…looks like money is here to stay for a while, and its taking new shapes and forms? Greece, however is returning to the (new) Drachma (see below)
China Launching Gold Backed Global Currency
According to the article, China is recasting all of their gold reserves into small one kilo bars in order to issue a new “gold-backed” currency. Many say this will disrupt global trade and will eventually cause a collapse of the US dollar.
There can be no doubt that the US dollar will soon be history. China is recasting all of their gold reserves into small one kilo bars in order to issue a new ‘gold backed’ global currency. This is surely a strategic part of their recent push to sign new trade agreements with Russia, Japan, Chile, Brazil, India, and Iran. The cat is now out of the bag, the US will be given the ‘bums rush’ by the largest trading nations in the world and the dollar will go down in flames. GATA now estimates that 80% of the gold that investors believe they have in allocated accounts is long gone, the majority of it probably wound up in China.
Here is an excerpt from Jim Willie’s ‘Hat Trick Letter’
Jims recent article starts out with…
Many are the events, signals, and telltale clues of a real live actual systemic failure in progress. Until the last several months, such banter was dismissed by the soldiers in the financial arena. But lately, they cannot dismiss the onslaught of evidence, a veritable plethora of ugly symptoms of conditions gone terribly wrong and solutions at best gone awry and at worst never intended in the first place.
CHINA RECASTS GOLD BARS
China is well along an ambitious plan to recast large gold bars into smaller 1-kg bars on a massive scale. A major event is brewing that will disrupt global trade and assuredly the global banking system. The big gold recast project points to the Chinese preparing for a new system of trade settlement. In the process they must be constructing a foundation for a possible new monetary system based in gold that supports the trade payments. Initally used for trade, it will later be used in banking. The USTBond will be shucked aside. Regard the Chinese project as preliminary to a collapse in the debt-based USDollar system. The Chinese are removing thousands of metric tons of gold bars from London, New York, and Switzerland. They are recasting the bars, no longer to bear weights in ounces, but rather kilograms. The larger Good Delivery bars are being reduced into 1-kg bars and stored in China. It is not clear whether the recast project is being done entirely in China, as some indication has come that Swiss foundries might be involved, since they have so much experience and capacity.
continue reading at worldtruth.TV
New Greek Drachma Unveiled Amid Bank Runs – Greeks Buy Gold Sovereigns Finance
The Euro Working Group discussed Greece’s imminent funding problems yesterday amid renewed concern about how the country will meet its massive obligations.
Minister of State for Coordinating Government Operations, Alekos Flambouraris, suggested yesterday that Greece might delay payment to the IMF if it cannot find the necessary money. Greece is due to pay the IMF 1.6 billion euros next month but the Greek Minister said that Athens might ask to delay this payment for two months.
Kathimerini reports that “the possibility of Greece postponing the repayment of any debt tranches to the IMF is seen as “exceptionally complicated” with “many obstacles,” according to officials “familiar with the subject”. They stress that such a move would constitute a “clear default,” with consequences for a large number of other loans Greece has received.”
Yesterday the Bank of Greece presented its latest, January, bank deposit data and it shows bank runs continue in Greece. There was a record €12.2 billion monthly outflow of deposits. This is greater in absolute and relative terms than anything experienced during any of the previous Greek crises and bailouts.
…Some analysts have suggested that the EU and Greece have reached a stalemate and are preparing to attempt an orderly exit by Greece from the Euro and back to the Drachma.
This may certainly be the case. Greece has newly designed Drachma notes (see above) and printing presses waiting for the order to start rolling.
Where all this is leading is anyone’s guess. If it is a simple case of Syriza being out-smarted by its EU partners it can only lead to social unrest in Greece and a possible rise of the fascist Golden Dawn.
At any rate, Greece is bankrupt with no hope in sight, at least within the Euro monetary union, so eventual default appears inevitable.
– Mark O’Byrne (gold core.com)