China, the largest holder of U.S. treasuries, is not happy with Barack Obama’s morally suspect plans to bankrupt the U.S. by printing $1 trillion to relieve banks of toxic assets.
The head of China’s central bank has put out a call to dump the dollar as the international reserve currency and replace it with a new global (monetary) system controlled by the International Monetary Fund. [LINK]
“This is a clear sign that China, as the largest holder of US dollar financial assets, is concerned about the potential inflationary risk of the US Federal Reserve printing money,” said Qu Hongbin, chief China economist for HSBC.
Even China can see the danger in Obama’s socialist agenda and glaring inexperience in running a country.
Obama promised suffering homeowners that his administration would “hit the ground running” when he got into office in January. But instead of helping the homeowners he has shoveled bucket loads of cash at the greedy bankers and corporations who got us into this mess in the first place!
Luo Ping, a director-general at the China Banking Regulatory Commission, said this about Americans after a speech in New York back in February:
“We hate you guys. Once you start [printing] $1 trillion-$2 trillion [$1,000bn-$2,000bn] . . .we know the dollar is going to depreciate, so we hate you guys but there is nothing much we can do.” [LINK]
