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As Petro-Yuan Looms, Bundesbank Adds Renminbi To Currency Reserves

As Petro-Yuan Looms, Bundesbank Adds Renminbi To Currency Reserves thumbnail

Just days after China’s (denied) threat to slow/stop buying US Treasuries, and just days before the launch of China’s petro-yuan futures contract, Germany’s central bank confirmed it would include China’s Renminbi in its reserves.

The FT reports that Andreas Dombret, a member of Deutsche Bundesbank’s executive board, said at the Asian Financial Forum in Hong Kong on Monday that the central bank had “decided to include the RMB in our currency reserves”.

He said: “The RMB is used increasingly as part of central banks’ foreign exchange reserves; for example, the European Central Bank included the RMB [as a reserve currency].

The Bundesbank’s six-member board took the decision to invest in renminbi assets in mid-2017, but it was not publicly announced at the time. No investments have been made yet; preparations for purchases are still ongoing.

The inclusion in the German central bank’s reserves basket underscored China’s increasing prominence in the global financial landscape, and reflected policies aimed at making the currency more freely tradable internationally.

Mr Dombret said:

“The notable development from the European point of view over the past few years has been the growing international role of the RMB in global financial markets.

The offshore Yuan strengthened on the news overnight – pushing to its strongest in over 2 years…

And as Les Echoes reports, while the Bundesbank wants to integrate the yuan into its foreign exchange reserves, the Banque de France is already using it as a currency of diversification.

The Banque de France has raised a corner of the veil on its strategy of managing foreign exchange reserves.

“The foreign currency holdings remain overwhelmingly invested in US dollars, with diversification to a limited number of international currencies such as the Chinese renminbi.

Which currency would you rather hold as a stable reserve?

The US Dollar has been quite volatile over the last 18 months against a broad basket of its largest trading partners.

The Chinese Renminbi, however, has been very stable over the last 18 months against a broad basket of its largest trading partners (despite volatility against the dollar).

As a reminder, last week, the People’s Bank of China decided to drop a mechanism it recently created to support the renminbi and safeguard it against capital flight, in a sign of rising confidence in the currency. Mr Dombret said the move was “something which we welcome very much”.


49 Comments on "As Petro-Yuan Looms, Bundesbank Adds Renminbi To Currency Reserves"

  1. Mad Kat on Wed, 17th Jan 2018 5:45 pm 

    Bit by bit, the Yuan is displacing the USD. At some point, the displacement will become a rush and it will be “Game Over” for the USD.

  2. Mad Kat on Wed, 17th Jan 2018 6:06 pm 

    “American influence abroad, as defined by the power and status of the U.S. empire, has been in consistent decline for nearly two decades now. …

    Specifically, the attacks of September 11, 2001 were ruthlessly and immediately exploited by degenerate power hungry charlatans in D.C. and elsewhere to fear-monger an entire country to give up liberty in exchange for a promise of safety. With that devilish bargain our society committed cultural suicide. …

    This Owellian death spiral has been ongoing for over sixteen years now, and doesn’t skip a beat irrespective of who sits in the Oval office. …

    This is late-stage U.S. Empire, and it’ll consume everything it can in its path before coming to its inevitable end. …

    The American people have been fed endless lies for a very long time, and while people are starting to wake up, too many continue to fall for the same old deranged partisan nonsense. …

    Whether we think it’s a good thing or a bad thing, the U.S. empire is rapidly fading into the sunset. The signs are everywhere and are undeniable at this point.”

    The rise of China is a good example of the change. Russia’s firm stand against the Empire is another. Nuff said.

  3. Davy on Wed, 17th Jan 2018 6:08 pm 

    “Germany’s central bank confirmed it would include China’s Renminbi in its reserves.”

    Notice how this article did not include any amounts. It didn’t include amounts because it is still a nothingturd.

  4. Cloggie on Thu, 18th Jan 2018 12:03 am 

    I’ve never seen a Renminbi in my entire life. But then again, before 1966 I had never seen a black person, let alone a Muslim. Things can change, that’s the take-away point.

  5. MASTERMIND on Thu, 18th Jan 2018 12:09 am 


    China devalues their own currency to make their exports more attractive. The Yuan will never replace the dollar. And now we got all of Iraq’s oil production being sold in dollars as well. You are so focused on a few countries ditching the dollar you forget about Iraq and Libya adding dollars! You dumbshit! And your source above libertyblitz is questionable as a source. You are so dumb you know your sources are not credible but you are so desperate to prove a point you will believe anything.

