Discussion in 'Financial Cents' started by Quigley_Sharps, May 10, 2012.
Nother nail in the coffin...
No! It's a good thing! Competition is the spirit of a free state!
Yeah, let's count the tally, shall we? China -owns large chunk of our "debt". China gets foot in door with purchase of bank to be operated in the USA (reportedly only 1% of total banking as of 2012 A.D.)....China has most of our jobs, China is scurrying to buy as much of the worlds resources as possible (ever see where Nestle ships its water?), including rare earth metals. Population count? Military? Space program?
Doesn't look good.
Feds Clear China's 1st US Bank Takeover
Instead of FRNs, will they start exchanging for yuans?
"I yuan Mao money back!"
I yuan enough mao-nee to buy a tank of gas...what's the exchange for that?
That's it, what is the exchange rate for lead?
I was up late Thursday night after work and heard some financial news on CBS news about a well known financial company declaring bankruptcy or something (I regognized the company name but can't recall it). That made me think it was time to take action (a la Sept 2008). So I was up early Friday, heading to withdraw most of what little I had in the bank to bury in the woods (it's what grandma would have done). Apparently the indicators weren't too bad on Friday but I didn't take any chances! Is this bank takeover by China another omen that the long-rumored big crash is near? Is another rush on ammo looming?
The one thing you can count on with Chinese banks is scrupulous honesty. As traders going back milennia, the one thing that carried them along was trust. But you better read the fine print of the agreements and know who gets to interpret things.
That said, banks can and do manipulate value, and the bigger they are the more power to manipulate they have. The camel's nose is in the tent with this taking a share of a subsidiary US bank.
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