China's gold back story

[Sean Lynch]

On Tue, Apr 19, 2016 at 2:32 PM, juan <juan.g71 at gmail.com> wrote:

> On Tue, 19 Apr 2016 03:47:38 +0000
> Zenaan Harkness <zen at freedbms.net> wrote:
>
> > There appears to be a multi country effort to (re)build gold backed
> > currencies, and there's every chance they will succeed, certainly even
> > in the face of crypto currencies - the robustness and security levels
> > of current computing facilities means hoarding physical gold is likely
> > seen by most, and certainly by nations, as more secure and acceptable
> > to the public psyche
>
>
>         It seems very very unlikely that any government will setup a
>         mechanism that destroys one their fundamental means to loot
>         their subjects : paper money and inflation.
>
>         Rather, what we are seeing is a move towards a fully
>         'electronic' system in which we won't be able to buy half a
>         potato without being taxed by the world government.
>
>
What Juan said (minus the Satoshi nonsense). ZeroHedge are notorious gold
bugs. There's no freakin' way China is going to give up its ability to
manipulate exchange rates to promote whatever level of exports its central
planners think its businesses need. They are acquiring gold only in order
to diversify their reserves away from dollars, to reduce their dependency
on the United States in case the shit hits the fan in the Pacific. Making
the RMB "gold-backed" would mean letting people exchange it for the
government's gold, exactly counter to their goals.


>         And funnily enough, we can thank 'satoshi nakamoto' for making
>         this (disaster) happen sooner than later.
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