China Is Selling Off Foreign Reserves
The following should be a bombshell hitting all of the news channels. But it's not.
This is the event everyone believed would never happen, because if it did, the consequences would be too horrible to contemplate.
China is cashing out and using the money to buy up what parts of the planet, they don't already own. And they are doing this just as the US embarks on a giant treasury auction to raise ungodly quantities of money, to give away to the billionaire friends of our beloved politicians.
Good luck with that China. I'm not so sure that most of that is going to be worth owning.
China to deploy foreign reserves
By Jamil Anderlini in Beijing
Published: July 21 2009 19:09 | Last updated: July 21 2009 19:09
Beijing will use its foreign exchange reserves, the largest in the world, to support and accelerate overseas expansion and acquisitions by Chinese companies, Wen Jiabao, the country’s premier, said in comments published on Tuesday.
“We should hasten the implementation of our ‘going out’ strategy and combine the utilisation of foreign exchange reserves with the ‘going out’ of our enterprises,” he told Chinese diplomats late on Monday.