Tag Archives: China

The Dying Dollar – Paul Craig Roberts

Federal Reserve and Wall Street Assassinate U.S. Dollar

by Paul Craig Roberts

paulcraigrobertsSince 2006, the US dollar has experienced a one-quarter to one-third drop in value to the Chinese yuan, depending on the choice of base.

Now China is going to let the dollar decline further in value. China also says it is considering undermining the petrodollar by pricing oil futures on the Shanghai Futures Exchange in yuan. This on top of the growing avoidance of the dollar to settle trade imbalances means that the dollar’s role as reserve currency is coming to an end, which means the termination of the US as financial bully and financial imperialist. This blow to the dollar in addition to the blows delivered by jobs offshoring and the uncovered bets in the gambling casino created by financial deregulation means that the US economy as we knew it is coming to an end.

The US economy is already in shambles, with bond and stock markets propped up by massive and historically unprecedented Fed money printing pouring liquidity into financial asset prices. This month at the IMF annual conference, former Treasury Secretary Larry Summers said that to achieve full employment in the US economy would require negative real interest rates. Negative real interest rates could only be achieved by eliminating cash, moving to digital money that can only be kept in banks, and penalizing people for saving.

The future is developing precisely as I have been predicting

money cartelAs the dollar enters its death throes, the lawless Federal Reserve and the Wall Street criminals will increase their shorting of gold in the paper futures market, thereby driving the remnants of the West’s gold into Asian hands.

PBOC Says No Longer in China’s Interest to Increase Reserves

By Bloomberg News – Nov 20, 2013

The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policymakers will rein in dollar purchases that limit the yuan’s appreciation.

“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting.

Click Here to go to Paul Craig Roberts website

It’s Not a “Haircut” – It’s a 77% Beheading of Bank Depositors!

Large Depositors Now Decapitated to 77.5% of Savings!


E.U. “Stealth” Raid on Russian, Eastern European Wealth


The Long Reach of the E.U. Banksters To Grab up to 77.5% of Depositor’s Funds in Romania, Serbia, Ukraine, Malta, China, Russia

The thing to remember is that the Cyprus banks did business in many countries other than Cyprus.  The Bank of Cyprus has branches in the Ukraine, Romania, Russia, the UK, and the Channel Islands, as well as representatives in many other cities in the Eastern European area.  The people in those areas who thought they were outside of the EU bankster’s area of influence were wrong, as they are finding out, much to their distress.  Their deposits will lose, just like the people who actually live in Cyprus.

The Laiki Bank, or Cyprus Popular Bank, the second largest in Cyprus, was turned into a “bad” bank by the EU who illegally and fraudulently seized the bank. Laiki was stuck with all the bad Greek Bonds, derivative and other similar debt.  The accounts under 100,000 euros were moved to the Bank of Cyprus, while those accounts over 100,000 euros were held in the “bad” bank and readied for the guillotine, and what now is reported by the N.Y. Times, a 77.5% beheading, converting their cash money into frozen shares, or “equity” that cannot be sold for years or maybe never.

Phoney propaganda reports in the U.S. press tried to convince readers that the people getting screwed were a bunch of foreign mobsters – mainly Russian mobsters who were “hiding” vast amounts of money in these “secret” Cyprus Banks.  Let’s take a look at the reality of this and a short history of the Laiki Bank that has been eviscerated by the EU Banksters.

The Laiki Bank started in 1901 in Cyprus.  We are not going to go through every moment of their history, just the highlights that bear on this article.  But this is not a “newcomer”, it is a very old bank and was certainly respected in many places in the world.  In 1972, the Hong Kong Bank, one of the largest banking groups in the world, thought enough of Laiki to acquire 21.16% of the Bank.  They held this all the way until 2006 when the HSBC, the successor to Hong Kong Bank, sold their shares.

In 1983, Laiki Bank bought Grindlays Bank, the oldest and largest foreign bank in Cyprus and the third largest bank there.  In 1992 they opened their first European office in Athens, paving the way for expansion.  By 1995 they were opening offices in South Africa and Canada, and 1997 saw expansion into Yugoslavia and Russia.  In 2001, they opened 5 Branches in Australia; in 2005 they expanded to the Channel Islands and bought the CentroBanko in Serbia. 2007 saw expansion to the Ukraine, Malta and Russia; 2011 saw an office in Beijing, China and investment from major banks and big investors.  In fact, the Marfin group pumped in a huge 488.2 million euros in 2011.

The bottom line is that this was a world-class operation, a bank operating around the world, with 439 branches and with 8,464 staff servicing one million three hundred fifty thousand customers.  So much for the phoney news from mainstream American media that it was just a few Russian mobsters that got clipped in this operation.  No, it was people from Australia, China, Serbia, Greece, Ukraine, Romania, Malta and other countries who are getting thrown under the bus.  The burgeoning business communities in the former “Eastern Block”, the up and coming middle class around the world, these are the true victims of this complete scam perpetrated by the Central Bankers of Europe and their partners, the world-wide net of operatives from banks like Goldman Sachs.This is the legacy of the Banksters who are now feasting on the deposits of innocent people around the world like a pack of wild jackals tearing apart an antelope on the plains of Africa.