http://usawatchdog.com/dr-jim-willie-… -
Dr. Jim Willie, Editor of The Hat Trick Letter, says big news on the
progress of convertibility of the Chinese yuan is being ignored by the
mainstream media. Dr. Willie says, “Fully convertible capital account
for the Shanghai Free Trade Zone is an enormous story, and it is not in
the U.S. news. Why, because it signals that the yuan is about to become
an extreme competitor to the dollar in trade settlement and, therefore,
rival it as a global reserve currency. By that, I mean used in banks as a
reserve item. . . . They are making steps; they are more like big
strides toward making the yuan a fully convertible internationalized
currency. You’ve got lots of countries with yuan swap facilities. You
have Brazil, Australia, New Zealand, Japan, Germany and UK. These are
big countries. These are Western countries, and they all have yuan swap
facilities, which mean they are not going to conduct trade settlement in
dollars. So, it’s already in our Western camp. With all these
developments toward a gold backed currency, you are going to see quantum
leaps in the gold price. You are going to see the big move in gold when
China is no longer going to be able to get London and New York gold.”
Join Greg Hunter as he goes One-on-One with Dr. Jim Willie, Editor of The Hat Trick Letter, which can be found on GoldenJackass.com.
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