  6. MASTERMIND on Thu, 18th Jan 2018 12:11 am 

    The Impending Oil Shortage: Updating Our Oil Thesis For 2018

    “n 2018, the oil market will blow past being “balanced.” The global supply deficit will remain until new production is coaxed online by higher oil prices. Until then, this daily supply shortage will morph into an inventory shortage…”

    Get ready for Anarchy soon!

  7. Mad Kat on Thu, 18th Jan 2018 12:35 am 

    Cloggie, I have a stack of Yuan/Renminbi. Part of my preps. Kinda like if you live on the Mexican border, you should have some Pesos or if you live on the Canadian border, Loonies. There is the likelihood that US dollars will be worthless someday. They are devaluating them with every printing by the Federal Reserve. They are worth about 1% of what they were worth 100 years ago.

    BTW: I do not hold US dollars. I hold Philippine Pesos, and few of the other currencies nearby: Hong Kong Dollars, Yen, Bhat, Dirham, Ringgit, Rupee, Rupiah, and a few others. About $100US worth of each. You never know…

  8. MASTERMIND on Thu, 18th Jan 2018 12:39 am 


    Your money wont be worth shit without energy to back it up or stock exchanging operating! You should spend it now and live large now. There is no future you know that! Even gold will be worthless….

  9. MASTERMIND on Thu, 18th Jan 2018 12:44 am 


    I noticed you didnt talk about all that new Iraqi and libya oil being sold in dollars! LOL we have more dollars being used than ever! So much for you dollar is going to collapse scaremongering! You are so dumb. You got so excited about a few countries dumping it you forgot to consider other countries adding it…

  10. Mad Kat on Thu, 18th Jan 2018 12:44 am 

    Third World America… Watch the video and read the facts.

    “California’s Homeless Problem Revealed In One “Incredible” Video”

    You can deny an article but you cannot deny your eyes.

  11. MASTERMIND on Thu, 18th Jan 2018 12:46 am 


    Things are still way better here on average then your shithole country ruled by one of the worlds most evil dictator. Your people have no freedom and no wealth. they are total slaves…pathetic…To cowardly to rise up!

  12. Mad Kat on Thu, 18th Jan 2018 12:50 am 

    But, you see MM, you don’t NEED money in the real world. Money is just a way to make capitalists wealthy. It is a way to bleed the peasants either by taxation or by profits. Trade does not require a middle man skimming off your energy.

    Barter is the current and future exchange of ‘energy’ here outside the cities. I have a chicken. You have bushel of rice. Let’s trade. OR. I need a thatch replacement for my house. I’ll build a table for you in trade. THAT is the future. If you have nothing (skill/trade goods/produce) to trade, you will starve. Simple.

  13. MASTERMIND on Thu, 18th Jan 2018 12:56 am 


    China’s total outstanding credit was worth an alarming 274% of its GDP in the first half of last year, more than double the ratio from 2008, according to an estimate from Deutsche Bank (pdf, page 3). Both S&P Global Ratings and Moody’s downgraded China’s long-term sovereign credit rating last year.

    China is headed for bankruptcy!

  14. MASTERMIND on Thu, 18th Jan 2018 12:57 am 


    China’s debt 274 percent of GDP and 80 percent of their silk road is junk status..No wonder their neighbor India snubbed them….And they are peaking in oil and coal soon…They are fucked!

  15. MASTERMIND on Thu, 18th Jan 2018 12:59 am 


    without money and markets you will run out of things to barter really quickly. And your shit will be stolen by the people who had no foresight to prepare or have nothing to barter..

  16. Mad Kat on Thu, 18th Jan 2018 1:01 am 

    MM, I don’t pay much attention to the oily business. You pick two minuscule oil exporters as an example to disprove my assertion. You should look at those countries that do trade in Yuan with China like Russia and Iran.

    “During the last two years, the number of countries that use the yuan for more than 10% of the value of their payments to China or Hong Kong has increased by seven. That brings the total of such countries to 57. There are currently 101 countries using the yuan as a trade currency.” (2016)

    More are added every day.

