Report: Japan & China to Drop Dollar, Begin Trading Directly in June

The dollar’s death by a thousand cuts just sustained a major blow courtesy the samurai as Kyodo News announced Saturday that Yen-Yuan direct trading will begin in June.  Coincidence that Jim Sinclair predicted 6 months ago that the US dollar would suffer a major set-back in June 2012?
From Kyodo:

Japan and China are expected to start direct trading of their currencies as early as in June as part of efforts to boost bilateral trade and investment, financial sources in China said Saturday.

With the new step, exchange rates between the yen and the yuan will be determined by their transactions, departing from the current ”cross rate” system that involves the U.S. dollar in setting yen-yuan rates.

It will be the first time that China has allowed a major currency except the dollar to directly trade with the yuan, also known as the renminbi, the sources said.

 

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Comments

  1. Time is of the essence. The dollar is on its way out and you stackers will have an advantage over most soon enough.

    A little comment I’ve been thinking about this morning. This is for ILUVPMS and Jiggy’s. I have, on several occasions applauded and defended a number of your comments. However, as 427 (If I recall correctly) mentioned of the smell of a troll, I smell it strongly and the smell is foul. If you guys are not trolling, then how about comment on the positive side when warranted. Don’t just show up when things turn downward. Yes, I know you’ve done a little positive, but only when someone has gotten on your arse. You in particular Jiggy’s as you normally show and play follow the leader after ILUVPMS. If your feelings are hurt some, well too bad. Continue to comment on what you think PM’s are doing but back up your claims. Strong hands are here and if you think it will all turn bad for PM’s, the get out of them just as I am out of paper. Quit with the sarcasm unless you can hit the good and the bad. Have a nice day.

  2. Renminbi will end up on top as a reserve. A world reserve backed by all the gold that china can get there hands on. And thanks to our Fed, Government,Banking System all one and the same in my opinion. Have transfered the wealth at a whole sale price to China and anybody else that wants it.


    I feel what they have been doing is no less than treason. 
    They have jeopardize the country security for monetary gain…
    The only thing that will pull us out is, if in fact we still have 8000+ tons of the peoples gold. Yes the peoples gold and to be used for the peoples monetary system once again like it should have always been.
  3. Old News for us on Doc’s Site we seen it coming that’s why where Stacking.

    Hi! 2oz don’t worry about the Trolls they can’t do any harm as this is a Positive Silver Site and we can tell a Troll when they post.

    As for  ILUVPMS and Jiggy’s I don’t know if their Trolls or not but their more than welcome in my opinion but if I disagree with them I’ll let them know and Vise-Versa. LMAO

    Keep Stacking Everyone Time Is Getting Short

  4. Well said 2oz, hell if they want to be the glass is half empty type oh well. But the I know everything mind set “yuck”, “unbecoming”. Since most likely there staying in tune to the site to learn something. And only able to speak out when they feel they know a small part of the talk.

    Now im not the smartest apple in the cart ether but I do know when the glass is full you can’t put any more in it. Even if it’s full of bullshit.
    So thats my take on it
  5. Thanks guys. It’s not that I don’t welcome their comments, rather, if they know something that will benefit us about a downturn, tell us. Even if silver is at $30, $35 or $40 an ounce. Let us know why it will fall and tell us why you think this. As we are stackers, the price is not the issue since we are not looking for the paper price. Gain in paper is irrelevant. If we wanted paper, we would be traders and not stackers. No offense Jiggy’s but your avatar is appropriate. A piece of cheese to bait the mouse. There are no mice here. Only men and women with the foresight others can’t or won’t see. The world was flat at one time and 99% of the people thought so. There were a few who knew otherwise and people mocked them, even as they laughed at Noah. No worries. We ask only your help guys, especially if you have some inside info. that will make our world a little brighter.

  6. PROTECTED BY SILVER STACKERS!
  7. I Must Point Out Something: The Article Says:

    With the new step, exchange rates between the yen and the yuan will
    be determined by their transactions, departing from the current ”cross
    rate” system that involves the U.S. dollar in setting yen-yuan rates.”


