Originally Posted by IQof1
China stops devaluing their RMB and makes a push for it to replace US dollar as the world currency. China is buying huge sums of gold and stockpiling it. They are under-reporting how much gold they own now as well in order to strengthen their claim to world currency WHEN we default.
Then we are truly screwed.
Originally Posted by railfancwb
China, at least, has been quietly converting its Treasury Debt to real property stateside. Movie theater chain, hotel/motel chains, Chinese buffets, battery makers...
China has been converting very large sums of foreign currency (mostly dollars of course) into... all things tangible.
Gold, silver, copper, iron, aluminum, coal, land and businesses in the U.S., Africa, and South America, high-tech/high-value machinery and equipment (which they then set about reverse-engineering and copying for use in their domestic markets), and on and on.
They are doing so as quietly and carefully as possible, in order to avoid further devaluation of THEIR dollar holdings.
The Chinese are in it for the long term, they have enough history as a people to understand the long view of world affairs while we remain preoccupied with the next fiscal quarter.