Saturday, July 04, 2009

US Dollar Collapse - Jim Sinclair from China Trip: China is not seeking discussions but wants a diversified reserve currency RMK.v, TNR.v, CGH.to,


Jim Sinclair’s Commentary

"The truth in China runs totally juxtapose to the truth according to US media, financial TV and the usual chorus of talking heads, China bashers and so called experts.

The following is a comment made by the Deputy Foreign minister to a group of visiting business people. There was no maybe or conversation on the topic. It was emphatic.

The financial crisis has fully exposed some shortcomings in the international currency system.

China is not seeking discussions but wants a diversified reserve currency
.”

Last week the Bank of China renewed its call for the creation of a super sovereign reserve currency (defined as a basket of currencies) to reduce the dollar’s global domination.

The US media pumped out more MOPE and Spin that China was only talking, having no real intention of demanding any such thing.

The problem is that the upcoming G8 plus 5 summit is going to be all about reduction of dependence on the US dollar. All other subjects of discussion are just diversions.

A change is coming and the timeframe can be measured in months, not a decade."
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