    Although, this does not mean that they must exchange Yen for Dollars first, then exchange to Yuan, It does mean that the dollar’s rise and fall against either of these currencies will still affect their exchange. Thus, although the US can not collect transaction fees on each exchange, (which is why the federal reserve exists–to collect fees from other people’s activities), the US can still manipulate the dollar such that one or the other suffers losses on their transactions.

    This is the main thing that seems to be almost impossible to escape by countries who want to rid themselves of the dollar. The fed has entrenched themselves into every aspect of everyone’s lives in ways that take decades to erase.

    These criminals have figured every little angle to keep control of financial and monetary transactions all over the globe. The pure transaction (Yen-Yuan/Yuan-Yen), needs to be valued as they choose irrespective of global cross rates that involve the dollar or other currencies.

    Eventually, they will evolve their transactions into a system where they’ve determined a specific value of Yen to Yuan without any tie to the global “dollar in the middle” cross rate system. The best way to do this is to value each currency in, guess what, GOLD. When even a sniff of this happens, watch out dollar!—Now go to your coin shop and do your duty 

    BTW: Jake?

    JAKE: Yes Asshole?

    Can I Get A Piece Of Those Transaction Fees?

    Jake: Listen Asshole, You Have Bigger Things To Worry About.

    Don’t Remind Me!

    Jake: I Don’t Have To– Asshole, –But Just For The Record—

    JAKE STOP!

    Jake: Sorry, But Violence Won’t Solve Anything– Asshole

    Okay, Let Me Have It, I Can Take It!

    Thanks Jake!–Is That All?

    Jake: Nope–As of 12PM PST, Your Losses Amount To 9.616 Billion–HAHAHAHA!

  8. Jake you keep forgetting the to be continued at the end of the post. ha ha ha

    Two weeks and almost 10B
  9. You make a good point Jake   Aside from the very funny posts with you and Dimon going at it, the notion that this 10,000 lb  elephant in the pond, aka the US Dollar, wallowing around and splashing muddy water in every direction is going to affect every currency in the world is a very needed observation.

    The inflation of QE I or II hit the prices of oil and food with 40% inflation in these critical items. In some countries, particularly the middle east and the Indian subcontinent, the average family spend 50% of the budget on food.  Hence the reason they tend to be faily skinny, unlike the 65% of Americans who are, can we say charitably, somewhat zaftig.   The Arab spring was a directe result of our spasms of hyper printing that forced many countries, starting with Tunisia, into violent revolution as these country leaders tried to do a Marie Antoinette even though the food locker was empty.  

    If we hyperinflation our currency the yuan, yen, ruble and rupee will still suffer since many countries will not be on an alternate reserve currency.  If our Fed and treasury finds themselves at the short end of a currency war they will print the US dollar to oblivion and flood the world with tens of trillions of TBTF safe haven FIAT    This will causing enormous strife and damage to the world’s economies and quite possibly leading to very hot regional wars, not the least of which we see in Syria.  These wars could easily involve nuclear nations such at North Korea, India, Pakistan and Israel. 

    The death throes of our empire with  its trillions in FIAT based debt,  outposts in 110 countries and the desperation of our most foul ‘leadership’ makes for a very unstable situation.  The actions will be cataclysmic if the go to their inevitable conclusion.  Bummer

  10. You’ll See HERE That Keyes Came Up With Financial Transaction Taxes Cloaked in a Notion That He Was Saving The Public From Evil Speculators.


                        ALWAYS IN BETWEEN

    ()

    The Tax Only Serves As A Cost of Doing Business and is OF COURSE, passed on to consumers in the form of higher account fees, commissions, and interest. All it does is contribute to inflation which is the hidden tax of the federal reserve system.