  17. MASTERMIND on Thu, 18th Jan 2018 1:02 am 


    The Chinese government finally admitted that its economic data was made up

    China’s Inner Mongolia admits cooking economic data, puts key road and subway projects on hold

    See you cant trust the Chinks! They lie like hell! LOL

  18. Mad Kat on Thu, 18th Jan 2018 1:09 am 

    MM, I have skills that are worth more than rice. I am not a one trick pony like you. I will never run out of tradeable items as long as I am alive and need them. But, I have laid in a good supply of trade goods not likely to be stolen as they require skills to use them. A ‘zombie’ may steal food or weapons, but they are not likely to steal a hammer, saw, shovel or book on how to grow crops. Those are the kinds of barter goods I stock. And they have no “sell by dates”. LMAO

  19. MASTERMIND on Thu, 18th Jan 2018 1:11 am 


    You will never run out of supplies? What do you have a warehouse? And you dont think they will be stolen? And you dont think zombies can use tools? And do you think your crops you grow will be safe and secure when stores no longer have food?

  20. iamwhoiamifyouknowwhatimean on Thu, 18th Jan 2018 1:41 am 

    “The US Dollar has been quite volatile over the last 18 months against a broad basket of its largest trading partners.

    The Chinese Renminbi, however, has been very stable over the last 18 months against a broad basket of its largest trading partners (despite volatility against the dollar).”

    That’s in great part due to the US having an imbecile for a president, saying and doing all sorts of crazy stuff, while China just keeps carrying on doing business and expanding their currency foothold.

    I think the remnimbi or however it’s spelled will surpass the dollar. Won’t be long. The writings on the wall. As long as people vote for idiot’s like Trump I’m pro China.

  21. Mad Kat on Thu, 18th Jan 2018 4:33 am 

    MM, I know my situation. You are just guessing. I am secure in my situation, you are not. I have thought out my future. You only plan to party and then quit your life. YUGE difference.

    As I said, skills learned are not easily lost. I can teach if I cannot physically do. That will ALWAYS have value. Gardening, animal husbandry, carpentry, plumbing, electrical wiring/repair, masonry, cabinet making, leather tanning, cooking, baking, painting, roofing, glazing, teaching, etc. One can learn a lot in 73 years. All in an inexhaustible supply. I will not run out of ‘trade goods’ in my lifetime.

    As for physical trade goods, I would be stupid to have them all in one place wouldn’t I. And since I liquidated my holdings in the US when I came here, I have transferred my resources over the last 10 years to the Ps. Perhaps you are not aware that I can easily transfer $1,000 per day without any government notice or taxes. That means that I could have transferred some $3,650,000. in that time. Again, you have no idea of my resources here. No one does except me.

  22. DerHundistlos on Thu, 18th Jan 2018 4:33 am 


    What a Way to Go – Life at the End of Empire:

  23. Mad Kat on Thu, 18th Jan 2018 4:35 am 

    iamwhoiam…, you understand the situation. I’m pro China also for many reasons. I prefer to be on the winning side.

  24. Davy on Thu, 18th Jan 2018 5:15 am 

    “The Chinese Renminbi, however, has been very stable over the last 18 months against a broad basket of its largest trading partners (despite volatility against the dollar).”
    “China just keeps carrying on doing business and expanding their currency foothold.”

    China manages its currency far more than any other economic power so comparing it to the dollar like apples to apples is intellectually lacking. The Chinese Yuan is used very little in relation to total global settlements compared to all other currencies. It is pegged in relation to the dollar so the dollar is indirectly part of its basis. One of China’s largest investments is US Treasuries. The Yuan is up and coming and will continue to make inroads financially in many different ways because China is one of the top economic powers. Yet, a dominant reserve currency status will only come if the country liberalizes further and reconfigures its economic system. China will likely only be able to take liberalization so far because of its multiple economic, financial, and social bubbles. China does not have what it takes to have a reserve currency in its current economic arrangement. Its gold and currency reserves are needed to cover its huge debt a significant amount that is nonperforming. Much of its oversized banking and shadow banking sector is insolvent by realistic measures. This Yuan reserve currency issue is a nothingturd.

  25. Davy on Thu, 18th Jan 2018 5:17 am 

    “As I said, skills learned are not easily lost. I can teach if I cannot physically do.”

    If that is so why have you spent 10 years in a Condo in Makati, Manila doing nothing but peddle an agenda of hate?

