31 Dec '12, 2pm

Forecast 2013: Contraction, Contagion, and Contradiction

Forecast 2013: Contraction, Contagion, and Contradiction

China appears to be accumulating big supplies of gold bullion -- they have also become the world's number one producer of mined gold, eclipsing played-out South Africa. That could give them a lot more room to maneuver in a world of vanishing resources and collapsing economies, at least in terms of being able to swap for food and fuel. They may be attempting to establish a gold-backed currency to replace the dollar for international trade settlements. Doings at the ASEAN Summit in November suggests they are engineering just such a new reserve currency for the world to run shrieking to when America's foolishness and cowboy swagger becomes too much to take -- though US dollar dominance was based as much on America's (now bygone) rule of law in money matters as America's sheer economic power, and China remains Dodge City where the rule of law is concerned. The world might not ...

Full article: http://kunstler.com/blog/2012/12/forecast-2013-contractio...

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