    “In 1936, when Keynes first proposed a financial transaction tax, he
    wrote, “Speculators may do no harm as bubbles on a steady stream of
    enterprise. But the situation is serious when enterprise becomes the
    bubble on a whirlpool of speculation”

    PERPETUATE THAT PONZI-SCHEME, BABY!

    Here’s How The US Collects Tons From Forcing The Dollar In Between All Currency Transactions: The tax was proposed again as an idea to deceive the public into thinking “speculators” would be reined in from profiting on short-term currency fluctuations.

    In reality, it’s a way for the fed to not only collect on global transactions, but to control gold & oil prices by keeping the dollar at the forefront of all financial activities in the world. This is one of the reasons why most of the Asian and Arab world hate the US.

    They want to do their own business free of our exploitation. Again, eventually, they will win by cutting the USA out. They’ll either use gold or form agreements among themselves that exclude “dollar-in-the-middle” cross rate systems: 

    Currency transaction tax

    “In 1972 the economist James Tobin proposed a tax on all spot conversions of one currency into another. The so-called Tobin tax
    is intended to put a penalty on short-term financial round-trip
    excursions into another currency. Tobin suggested his currency
    transaction tax in 1972 in his Janeway Lectures at Princeton, shortly
    after the Bretton Woods system effectively ended. In 2001, James Tobin looked back at the 1994 economic crisis in Mexico, the 1997 Asian Financial Crisis, and the 1998 Russian financial crisis, and said: “[My proposed] tax [idea] on foreign exchange transactions… dissuades speculators
    as many investors invest their money in foreign exchange on a very
    short-term basis. If this money is suddenly withdrawn, countries have to
    drastically increase interest rates for their currency to still be attractive. But high interest is often disastrous for a national economy, as the nineties’ crises in Mexico, South East Asia and Russia have proven…”

    The rest of this article goes into why this tax is opposed based on the inability to distinguish speculative activity in currency trading vs. normal everyday trading.

    Additionally, It goes into the evolution of George Soros’ grand scheme to tax (mainly the USA) by taking money from tax payers, creating “special Drawing Rights (SDR’s) in order to distribute it to other nations in the world for purposes of global dependency and manipulation of currencies. UNBELIEVABLE CORRUPTION HERE.

    Global Taxes To Completely Crush prosperity  have also been proposed:

    Global Tobin Tax

    “In 2000 a “pro-Tobin tax” NGO proposed that a tax could be used to
    fund international development: <—Why is this our concern, we have better things to do with our money than to give it away as a gift.

    In the face of increasing income
    disparity and social inequity, the Tobin Tax represents a rare
    opportunity to capture the enormous wealth of an untaxed sector and
    redirect it towards the public good. <—WHO DETERMINES THIS “GOOD”?  And Why Do We Need REDISTRIBUTION?

    Conservative estimates show the tax
    could yield from $150-300 billion annually.”
    According to Dr. Stephen Spratt, “the revenues raised could be used
    for….international development objectives…such as meeting the Millennium Development Goals.<—LIBERAL NONSENSE SUCH AS CAP AND TRADE, GLOBAL WARMING AND KYOTO TREATY BS

  11. Good posts guys.

  12. Except This Troll:

  13. Lol always loved that part. Lol good on ya Jake.

  14. wtf 2oz?  I have been careful not to say anything to get anyone’s panties bunched up for weeks then this out of your keyboard?  These type of communities don’t need anymore stroking, I just try to point out the obvious for those that may not be seeing clearly.  There has not been a lot to talk positive about, I am not a JPM tin foil hatter so that leaves me out of many threads.  I stated a month ago the past 2 weeks would be a great stacking opportunity and that is what I have been doing.  Sorry if I offended with comments of reality, it is and has been reality, face it.  Maybe mentioning QE wouldn’t happen before election hurt your feelings.  I would bet 100 rounds on that but again that should be obvious to anyone that is not sour about buying in at 45.  As I said long ago I bought under 10 and over 40, so I feel for both sides.  Good luck in the rat race, see you on the other side.