  26. Davy on Thu, 18th Jan 2018 5:21 am 

    “Again, you have no idea of my resources here. No one does except me.”

    You don’t have a pot to piss in mad kat. You have given away your LIFE situation now over 5 years OF BLABBERING here. You came to the P’s with 2 suitcases. You have bragged about this. You live on a soacial security stipped and you brag about that. You one of those guys easy to figure out because you are stuck on yourself. You tell on yourself all the time. You are a FAILURE.

  27. Mad Kat on Thu, 18th Jan 2018 5:43 am 

    Davy, your ignorance is showing again. You have ZERO knowledge of what resources I have. Nor will you ever know. You Assume you know everything. That is a mental problem. I guess it goes with 1%er arrogance. But you know shit.

    Every time I traveled to the US I brought back a lot of my ‘resources’. They don’t ask what you are bringing into the Ps like they do when you enter the US. They just wave you thru customs. I will say that just my SS has been way over $200,000. That is equal to P10,000,000+ here. My living expenses here are less than 1/3 of that over 10 years. That and my other previous ‘resources’ have made it very easy to build up preps and security here.

    I am far more secure than you ever will be in the land of taxes and debt. Believe what you want but stop making up a fantasy life for me. It makes you look even more stupid than usual. As for “stuck on myself” LMAO! Look in the mirror.

  28. Mad Kat on Thu, 18th Jan 2018 5:45 am 

    Davy, “If that is so why have you spent 10 years in a Condo…”

    It’s called RETIREMENT. I worked most of 50 years to lay back and relax. You will never have that luxury. Keep paying your taxes so they can keep sending me my SS. Thanks! lol

  29. Davy on Thu, 18th Jan 2018 6:03 am 

    See, more of being a braggart and telling on yourself. You can’t help it. LMFAO. We need less mad kat vomit and more actual intelligible information on real issue. We need less of your hate agenda peddling mad kat. When are you making this big move to the fantasy farm? You know so you can play with your pet cobra and listen to a tribe of monkeys. Last time I checked you had trucks on the way with 100 tons of construction material. Let me repeat that “100 TONS”. This after you told us the fantasy farm was nearly completed many times over the last two years. What is it mad kat? I don’t think you know you are so wrapped up in yourself and your fantasy world. What can we believe out of you? DEMENTIA

  30. Mad Kat on Thu, 18th Jan 2018 6:26 am 

    Just refuting your bullshit claims, Davy. I’m proud of my life and what I have accomplished … without family money, unlike yourself who is just an arrogant braggart.

  31. Mad Kat on Thu, 18th Jan 2018 6:28 am 

    You can never understand what it is like to be retired and out of the US police state. You never will. I have no need to lie. It is too much trouble to remember who I told what lie to. I learned that lesson long ago. Before you were born.

  32. Mad Kat on Thu, 18th Jan 2018 6:32 am 

    Worth repeating: “Whether we think it’s a good thing or a bad thing, the U.S. empire is rapidly fading into the sunset. The signs are everywhere and are undeniable at this point. I don’t say this to fear-monger, but because I think it’s crucial people aren’t caught off guard by how much the world will change over the next 5-10 years.”

    Nuff said.

  33. MASTERMIND on Thu, 18th Jan 2018 6:42 am 


    Why dont you spend you time on the Alex Jones website. It would be much more appropriate for your intelligence level as a retired construction worker..The joke is going to be on you because when the us collapses it will take down every country including yours.

  34. Davy on Thu, 18th Jan 2018 6:45 am 

    “Davy. I’m proud of my life”

    What clue did you give us??? LMFAO

    We know all about how wonderful you are and how exceptional your life is. You go to great lengths to let us know.

  35. MASTERMIND on Thu, 18th Jan 2018 6:47 am 


    Madkat doesn’t understand how the fincial markets are all connected. He thinks only the us is going to collapse and the rest of the world will just pick up the slack and do better. He has no farm or nothing. He doesn’t think he will need it. i have tried showing him numerous peer reviewed studies how we are connected. but he refuses to learn and just sticks his head in the sand because he is to scared to find out his fantasy future is not likely..There is no way to change someones mind if they refuse to learn. he does not understand complex systems and if you try to educate him he goes bonkers like a child…Its hard to teach an old dog new tricks!

