If you needed any further demonstration of China's arrival as a major player on the international economic (and geopolitical) scene, look no further than the latest news from Greece. Earlier this week Chinese Premier Li Keqiang made headlines for telling the eurozone that they need to get a deal done with Greece. This was followed soon after by another Chinese official suggesting that China might be ready to bail out Greece themselves.
On Thursday Fan Mingtao, a director at the Chinese Institute of Quantitative and Technical Economics, told Sputnik China that China could bail out Greece directly. After explaining that the Greek meltdown threatens China's own investment interests in the country, he noted: “I believe there are two ways to give Greece Chinese aid. First, within the framework of the international aid through EU countries. Second, China could aid Greece directly. Especially considering the Silk Road Economic Belt and the Asian Infrastructure Investment Bank. China has this ability.”
Or does it? The irony is that just as China begins to flex some of its international economic and geopolitical capital, the cracks in China's own credit-fueled econom...
As of press time, Greece was still insisting they would not make their scheduled 1.6 billion euro payment to the IMF. Assuming the payment does not go through, what will happen?
Since they can't find any evidence that Iran has actually engaged in any nuclear weapons program activities, they are instead using the "we can't prove they haven't, either" tactic to demand unprecedented levels of access to Iran's nuclear facilities...
...if there is no debt deal by the end of this month, the Greek debt crisis is going to totally spin out of control and financial chaos will begin to erupt all over Europe. But instead of trying to be reasonable, EU president Donald Tusk has delivered an ultimatum to Greece. But instead of trying to be reasonable, EU president Donald Tusk “has delivered an ultimatum to Greece”
The Fed came in and gave AIG an emergency loan it (literally) couldn't refuse, took it over and began running the company completely illegally and in violation of the constitution.
It's a strange time right now. On the one hand there is such a sense of calm in the mainstream financial world. And on the other there is a seething, writhing pot of tension boiling away behind the scenes.
But what is the SDR? And why is it important? Why does China want it to act as a super-sovereign reserve currency? And what does that even mean?
...it's difficult to think of a major area of the economy that has not been supplemented by volunteer networks, community organizations, complementary currencies and other resourceful answers to the question of how the people can take care of themselves in the absence of a solvent government.
It's a point that's been made many, many times before, but it's no less valid: there are many of us. There are very few of "them." The power to transform this world still rests primarily in our hands...
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The creator of the International Forecaster, Bob Chapman.