CURRENCY WAR STATUS AT DEC 5-13: YUAN IS UP & BITCOIN COULD
DESTROY THE DOLLAR according
to Ron Paul
Read the following titles to get sense of this issue. By Hugo Adan, Dec 5-13:
YUAN OUTPERFORMS
EURO, BECOMES 2ND MOST POPULAR TRADE FINANCE CURRENCY
Published time: December 03, 2013. Edited: Dec 5. IN: http://rt.com/business/yuan-aims-to-dollar-649/
The yuan has replaced the euro to become the second most
widely used currency in global trade in 2013, according to the SWIFT network
responsible for international financial transactions. The share of the yuan in
global trade finance has jumped from 1.89 percent in January 2012 to 8.66
percent in the form of letters of credit and collections in October 2013, the
Society for Worldwide Interbank Financial Telecommunication (SWIFT) data shows.
[,,] The share of trade settlements in
the euro fell from 7.87 percent to 6.64 percent in the same period. The US
dollar still leads with 81.08 percent of foreign trade payments using the
American currency in October. [This situation can change in 2014 if Iran sells its oil in Euros
or other currencies not in dollars. Negotiations & blackmailing of the US
on Iran is in process and the alliance US-UE is at stake. If Iran get free from
the dollar, the Saudis may want to do so, too. The chances of US-China/Russia war will worsen this issue]
The most active yuan users are Chinese and Hong Kong
companies which account for about 80 percent of the total foreign trade
operations in the yuan. [..]"The renminbi is clearly a top currency for
trade finance globally and even more so in Asia Pacific," (SWIFT Society
for Worldwide Interbank Financial Telecommunication ). [..]“With global
interest rates so low, China really is the only place where you can get such a
large carry. Trade finance is one of the key avenues to take advantage of
that.” (Nick Verdi, Asia FX strategist at Barclays). “UK’s Chancellor George
Osborne announced plans to make London an offshore banking
center for the yuan” . Comment by
Enrique: try to buy something
with Yuans in America, Europe or anywhere else in the World...Nobody wants now.
But in a decade things can change and Yuan can take 15% of the reserve currency
market. [I don’t
think we have to wait a decade, things are running at missile speed now]
Related article:
YEAR OF THE YUAN: CHINA'S EXPLOSIVE
CURRENCY GOES GLOBAL. Published
time: May 01, 2013. http://rt.com/business/yuan-china-currency-global-561/ Key
note: “The ‘people’s currency’ of China is redefining the global
economic monetary system. The closed-capital pariah is blossoming into a
reserve standard and is hedging appeal against the indebted dollar and the
untested euro, piquing foreign interest”. [That was said in May,
at the end of Nov London announced to spread yuans in Europe]
==========
ONE MORE SIDE OF THE
CURRENCY WAR:
THE BITCOIN (the big competitor of dollars) is expanding fast & wants recognition
CHINA CASE. BITCOIN'S
LARGEST EXCHANGE WANTS RECOGNITION FOR VIRTUAL CURRENCY Published in December 02, 2013. http://rt.com/business/bitcoin-china-recognition-currency-589/ The expanding of bitcoins IN CHINA, a nation of savers is now under the spot light. Their
supporters have begun discussions with the authorities over regulation of the
crypto currency. It hopes more recognition will allow bitcoins to be used to
buy goods and services in the country. So far attempts to arrange high–level
meetings have failed. The virtual
currency is strongly connected with illegal trading. However, the anonymous virtual
currency has been booming, its value having gone up 80–fold in a year to a new
record above $1000 per unit.
BITCOINS IN THE US Last month the US Committee on Homeland
Security and Governmental Affairs said the digital currency was a “legal means of exchange.” [ BITCOIN
HITS NEW HEIGHTS AS US LENDS LEGITIMACY TO VIRTUAL CURRENCIES IN HEARING Published time: November 19, 2013 http://rt.com/usa/bitcoin-legitimate-senate-hearing-931/
] A Bitcoin logo –we accept bitcoins- is seen at the window of Sake Zone, a
restaurant that accepts Bitcoin in San Francisco, California October 9, 2013.
(Reuters / Stephen Lam). US law enforcement and regulatory agents have
expressed optimism and acknowledged risks for digital currencies, propelling
the most famous of them – bitcoin – to new levels. [..] “"The Department of Justice
recognizes that many virtual currency systems offer legitimate financial
services and have the potential to promote more efficient global
commerce," said Mythili Raman, acting assistant attorney general for
the Justice Department's criminal division”.