  36. Davy on Thu, 18th Jan 2018 6:47 am 

    “You can never understand what it is like to be retired and out of the US police state. You never will.”

    mad kat, I am beginning to think you did some bad shit in the US. You are obsessed with this police state shit. Did you embezzle the Mormon Church when you were one of their high priestess?

  37. Davy on Thu, 18th Jan 2018 6:52 am 

    “Whether we think it’s a good thing or a bad thing, the U.S. empire is rapidly fading into the sunset.”

    Stupid, get with the program. The US Empire ended when the armies were rolling over the Iraqi border in 03, the rise to power of Putin, and finally the rise of China as an economic equal. We are now a multi-polar world with the US being one of the dominant players and that is unlikely to change until we all go down in collapse.

  38. JuanP on Thu, 18th Jan 2018 8:00 am 

    “China’s strong economic growth blows away expectations”

  39. Simon on Thu, 18th Jan 2018 8:34 am 

    I suspect that this is simply a move to a more multipolar world.
    It would be interesting to know the exact depth of the renmimbi (sp) support that the Bundesbank are offering

  40. Antius on Thu, 18th Jan 2018 11:13 am 

    ” I suspect that this is simply a move to a more multipolar world.
    It would be interesting to know the exact depth of the renmimbi (sp) support that the Bundesbank are offering”

    You may be right. It will be interesting to see what happens over the next few years.

    I have a sneaking suspicion that the Chinese ascension to economic superpower status is somewhat overstated. China is not a market economy. Its strategy of pursuing growth through infrastructure investment is running out of steam and debt levels are enormous. We could see a collapse that takes the world by surprise. This becomes very much more probable if global oil prices rise substantially, as China is one of the world’s largest importers.

  41. Vicente on Thu, 18th Jan 2018 11:37 am 

    Vicente de la Fuente Back down the $ currency, and back up all ours jobs…Vfg.Mohicanofaranduleromarxista

  42. deadly on Fri, 19th Jan 2018 3:53 am 

    Yuan Schmaun, money is money, no matter the currency.

    Have to have money, people go insane without it.

    When they do have it, they go completely nuts.

    A lot of fuzzin’ and fightin’ over money. Wars, financial chicanery, then one day, the bovine excrement fresh from the bull’s sphincters, those muscles giving it the old heave ho, is aimed squarely at the fan, and then flies through at a hefty force.

    Life has to exist somehow, curse Mother Nature for that.

    Effects of Various CO2 Levels

    Carbon Dioxide Level in PPM

    Resulting Conditions on Humans

    300 (0.03% vol.) Nothing happens, normal concentration in air.

    3,000 – 5,000 Low concentrations cause increased respiration and headache.

    5000 (0.5% vol.) Lung ventilation increases by 5%. PEL.

    10,000 (1.0% vol.) Symptoms may begin to occur, such as feeling hot and clammy, lack of attention to detail, fatigue, anxiety, loss of energy, weakness in the knees commonly know as (jelly legs).

    20,000 (2.0% vol.) Lung ventilation increases by 50%, headache after several hours of exposure.

    (5 to 10% vol.) Violent panting and fatigue to the point of exhaustion merely from respiration & severe headache. Prolonged exposure at 5% could result in irreversible health effects.

    The inside of your house has concentrations as high as 1500 ppm. The inside of your car can measure 6000 ppm.

    Might have a little bit of CO in the air mix too. Eczema is a symptom of CO exposure at low concentrations.

    Get some fresh air.

    An improper heating, ventilation and air conditioning system (HVAC) can lead to high levels of carbon dioxide. Many homes rely totally on the system to recirculate air; the windows are never opened to let in fresh air. A maintenance call for the system would be one of the first indications it’s a cause of high carbon dioxide. Symptoms of high CO2 include headaches, dizziness, difficulty breathing, fatigue and increased heart rate. Basically, the high CO2 deprives the body of its needed oxygen, especially the brain.

    Go outside, you will feel better.

    Do it for your brain. It is a lot more important than a few trillion yuan and you might finally be able to think. lol

    Have a good day.

  43. Mad Kat on Fri, 19th Jan 2018 4:14 am 

    deadly, people do not go insane without it. Only spoiled Westerners might panic. Many in this world don’t use cash. Don’t have enough to panic if it is gone even if they do have some.

    I agree that pollution is going to kill us off eventually. Maybe even sooner than we expect. But it is too late to do anything about it even if we could break the capitalist stranglehold on globalization.

