In the Telegraph today, there is a report that China is now starting to switch it’s foreign reserves from U.S. Treasuries and the dollar to copper. That doesn’t bode well for the U.S. Washington is continuing to bet on the Chi-Coms to purchase our Treasuries (even though they are worthless) and continue to let us borrow money from them. It looks like that is going to stop very soon. Then what will we do in here in the U.S.? Print more money. I would suggest that we stop spending money but I don’t think Washington knows the meaning of the word ‘STOP’. Hopefully not, but it seems we are headed for a crash of the U.S. dollar and when that happens the only way to go to is to create a new global currency. Not a good idea but the Chi-Coms will be set up perfectly if it is a copper backed currency.
What does the future hold for the dollar? Only time will tell.
A 'Copper Standard' for the world's currency system?
Source: Telegraph.co.uk
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