Bad Tidings from China

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BEIJING, April 23 (Xinhua) -- China should reduce its excessive foreign exchange reserves and further diversify its holdings, Tang Shuangning, chairman of China Everbright Group, said on Saturday.

The amount of foreign exchange reserves should be restricted to between 800 billion to 1.3 trillion U.S. dollars, Tang told a forum in Beijing, saying that the current reserve amount is too high.

China's foreign exchange reserves increased by 197.4 billion U.S. dollars in the first three months of this year to 3.04 trillion U.S. dollars by the end of March.

Tang's remarks echoed the stance of Zhou Xiaochuan, governor of China's central bank, who said on Monday that China's foreign exchange reserves "exceed our reasonable requirement" and that the government should upgrade and diversify its foreign exchange management using the excessive reserves.

Meanwhile, Xia Bin, a member of the monetary policy committee of the central bank, said on Tuesday that 1 trillion U.S. dollars would be sufficient. He added that China should invest its foreign exchange reserves more strategically, using them to acquire resources and technology needed for the real economy.

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There were 10 senators in China last Thursday. Pray they managed to kick the can a little further down the road.
 
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Sick of kicking the can down the road - how about some real fixes? Start by clearing out the District of Criminals and putting some americans with morals and a brain in charge. Wake up America!!
Do you,or have you ever voted for an incumbent?

If so you haven't helped the problem.Every time we re-elect the same people,they see their job as a career and forget about the "doing this for America and it's people" speech they gave at election time.

Kinda like putting term limitations in place when we already have them-VOTING

But,alas, we are too stupid to just elect someone else and we need a law to tell us to put new people in Washington.

Start limiting their terms by voting them out of office.Real simple
 
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LOL take two trillion from the Chinese and all the US debt Japan owns then sell it back to the fed. If this happens you will be officialy third world. China will be the new super power.

Read a little history and see how we became no. one, we just loaned out money. Your progressive politicions have sold you out and you don't even know where the trillions went..

jj
 
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The short story is if the politicians we all elected continue to vote along the lines of "kicking the can down the road", instead of really and proactively solving our problems economically, then the rest of our world will "help" us by not continuing to take part in the sham....

My take, I am glad that China is doing this. We put ourselves in this situation, it's sad we are not solving our own problems.
 
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At least everyone in the US has had ample warning if they chose to pull their heads out of the sand and look around. This has been years in coming. Who I feel sorry for is my parent's generation. They are not internet savvy, and continue to get their information from newspapers and the mainstream media. They see problems in the making, but they just don't get how serious it is (how could they get it with the information sources they use?).

I am quick to voice my disagreement with those who have put all their funds into supplies (with the intention of using them for barter) while disregarding safe-haven currencies (metals, Canadian $, Swiss Franc, etc.). But I certainly applaud them for having recognized the problem and having acted to plan as they saw/see fit. All of us who have planned and acted should be infinitely better off than those who chose to ignore the signs.
 
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"I am quick to voice my disagreement with those who have put all their funds into supplies (with the intention of using them for barter) while disregarding safe-haven currencies (metals, Canadian $, Swiss Franc, etc.). But I certainly applaud them for having recognized the problem and having acted to plan as they saw/see fit. All of us who have planned and acted should be infinitely better off than those who chose to ignore the signs."

Let's see now, a good bag of rice cost about $16 for 25 lbs. I won't sell it for gold or silver when the dollar goes down. I will eat it. Got to see the seasonings people will put on their gold and silver LOL.

The Fed is doing a press conference tomorrow. I wonder what news they bring?

jj
 
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Let's see now, a good bag of rice cost about $16 for 25 lbs. I won't sell it for gold or silver when the dollar goes down. I will eat it. jj
Me too. But I will likely add some country gravy or perhaps a few herbs from the garden.

Got to see the seasonings people will put on their gold and silver LOL.jj
Good grief Jim; haven't you learned anything on these threads! :D People will exchange metals for the local currency in order to buy fresh tasty food items from local merchants who will be pleased to make the sale. But SOME people here will be waiting at the merchant day in and day out until such time as the merchant is willing to barter his/her precious items for something he does not need (like ammo, or rodent jerky, or whatever). ;)

I think the FED's news will be something like "blah blah blah BS blah blah BS"...
 

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