  44. deadly on Fri, 19th Jan 2018 4:47 am 

    Pacifica, California’s Natural Coastal Erosion and the Lust for Climate Catastrophes

    In addition, the effect of higher rates of precipitation associated with El Nino also cause greater slippage between geologic layers that differ in their ability to handle subsurface water flows. Heavier precipitation caused episodic collapses of coastal Highway 1 at Devil’s Side at the south end of Pacifica. A tunnel was just built to re-route the highway away from that geologically unstable area.
    For millennia El Nino cycles have caused these natural extreme swings that alternate between droughts and floods and episodic coastal erosion. Changing your carbon footprint will never stop the process. But knowledge of these natural processes will keep people out of harms way. One of the greatest sins of the politics of the climate wars is that people are not being educated about natural climate change. They are not being taught how to be wary of natural danger zones.
    Instead every flood and every drought, every heat wave or snowstorm is now being hyped as a function of global warming. After every catastrophic natural weather event, yellow journalists like the Washington Post’s Chris Mooney or APs Seth Bornstein, seek out CO2 alarmist scientists like Kevin Trenberth or Michael Mann, to make totally unsubstantiated pronouncements that the event was 50% or so due to global warming. After centuries of scientific progress, Trenberth and his ilk have devolved climate science to the pre-Copernican days so that humans are once again at the center of the universe, and our carbon sins are responsible for every problem caused by an ever-changing natural world.
    You can recognize those misleading journalists and scientists who are either totally ignorant of natural climate change, or who are politically wedded to a belief in catastrophic CO2 warming, when they falsely argue, as NBC news did, that “frequent swings of opposite extremes” are due to global warming. El Nino’s naturally bring these extremes every 3 to 7 years, as well as the 20 to 30 years swings of the Pacific Decadal Oscillation. These swings have occurred for centuries and millennia! The same storms that bring much needed rains will also batter the coast and increase episodic erosion.
    But by ignoring natural change, climate fear mongers delude the public into believing La Nina-caused droughts of the past few years were due to CO2 warming. And now as El Nino returns the rains to California, those same climate fear mongers want us to believe CO2 warming is causing an abrupt swing to heavy rains and coastal erosion. One needs only look at the historical records to find Pacifica’s coastal erosion was much greater around the 1900’s, and that El Ninos have caused natural extreme swings for millennia.
    Honest science, useful science, must educate people about our natural hazards and natural climate oscillations; so that people do not build too close to fragile cliff edges or build in the middle of a flood plain. It is not just the coast of California that is eroding. The politicization of climate change is eroding the very integrity of environmental sciences. Reducing your carbon footprint will never save foolishly placed buildings in Pacifica or stop the extreme swings in weather induced by El Nino’s and La Nina’s. It was the end of the Ice Age that initiated dramatic coastal erosion and only a return to those frozen years will stop it. Pacifica’ eroding bluffs are simply evidence that most of California has still not reached an equilibrium with the changes that began 18,000 years ago. Pacifica is truly an icon of natural climate change.
    But the ranks of climate alarmists are filled with legions of scientific ignoranti who blindly see such coastal erosion as another “proof” of impending CO2-caused climate hell. This group lusts for climate catastrophes to prove they are not blindly paranoid. Other self-loathing CO2 alarmists simply lust for climate catastrophes that will deal humans their final “come-uppance.” So they too lust for climate catastrophes. Only a solid of understanding of natural climate change can prevent this climate insanity and pave the way to truly scientifically based adaptive measures.

    January 30, 2016

  45. Davy on Fri, 19th Jan 2018 4:50 am 

    When you say pollution mad kat do you mean this:

  46. Simon on Fri, 19th Jan 2018 5:42 am 

    MK – Coincidence of needs is not terribly efficient at producing anti-biotics

  47. Davy on Fri, 19th Jan 2018 5:45 am 

    Can we force the planetary carbon cycle like humans are and not get destabilized weather and climate? Throwing in the natural volatility only makes it that much more volatile. We now have natural volatility on steroids. That is what heat energy does. Maybe we will get lucky and in some ways we will moderate others extremes with our forcing but that is likely insignificant to the damage to stability from the warming of the Arctic and the oceans.

