Gold Backed Yuan – Today’s Quote

Gold Backed Yuan – Today’s Quote

I note that China is doing two things: it is building up its gold reserves, and it is building up its military.  Furthermore, I believe China is getting ready to make its currency, the yuan, convertible…  China is preparing to make the yuan the world’s next reserve currency.  And I’ll ask this question once more — would you rather own a yuan which is backed by gold and a powerful military, or would you rather own a dollar, which is backed by debt and a shrinking military?

Richard Russell – via My Blog

Andrew’s Note:  Today’s quote was suggested by our very own P.I.G.

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