London Wants to Tap Chinese Currency Market … Britain plans to turn London into a major foreign exchange trading center for the Chinese renminbi to benefit from faster growth in Asia while strengthening the city’s position as a financial center in the wake of the banking crisis. George Osborne, the chancellor of the Exchequer, said during a visit to Hong Kong on Monday that he was working with Chinese and British banks to establish London as a new hub for the renminbi market. – Deal Book/NY Times
Dominant Social Theme: London seizes an opportunity within the context of making the City grow. Just business, you know.
Free-Market Analysis: Suddenly, having pushed Europe away, the City is eagerly embracing China, as we can see from the New York Times article excerpt above. Do you believe this, dear reader? We don’t. To us it seems like one more step on the “long march” toward the much touted, elitist New World Order.
Too big a jump in logic? Follow our reasoning through the rest of this article. First of all, we have to question the New York Times‘ credibility. Myriad documents on the Internet now prove fairly conclusively that the Times is a kind of mouthpiece for the US Intel complex. What the CIA wants, the Times prints.
Of course, the CIA – to complicate matters – is not working for the US government or its “people” but for a tiny, elite clique of impossibly wealthy central banking families headquartered in London with arms in Rome, Washington DC and Tel Aviv.
The goal of this tiny group of intergenerational elites and their colleagues and enablers in the corporate, military and political world is to build global government, a seamless intercontinental sociopolitical and economic facility. In order to create such an ambitious paradigm, it is not enough to stitch European countries together. Asia and China must be brought into the fold as well.
The Anglosphere, as we call it, often does this by military means, by the way. Wars are the crucible, apparently, in which one-world government is forged. This would explain, for instance, the increasing obviousness of the phony Cold War, as well as the Korean and Vietnamese conflicts – which also included, at least to some degree, Cambodia and Thailand.
It is war that gives the West’s massive mercenary forces the justification to bring to bear secret invasions and manipulations of various countries. It is war that allows the Anglosphere to destabilize regimes it does not favor while putting into power those with whom it can work in the future.
We think we see this not just in Asia, but in China, too. Well hidden in 20th century is at least the possibility that there was secret funding and encouragement for Chairman Mao and his takeover of China. This is basically a historical fact when it comes to the USSR. Why shouldn’t it be the same for the Red Dragon?
The elites apparently always seek this kind of polarization. It is part of a larger Hegelian Dialectic that is intended to move free markets and freedom-oriented countries into a far more militarized posture. The Cold War basically put military powers in charge in both Europe and America. The questionable “war on terror” is now doing so again.
It is not enough, however, to create a war, or even a totalitarian society. Once the initial authoritarian state has been put into play, the inevitable “liberalizing” can begin. We have seen this now not just with the USSR, but with China, Cuba and even Vietnam.
Of course, the response will come quickly – Marxism doesn’t work and the dictatorial elites running these countries have adopted a more businesslike approach to markets in order not to lose power. This is perfectly possible – but it is too neat. Too clean.
We’ve started to believe in Directed History, you see. That’s the kind of history that seems real but is not. It is instead a kind of stage play. The power elite, having placed its disciples into every nook and cranny of the world’s political system now stages elaborate fantasies for the masses.
It’s been doing this for a very long time, perhaps a century, perhaps three – for however long the current conspiracy to create world government has been in place. (Or perhaps it’s evolved.)
No matter. These fantasies are abetted by the West’s bought-and-paid for mainstream media. We have long since concluded that every major article of this sort that appears in the “Mockingbird” media is a kind of lie. That goes for this latest story about London and Chinese currency.
If the New York Times is explaining that London and Beijing are to grow closer together for business reasons, we immediately look for another reason. In fact, this idea that China is an exploitable capitalist environment is laughable. No, in our view, China is verging on an economic meltdown that will make Europe’s “sovereign crisis” look positively mild.
We have a lot of trouble believing it’s real. In fact, we’d speculate it is the most blatant kind of elite dominant social theme. These fear-based promotions are intended to frighten (mostly) Western middle classes into giving up wealth and power to specially prepared globalist institutions like the UN, IMF and World Bank.
In this case, we would tend to believe that the REAL plan of the central banking families that run the world’s central banks is merely to use this “promising” currency gambit as a way to stitch communist China more closely into the West’s emerging authoritarian environment. Here’s some from the article:
“London is perfectly placed to act as a gateway for Asian banking and investment in Europe, and a bridge to the United States,” Mr. Osborne said in a speech to the Asian Financial Forum in Hong Kong. “This is not just an accident of time zone, or our language, although both are important. It reflects London’s strength in product development, its regulatory structure, and the depth, breadth and international reach of its financial markets.”
The pledge comes as Britain is increasingly feeling the effects of an economic slowdown across Europe, and some British banks have threatened to move their headquarters abroad in light of stricter financial regulation. The government hopes that steps toward creating a Chinese currency hub in London will help strengthen the city’s role as a financial center vis-Ã -vis New York and Hong Kong, while helping Britain attract Chinese investments in other sectors, including infrastructure.
Mr. Osborne said London was already the largest foreign exchange market in the world, adding that the growing use of the renminbi would “bring substantial benefit to Chinese economic development and the wider world economy.” The Chinese currency’s share of the global foreign exchange market was 0.9 percent in June last year, Mr. Osborne said. That compares with China’s share in worldwide trade of 11 percent in 2010. “It is clear that there is scope for substantial expansion of the renminbi market in the coming years,” Mr. Osborne said.
The article also points out that as a “first step to expand the currency trading,” Hong Kong is expanding its renminbi settlement system by five hours. China, it is noted, has been using its currency more in international trade to reduce its reliance on the dollar.
And that’s really the bottom line, after all. The elites are doing everything they can, in our view, to loosen the hold of the dollar as the world’s reserve currency. Having created the dollar reserve system by ensuring that the Saudis will not take currencies other than the dollar, the power elite is now actively undermining the world’s financial system in preparation for a global currency.
Take a step back, please, and look at the larger trends. The BRICs suddenly appear to compete with the US and Europe. But how does this competition take place? It uses the West’s paradigm of central banking to juice economies. And then it uses Western corporate knowhow to expand economies. US corporations basically shift their operations out of the West and into the developing world.
All this, it is claimed, is merely the destructive creation of capitalism in play. We’d believe it if the world’s economic system had some semblance of a free market. But it doesn’t. These corporations, like the central banks that fuel them, are beholden to an elitist command-and-control system. They are not nearly so exposed to competition as they’d like to claim.
People are suggestible. If one has enough money and enough power, it is not hard to create levers that can move the world. If nothing but Coca Cola is on a supermarket shelf, people will drink Coca Cola. If the elites want to create a global monetary system using, say, IMF SDRs, then it will surely be a possibility.
We do believe that some sort of global currency is in the works. What we don’t believe in is the way that it will “evolve.” The elites would do better simply to declare the plans they have, though of course it’s probably not that easy. In fact, the Internet era, as we have long pointed out, is making it far for more difficult for them to stage these kinds of takeovers.
Conclusion: So there is opportunity for the Chinese and British elites to do business together. The last time this occurred, the English basically doped-up half of China. We hope for a better conclusion this time around. But we doubt it.
© Copyright 2008 – 2012 All Rights Reserved. The Daily Bell is an informative compendium of independent economic views and analysis, which is published by The Foundation for the Advancement of Free-Market Thinking (FAFMT).