    This warming is clearly anthropogenic related. The science is crystal clear on that. We are in a new world of 1 degree warmth over past centuries. We quickly warmed the earth and are only now realizing what this means. Phase change works that way. What that means is still far from clear but I doubt it will be good when you are a species that has become dependent on vast monocultures of just a few dominant food sources. Stable weather gave us civilization and destabilized weather might easily take it away.

    We must also realize what we are doing is more than with the CO2. We are also altering ecosystem stability. The lungs and the climate conditioners that moderate the earth’s extremes like the rainforest, wetlands, and watersheds are being destroyed. Species that are vital to many planetary functions are being eliminated or greatly reduced. It is even worse because of what we have done to our civilization. It seems we are destroying everything around us in the name of the cancer of prosperity and development.

    Personally I feel whining about climate alarmism is pretty lame. Yes, I agree there are plenty of alarmist. They tend to be fake greens who also deny science when it comes to solutions. The alarmism should be with our wisdom as a species. We should be alarmed with our way of life. Fake greens want green prosperity. All prosperity means an excessive ecological foot print when combines with population overshoot. How much real whining is there about prosperity? The obvious dangers of overpopulation are constantly argued away by religions and pseudo religion of economics. How many politicians would ever try to sell solutions like Pol Pot’s killing fields yet draconian solutions are what we are facing.

    It is only spiritual prosperity that can flourish in this destroyed world. It took the awareness of science to see what science has wrought. Now we are spiritually dead from corruption from market based capitalism and the cult of the individual all supported by corrupted science. We now are too far gone from what a species should be in its natural ecosystem.

    It appears it is too late for our civilization but not for many individuals who can adapt to this profound understanding. An understanding that only truly has become apparent in the last 20 years. That is a very short time to digest the end of life as we know it. Those who are digesting this we can call the awakened ones. We have created our own ecosystem because we think we are exceptional and now it is crashing around us in multidimensional, systematic and self-organizing ways that are more than just CO2 related. This is a direct assault on everything not just climate. It all goes together and it will come apart together. The only hope is this is a planetary process that will likely will unfold over time. You as an individual can dwell in the here and now of planetary destruction with a spiritual awakening.

  48. joe on Fri, 19th Jan 2018 7:48 am 

    Actually, the Germans a supposed to do this.

    There is only one world currency. Few of the slobs and sloths who watch the Simpsons and Salam their god have heard of it. It’s called Special Drawing Rights, and therefore Chinese money can be used to buy oil etc cause that fiat currency is backed up by IMF fiat currency. Same is true for the greenback except that fiat currency is more widely used to trade oil, but sharing the load is good idea. Better for China to buy resources with its own currency cause they ca print more of it, they cant print more pounds or dollars if the oil price rises.

  49. Antius on Fri, 19th Jan 2018 10:54 am 

    Some information on why the Chinese Yuan is unlikely to replace the dollar as the leading global reserve currency in the foreseeable future.

    This FT article gives some useful background on what a house of cards the Chinese economy has become.

    In the two years between 2014 and 2016, the Chinese sold a trillion dollars in foreign exchange reserves to prevent their currency from tumbling in value. According to Forbes, they continue to sell hundreds of billions of dollars a year. This is happening as domestic debt levels soar past 310% of GDP.

    One will also note that global dollar reserves are mostly stable, and the percentage increase in holdings in other currencies since 2009, have largely come at the expense of the Euro.

    Now add to this the fact that China has erected some of the most draconian capital controls in the world, in a desperate attempt to prevent money from leaving the country. This will kill off foreign investment into the country, as it is very difficult to repatriate money from China. It also makes private Chinese investment in foreign projects very difficult and makes it more challenging to pay for imports.

    There are other problems too. Chinese wages appear to have stopped rising:

    China’s currency is not freely exchangeable (i.e. capital controls). This is one of the key criteria for establishing a reserve currency, meaning that the Yuan is not likely to become a leading reserve currency any time soon.

    China’s energy consumption appears to have peaked. This is a strong indication that economic growth has either stopped already or soon will decline.

    The key problem is that China does not have a free market economy. At low wage levels, its overwhelming cost advantages allowed its exports to dominate the world and for debt fuelled expansion to pay for itself. As wage levels rise, the inherent contradictions of a prosperous non-free market economy are becoming more and more difficult to contain. Efforts such as the silk road and gold backed Yuan, look more and more like acts of desperation, intended to fend off currency crisis and impending collapse.

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