  15. jiggysmb In your own words: “the constant follow ups of “See I was right” are a bit annoying”

  16. Point is, when did truth speakers become trolls?  Comments say a lot about a members’ character, mine has been truth.  Most here just seem to be drama.  Let it be, I will gracefully bow out.

  17. The bottom line is that this is a Stacking site and the majority of the Stackers are not in it for profit but survival and that’s what most of us talk about.

    As for me my thoughts are when the Derivatives Market starts cracking which they just have and when the Fed raises the interest rate then watch out, all hell is going to break loose and you will need all the friends you can muster.

    I’ve been told not to worry about stocks or the dollar as those are not important as the latter ones. Just be prepared and try to get along as we are going to need each other for advice. And for Gods Sake, Keep Stacking.

  18. Yeah—Even Humphrey Bogart Knew How To Stack

  19. jiggysmb lol I think your question should be rephrased to: When did trolls become truth speakers?

    Jake lol
  20. Don’t bow out Jiggy’s,

    Like I said, I have defended both you and ILUVPMS because I really think you have something valuable to say. But don’t just show up when things are on a downturn. Heck, I’ve even posted when I thought we could see a significant drop in the price and told why I thought so. Let us in on any info. you have at others times also. For instance, do you think PM’s will ever get above $50.00? If so, when? If not, why? Most of here think the world is going to hell in a hand basket and see an opportunity that 99% of people can’t see. That’s why we’re here.

  21. Hey There 2oz, 

       Thanks for the comments. I understand that I show up when the shit hits the fan on the metals. Its been like that for the past year and a bit after silvers parabolic run and intermediate top. I think this is excellent news for the precious metals complex and the demise of the dollar. I know long term that the dollar will continue its bear market and that its recent strength is an intermediate move. Anyways, I don’t have any problems with positive news especially news that comes out from the international market. As stated before, my only problem is when we publish news from analysts, whose employment comes from selling subscriptions, and always scream of “higher prices right around the corner”. Also, as Jake stated, listening to people whose stories about other sources of information which can’t be verified, is highly unreliable. June will be a very interesting month for the dollar, I think once greece is resolved the metals will continue upwards as all eyes will be on the dollar and its death throes. 
  22.  Yes and yes ILUVPMS. I agree we are and have been in a downward trend for a while now. You definitely have to be cautious taking for gospel the things that are said by those who are the sellers of PM’s. I try to listen to them and others and make my decisions based on my intuition, education, experience and wisdom (wisdom being key). Verifying is crucial. As you can tell by my posts, you know I believe the dollar is ultimately doomed. Can I call the time? No, but, I have to prepare constantly knowing it is, IMO, inevitable regardless of the current fiat action in PM prices. More opportunity I say. Thank you for the positive and by all means, if you have inside info. or knowledge of a drop, let us know so we can pounce on the opportunity to save some powder to buy the dip.

  23. ILUVPMs

    Vary cool post! I for one use two charts. Number one is whats going on in the world, all current affairs and the fundamentals of history of the metals. Number two and the most important my gut. I am the type person that cash burns a hole in my pocket. My whole life I have spent fiat to collect things and enjoyed them at the time. When it came time to sell most of the time there was no profet just loss. Now with the world the way it is and the fundamentals of silver. What the hell I’ll collect money, I have never saved this much money in my life. And the fact I like old silver it has history for me so it’s fun. I am selling other collections now only to buy more silver. So when others talk about buying low sell high it dosen’t concern me. I’ll just buy & buy until I get bored or I cant. I buy silver no mater the spot or premium if I like the item and I feel it’s fair it’s mine. I take big hits on dollar movements in the spot but thats just the way it is. It cost money to live to so should one die to save a few bucks nope.
    Glad you and 2oz made up thats good we need everybody hear, but not everybody’s hear for the same reason.
  24. 10-4 on the we need everybody here 427. Hey WTF up with the Kitco Silver chart? Strange.

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