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China's Investing in a New Currency... And It Ain't the Dollar

By Implode-Explode Heavy Industries

``... to my way of thinking, the Chinese are merely posturing with these statements, trying to draw attention away from the fact that they?re already begun pursuing option #2 (diversifying away from the dollar in private). Indeed, China has already begun moving into a new currency, one that is neither fiat nor flawed. And they did it in their usual manner: under the radar with great focus and determination. That new currency is natural resources.''

Full post as published by Mortgage Lender Implode-o-Meter on June 18, 2009 (boomark / email).