Yuan to be Added to SDR at the IMF
QUESTION: Mr. Armstrong; If I understand you correctly, should the IMF accept the yuan as a reserve currency, this will have zero impact other than political. Correct?
RH
ANSWER: Correct. The IMF will decide in November whether to expand the current composition (US dollar, euro, yen and British pound) of Special Drawing Rights (SDR) with another currency.Whether this takes place is really irrelevant. The Euro is already in there and that has done nothing to kill the dollar, the yen is not a viable place to park international capital and the pound is too small. The hype people are associating with this is really stupid. Whether the IMF includes the yuan in the SDR is meaningless for the reserve currency must bee deep and a place to park big money. That has not yet been established for the yuan. It should help to get the dollar bears all short so they can add the fuel for the next rally.
Eventually, the yuan will emerge as a real reserve currency. However, it is not yet ready for prime time. This is a political issue that is necessary right now because the Chinese economy is turning down and that is impact the emerging markets and will help to turn Europe into a real depression. So this is political at this time and it to try to help support the yuan which is under serious pressure with massive capital outflows.
Transactional Banking – The Clinton Gift to Society
Today, we will be sending Transactional Banking Special Report to all Attendees of the World Economic Conference. This report goes into all the banking legislation that the Clintons secretly repealed. The very first year, Clinton repealed the prohibition against interstate banking. He proceeded to eliminate every bank restriction right up to the 1999 repeal of Glass-Steagall. This is an important report for this will reveal part of the real crisis we are facing in the next four years.
TV comedian wins Presidency in Guatemala Election
Jimmy
Morales, presidential candidate for the National Convergence Front
party (FCN) shows his ink-stained finger after casting his vote at a
polling station in Guatemala City, October 25, 2015. REUTERS/Jorge Dan
Lopez
In the United States, Ben Carson has now taken the lead from Donald Trump and Jeb Bush is running last. The interesting aspect has been that Bush assumes Carson and Trump will fade and the party will turn to him. He and his donors are so out of touch with what is going on it is comical.
Asteroid Coming for Halloween
One of the closest flybys of an object will take place appropriately on Halloween. We don’t have to hide under the bed or run out and stockpile water and food, nor will it hit the Earth and rid us of politicians. So the end is not here. Historically, if it is a comet, in ancient times it will be an Omen or a major change in politics. That much may be appropriate.
The object 2015 TB145 wasn’t discovered until October 10th, so obviously we do not have a lot of warning if it were to hit. Nevertheless, this flyby may be a very interesting event. It’s going to come within 1.3 lunar distances of the Earth, and it measures some 1,300 feet in diameter. That suggests NASA at least will be able to get some very good photographs. If we can see it with the naked eye, that would be really something and more akin to an ancient omen.
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