In a recent editorial the official Chinese state-run news agency, Xinhua took the U.S. to task for torturing prisoners, using drones to bump off civilians, spying on world leaders and it seems, most importantly, playing havoc with the world economies with its inability to deal with the pesky debt ceiling.
There may indeed be many areas that warrant attention by the United States but there may also be other ways to deal with the debt ceiling besides raising it endlessly to the moon. Those avenues, however, remain largely unexplored by every one including the main stream news establishment.
After all if the U.S. does not intend to spend endlessly beyond their means then there is no reason to raise the limit is there? They say everyone has their limit except, it appears, in dealing with the U.S. debt. Yet even here there may be limits as when a mighty world economy walks, knowingly or unknowingly, off a cliff. If you prick us do we not bleed, if we walk off a cliff do we not fall?
Xinhua called for a “de-Americanized world” and a “a new world order” in which “all nations, big or small, poor or rich, can have their key interests respected and protected on an equal footing.”
In something reminiscent of George Orwell’s “Animal Farm” and with an understanding of how China looks after China’s interest, one wonders if the new equal world-order economy Xinhua calls for is one where China’s economy is not “…more equal…” than the others. The Xinhua editorial makes no mention of China’s efforts to buy gold coins which would increase it’s own currency in the eyes of the world.
At ITM Trading we think it is prudent to take note of world banks and governments in their efforts to build up their gold reserves and perhaps act in kind to preserve wealth and balance out our portfolios. We encourage any interested in such an idea to give us a call on our toll-free number 1 888 OWN GOLD (1 888 6964653).