Dollar Ponzi


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from Super Station:


In a stunning move, China has suspended some banks from Foreign Exchange markets and ordered other banks to stop buying Dollars.

China’s foreign exchange regulator has ordered banks in some of the country’s major import and export centers to limit purchases of U.S. dollars this month, three people with direct knowledge said, in the latest attempt to stem capital outflows.

The move comes as China reported its biggest annual drop in foreign exchange reserves on record in 2015, while the central bank has allowed a sharp slide in the Yuan currency to multi-year lows, raising fears of more capital flight.

All banks in certain trading hubs, including Shenzhen, received the order recently, the people added. They declined to be identified because they are not allowed to speak to the media.

The total amount of U.S. dollars sold to clients in January for a bank in one of these hubs cannot exceed the amount sold in December, according to the people.

“They have asked us to limit our purchase amount and there are targets, but it mainly relates to institutions and enterprises, there is no change to the policy on individuals,” said one person.

Officials at State Administration of Foreign Exchange did not immediately respond to comment.

China also suspended forex business for some foreign banks, including Deutsche, DBS and Standard Chartered at the end of last year.

While three sources for this story claim they were told that this is an effort to stem the outflow of capital, a different source says something altogether different is taking place:  the belief in China that the US Dollar is now worthless and will soon totally collapse as a currency, leaving everyone who holds dollars, broke.

Read More @ Super


1 Comment

  1. Randy

    January 12, 2016 at 2:26 am

    This is really FUNNY when you stop for just a moment, and look at what’s actually going on! China’s government is telling its financial sector idiots to stop spending shit to buy manure!! There’s no other way to describe what’s happening in ANY of the stock markets or bond markets or other banking system scam and frauds. Every last one of these fiat paper currencies is totally without worth CRAP and they all know it, it’s just a case of how long can they keep the rest of the world in the dark about it? Maybe long enough to run into their underground bunkers so they can hide until things cool off enough? When the fiat paper currency/electronic bookkeeping entry financial system scam of the world collapses,billions of people will die because there won’t be enough food or clean water for them. No paychecks will go out and no bills will be paid and no one will bother coming in to their job, so the entire infrastructure of every nation will stop working. Who will run the power plants and repair the broken equipment for free? No one, that’s who!!
    For want of a real monetary system, the world was lost.


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