing options...
secular_mom Posted November 28, 2010 Share Posted November 28, 2010 Vision To America is a division of Christian Worldview Communications, LLC. Founded in 2006 by Gary DeMar and Brandon Vallorani, Vision to America exists to help America return to our Founding Father's vision for a Christian Republic. America was once a light to the world—a place that God blessed with liberty and prosperity. Today, Americans are taught that the Almighty State has all the answers. As a result, our God-given liberties are being traded for a false sense of security. It our Vision to see Americans once again recognize that we are endowed by our Creator with certain unalienable rights and that this Creator is the God of the Bible. The above is from the 'about' page for the website linked in the OP. I don't see ANYthing about this in any 'legitimate' news source. I would appreciate it if anyone has a link to a credible news source if they will share it here. Quote Link to comment Share on other sites More sharing options...
Kathleen in VA Posted November 28, 2010 Share Posted November 28, 2010 The above is from the 'about' page for the website linked in the OP. I don't see ANYthing about this in any 'legitimate' news source. I would appreciate it if anyone has a link to a credible news source if they will share it here. Is http://www.chinadaily.com credible? This is the first time I've ever read anything on that website so I honestly do not know. Quote Link to comment Share on other sites More sharing options...
Rebecca VA Posted November 28, 2010 Share Posted November 28, 2010 Drudge had it for a headline for over 24 hours last week. If you type "China to Drop Dollar" into Google, you'll bring up many stories. Quote Link to comment Share on other sites More sharing options...
secular_mom Posted November 28, 2010 Share Posted November 28, 2010 Is www.chinadaily.com credible? This is the first time I've ever read anything on that website so I honestly do not know. I don't really know either- I'd never heard of it before. *sighs* Quote Link to comment Share on other sites More sharing options...
Amy in NH Posted November 28, 2010 Share Posted November 28, 2010 BBC News March 24, 2009 China suggests switch from dollar Yuan and dollar notes Reform of the financial system is on top of the agenda at the G20 summit China's central bank has called for a new global reserve currency run by the International Monetary Fund to replace the US dollar. Central bank governor Zhou Xiaochuan did not explicitly mention the dollar, but said the crisis showed the dangers of relying on one currency. With the world's largest currency reserves of $2tn, China is the biggest holder of dollar assets. Its leaders have often complained about the dollar's volatility. China has long been uneasy about relying on the dollar for trade and to store its reserves and recently expressed concerns that Washington's efforts to rescue the US economy could erode the value of the currency. His speech was, unusually, published in both Chinese and English, signalling it was intended for an international audience. China presses G20 reform plans "The outbreak of the crisis and its spillover to the entire world reflected the inherent vulnerabilities and systemic risks in the existing international monetary system," said Mr Zhou in an essay on the People's Bank of China website. Mr Zhou said the primacy of the US currency in the financial system had led to increasingly frequent crises since the collapse in the early 1970s of the system of fixed exchange rates. On Tuesday, the dollar weakened against most major currencies following the announcement of a US plan to buy up toxic debt. 'Light in tunnel' Mr Zhou said the dollar could eventually be replaced as the world's main reserve currency by the Special Drawing Right (SDR), which was created as a unit of account by the IMF in 1969. "The role of the SDR has not been put into full play, due to limitations on its allocation and the scope of its uses," he said. "However, it serves as the light in the tunnel for the reform of the international monetary system." The essay comes before the G20 summit in London on 2 April, at which reform of the international financial system is top of the agenda. "This confirms that China intends to play fully its role of global economic and political power at the next G20 summit," said Sebastien Barbe, an analyst at French financial service firm Calyon in Hong Kong. CURRENCY RESERVES Foreign currency held by a government or a central bank Used to pay foreign debt obligations or influence exchange rates The dollar is viewed as the world's reserve currency as the vast majority of reserves are held in the US currency Smaller amounts are held in euros, pounds and yen Quote Link to comment Share on other sites More sharing options...
Truscifi Posted November 28, 2010 Share Posted November 28, 2010 I googled this and pulled up articles from as far back as 2006 about China moving away from using the dollar. And the recent announcement was posted on a lot of different sources, including the Washington Post. I have no idea what this means in the global picture, but it does appear to be a credible story. Quote Link to comment Share on other sites More sharing options...
Miss Marple Posted November 28, 2010 Share Posted November 28, 2010 The above is from the 'about' page for the website linked in the OP. I don't see ANYthing about this in any 'legitimate' news source. I would appreciate it if anyone has a link to a credible news source if they will share it here. Fox had it as headline a few days ago. Although I know some don't consider it a credible source :D. Here's the link http://nation.foxnews.com/china/2010/11/24/china-russia-quit-dollar Quote Link to comment Share on other sites More sharing options...
secular_mom Posted November 28, 2010 Share Posted November 28, 2010 Fox had it as headline a few days ago. Although I know some don't consider it a credible source :D. Here's the link http://nation.foxnews.com/china/2010/11/24/china-russia-quit-dollar Thanks, that's better than a christian site I've never heard of. :001_smile: Quote Link to comment Share on other sites More sharing options...
Peela Posted November 28, 2010 Share Posted November 28, 2010 Yes. Yes. I've been expecting this for years. I was reading financial websites years ago that were predicting exactly this. I'm only surprised that it has taken so long. :iagree: I have been reading about it for years too so its not a surprise. It makes me wonder when some of the other things are going to happen that I have been reading about for years. Quote Link to comment Share on other sites More sharing options...
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