Video: Geithner In Beijing – The Dangers of Exporting The Depression

(RussiaToday) – Treasury Secretary Geithner is on his way to Beijing, where he will meet with Chinese Vice Prime Minister Wang. The trip is in relation to US demands for a massive up valuation of the Chinese currency, the renminbi or yuan. This announcement has unleashed much gloating at the Associated Press and other pro-Wall Street news outlets, so it is important to issue a caveat at the very beginning: trips do not equal agreements. Obama made a personal visit to Afghanistan last month, and bilateral US relations with that country have been deteriorating in an alarming way ever since.

Our Financial Dependence on China – The Truth Behind China’s Currency Peg

(PeterSchiff) – During President Obama’s high profile visit to China this week, the most frequently discussed, yet least understood, topic was how currency valuations are affecting the economic relationship between the United States and China. The focal problem is the Chinese government’s policy of fixing the value of the renminbi against the U.S. dollar. While many correctly perceive that this ‘peg’ has contributed greatly to the current global imbalances, few fully comprehend the ramifications should that peg be discarded.

MSM: World Bank Head Sees Dollar’s Role Diminishing

(NYTimes) – The president of the World Bank said on Monday that America’s days as an unchallenged economic superpower might be numbered and that the dollar was likely to lose its favored position as the euro and the Chinese renminbi assume bigger roles.

Chinese sovereign wealth fund dumping dollars for strategic investments like gold

Several reports are coming out of China that there is pressure on state-controlled organisations – notably the country’s main sovereign wealth fund, China Investment Corporation (CIC) to rapidly build investment in non-Chinese enterprises.

Towards a Global Currency? – Michel Chossudovsky

With a view to restoring financial stability, World leaders have called upon the Group of 20 countries (G-20) to instigate a new global currency based on the IMF’s  Special Drawing Rights (SDRs).

The Almighty Renminbi? – Nouriel Roubini

The 19th century was dominated by the British Empire, the 20th century by the United States. We may now be entering the Asian century, dominated by a rising China and its currency.

Sleepwalking Our Way Towards a World Currency

Let’s assume for a moment that we are in the protean stages of a new world currency; that the G20’s moves this time last week are laying the ground for its special drawing rights to replace the dollar as the international reserve currency. On that basis which of these two scenarios would you feel more uncomfortable with:

1. That a shadowy sect of global leaders are conspiring together to set up this new world currency; or that,

2. Instead, clueless politicians are sleepwalking into this, not knowing precisely what they are doing.

MSM: US-China currency war eclipses Davos, and threatens the world

Turning a corner in the labyrinthine corridors of the Davos nerve-centre, I ran smack into Chinese premier Wen Jiabao – followed by a regiment of retainers and senior offices in full regalia.