Loading ...So, China’s economy is in the tank because demand has fallen off a cliff here in the states and around the world. Their largest bank is insolvent – like the Fed – but they don’t have the reserve currency and no one has to buy their bonds or use Yuan.
How do they fix their system? Do they devalue the Yuan? What is the incentive for them and the rest of the BRICS to back their currency with gold? What am I missing?
Thing is, the only way a BRICS currency is going to carry any weight at all is if they back it.
Otherwise, I see China’s option as war to distract the masses. What a mess.