Friday, August 27, 2010

The Destruction of the US Dollar

The spend, spend, spend policies of the Obama administration are taking its intended toll on the stability of the US Dollar and advancing Obama's march toward a global economy where the US is an equal player with the rest of the world. The weakness of the EURO and US Dollar has created an opportunity for China to promote their currency on the world market.

If Obama gets his way, we will no longer be able to boast of our robust economy, no longer help other countries after natural disasters, and no longer protect the world, or ourselves, from terrorists and despots. No, we will be unexceptional.

Rather than building us up, Obama's policies are reducing us to mediocrity, both on the domestic as well as the world scene.

A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China.

HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other financial incentives to companies that choose to settle trade in the Chinese currency.
Banks back switch to renminbi for trade

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