One of our most recent video reports!
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Josh Sigurdson talks with author and economic analyst John Sneisen about the most recent Yuan crisis as we seen signs that the Chinese Yuan is heading towards an even bigger devaluation than it saw in 2015.
We recently saw a two handle plunge in offshore Yuan. Chinese officials appear to be alright with the pace of depreciation amid the trade dispute with the U.S.
Offshore Yuan is at 12 month lows, down almost 9% from March highs and currently crashing at an annualized rate of 30%!
2015's plunge was 23%, so this takes the cake!
There seems to be a strange power shift happening in China as citizens hoard gold and the country props up its people temporarily as it attempts to take over as the world reserve currency. While the country does everything they can to shove decentralized cryptocurrencies out of the market, they are taking a step on the regular to push into a technocratic centrally planned cashless society.
China, India, Sweden and Australia have been on the forefront of this movement. Interestingly enough, China and India are the most populous countries in the world and the IMF appears to be shifting closer to China, even mentioning last year that they were looking at moving their headquarters to Hong Kong.
China was the first major society to use fiat. All fiat currencies have eventually reverted to their true value of zero going back to 1024 AD in China. This time will be no different. However, going from the angle of a centrally planned cashless system definitely makes China appear to be the first major society to use completely digital fiat.
If your money's in the bank, it's not yours, it's the bank's. If your money's ALWAYS going through the bank via digital transactions and legal tender laws, it's never your money, it's ALWAYS the bank's and you are essentially willing cattle of the banking system.
The cashless system that Xi is attempting to bring to your door as a the world reserve currency at the IMF through the SDR will ensure that you are tracked everywhere, that there can be no bank runs, bail-ins will be a regular situation as banking institutions go bankrupt like usual and the depositor's insurance will be next to nothing. Though it already kind of is.
China has been pushing its technocratic sesame (or social) credit system where citizens are based on their social score within society and can be stopped from buying things. They are also using recognition cameras to stop people jaywalking on the street and sending them automatic text fines to their phone while at the same time shaming the jaywalker on a giant screen.
Think of how terrible this is, and now imagine it world wide.
This needs to be stopped as soon as possible.
The fundamentals are off the table due to the level of manipulation in the markets as well as the monetary system so one cannot put a date on the coming crash. We just know it's inevitable and therefor we must prepare ourselves.
We must be self sustainable and independent. We must decentralized everything and rule ourselves. We must be educated and responsible.
Stay tuned as we continue to cover this issue!
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