[..] “Federal Reserve Chairman
Ben Bernanke said in a letter in absentia to the Senate panel that virtual
currencies "may hold long-term promise, particularly if the innovations
promote a faster, more secure, and more efficient payment system.". [..] Bitcoin
– a currency not backed by a central bank, but traded on various exchanges and
swapped privately - has been a high-margin and high-risk investment. The
currency hit $123 on October 3, then a record $309 ten days ago, and is now on
its way to new heights following Monday’s hearing.” [..] The US Federal Bureau of Investigation
(FBI) busted Silk Road, an online marketplace for
illicit goods that used bitcoin as a form of payment, in October. The dollar
value of the virtual currency slumped from about $145 per coin to $123 after
the marketplace shut down”. [..] “An estimated $1.2 billion in bitcoin flowed
through Silk Road. The FBI reportedly seized $28 million of the digital
currency in the bust. Silk Road founder Ross William Ulbricht, 29, was arrested
Oct. 1 in San Francisco on several charges of conspiracy.” FBI
seizes ‘Silk Road' black market domain, arrests owner
RON PAUL: BITCOIN COULD 'DESTROY THE DOLLAR'. By Jose Pagliery @Jose_Pagliery December 4, 2013. http://money.cnn.com/2013/12/04/technology/bitcoin-libertarian/ Imagine a world in which you can buy
anything in secret. No banks. No fees. No worries inflation will make today's
money worth less tomorrow. The digital
currency Bitcoin promises all these things. And while it's far from achieving
any of them -- its value is unstable and it's rarely used -- some have high
hopes. [..] It's unlikely that Bitcoin
would replace the dollar or other government-controlled currencies. But it
could serve as a kind of universal alternative currency that is accepted
everywhere around the globe. Concerned about the dollar's inflation? Just move
your cash to bitcoins and use them to pay your bills instead. Tired of hefty
credit card fees? Bitcoin allows transactions that bypass banks.
-----------
CHINA LATEST ON BITCOINS
CHINA BARS BANKS FROM
BITCOIN TRANSACTIONS. By John Ruwitch
and Pete Sweeney. SHANGHAI Thu Dec 5,
2013 http://www.reuters.com/article/2013/12/05/us-china-bitcoin-idUSBRE9B407L20131205
RELATED NEWS: Banshee bitcoins: $5 million worth of bitcoin vanish in China Published time: November 12 http://rt.com/business/banshee-bitcoin-vanish-china-601/ A Chinese bitcoin trading platform suddenly shut down and up to $5 million worth of bitcoin disappeared with it, a reminder of the great risk associated with the digital currency. Users were unable to log into the Chinese bitcoin platform Global Bond Limited (GBL) on October 26, and as much as $5 million (30 million yuan) has disappeared with it. [..] Because the currency isn’t regulated by any authority, it is difficult to get local police involved in the investigation. The theft is one of the largest in the currency’s short four-year history.
--------------
MORE NEWS ON BITCOINS
Bitcoin hits new heights as US lends legitimacy to virtual
currencies in hearing Published time: November 19, 2013.
http://rt.com/usa/bitcoin-legitimate-senate-hearing-931/
Bitcoin value passes $1,000 for first time ever Published time: November 27 http://rt.com/news/bitcoin-value-thousand-dollars-392/
Cyprus University world first to accept bitcoins for tuition Published time: November 21, 2013 http://rt.com/business/bitcoin-nicosia-university-tuition-060/
‘Paradigm shift’: Surging bitcoin to replace ‘broken’
government currencies Nov
18-13 http://rt.com/business/bitcoin-dollar-virtual-currency-895/
Canadian mining company to pay for services in bitcoins Nov 13-13
http://rt.com/business/canada-mining-payment-bitcoins-628/ A Canadian mining company is set to pay a
contractor in bitcoins for tungsten exploration work in Canada’s western
province of British Columbia. The two companies chose bitcoin amid expectations
that the crypto-currency’s value will continue to surge. Alix Resources Corp. gave its approval to pay
Ridge Resources Ltd. in bitcoins for work rendered. According to the agreement,
Ridge Resources will provide a quote in Canadian dollars, which will then be
converted into bitcoins. [..] The value of bitcoins has jumped this year. On
Tuesday, the digital currency opened at US$343.63 and traded as high as $357 at
the online exchange BitStamp. There are currently around 11,925,700 bitcoins in
circulation. [..] Last month, the theft of 4,100 bitcoins from
an Australian bank put a dent in the currency’s reserves. [Bit-heist: Over $1mn in
bitcoins stolen from Australian online bank ]The bitcoins, which
were stolen on October 26 when the bank was hacked, were valued at $1.3
million.
Bitcoin currency could be crashed by colluded attack,
researchers claim Published time: November 06, 2013.
http://rt.com/usa/cornell-bitcoin-study-attack-332/
First bitcoin ATM opens in Vancouver, more planned
throughout Canada Published
time: October 30, 2013. http://rt.com/news/first-bitcoin-atm-canada-932/
Bitcoin nosedives 15% after FBI blocks traffic via 'Silk
Road' criminal internet platform
Published time: October 03, 2013 http://rt.com/business/bitcoin-drugs-fbi-traffic-690/
Crypto-currency for NSA leaker: Snowden fund accepts Bitcoin Published time: August 12,
2013 http://rt.com/news/bitcoin-snowden-fund-wikileaks-384/ US fugitive Edward Snowden’s defense fund,
launched recently by WikiLeaks to raise money for the legal protection of the
NSA leaker, has announced it now accepts donations in virtual currency Bitcoin.
Bitcoin breakdown: US bank regulator probes virtual currency Published time: August 12,
2013 http://rt.com/business/bitcoin-laundering-regulator-supoena-390/
Court officially declares Bitcoin a real currency Published time: August 08,
2013. http://rt.com/usa/bitcoin-sec-shavers-texas-231/
Thailand becomes the first country to reject Bitcoin Published time: July 30,
2013. http://rt.com/business/bitcoin-thailand-digital-currency-783/
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