The collapse of the monetary system awaits the world in the near future, says financial expert James Rickards. Russia and China’s desire to rid the US dollar of its global reserve currency status is an early sign of the “increasingly inevitable” crisis.
“China has three trillion dollars, but they are buying gold as fast as they can. China worries that the US is going to devalue the dollar through inflation so they want to have a hedge if the dollar goes down, so the gold will go up,” Rickards told RT.
As one of the key events in support of his forecast, Rickards points to the words uttered by Russian President Vladimir Putin at the 18th International Economic Forum in St. Petersburg that took place earlier this month.
“Putin said he envisions a Eurasian economic zone involving Eastern Europe, Central Asia, and Russia. The Russian ruble is nowhere near ready to be a global reserve currency, but it could be a regional reserve currency,” he said, as quoted by ETF Daily News. Continue reading
Chinese firms have embarked on a quest to conquer the world market. Several have already done so, with the help of Western know-how. Established rivals are making the mistake of underestimating them — until it’s too late.
The Chinese government is encouraging the expansion of its companies because it wants to shed the country’s image as a cheap, low-tech manufacturing location and to turn it into a center of innovation. “Zou chu qu,” loosely translated as “go out,” is the message the country’s Communist planners are sending to the Chinese business community. Continue reading