@dollarvigilante You got a source for this, "World Bank is beginning to issue international bonds denominated in yuan (RMB)?"
That's a huge and disturbing development. I do like that it will reduce our governments ability to keep funding war, but it will come at a huge cost to our economy.
I am no financial expert but I do think it will hurt the US/canada economy somewhat but until the US loses the petro dollar it shouldn't hurt that much. But it might be the start of the fall of the petro dollar and that would hurt the economy like nothing before! Imagine if you were used to getting goods like gold,food,medicine,etc.. for nothing! (printed paper) And then that was taken away = disaster
I made a short post on the petro dollar.... feel free to let me know what you think
https://steemit.com/politics/@lecrazycanuckeh/the-biggest-reason-for-invasion-in-iraq-and-libya-that-no-one-wants-to-admit
I don't agree re: losing petro dollar status. If the USA loses our ability to continue to run up our government debt that would be damaging at an enormous level.
Two links to take a look at:
http://www.worldbank.org/en/news/press-release/2016/08/12/world-bank-approved-as-the-first-sdr-bond-issuer-in-china
http://www.ft.com/cms/s/0/a9175aee-603f-11e6-ae3f-77baadeb1c93.html#axzz4HasqGaae
Also worth bearing in mind if you've been following the Shemitah and Jubilee trends:
"The Chinese renminbi will join the SDR basket of reserve currencies on October 1, 2016."
The very next day is the end of the jubilee year (Elul 29 in the Hebrew calendar). Talk about timing...
Wow.