China Vice Premier Says Spain Debt Buys To Continue – El Pais
JANUARY 3, 2011, 3:37 A.M. ET.
MADRID (Dow Jones)–China supports Spain’s economic reforms and will continue buying its government debt, Chinese Vice Premier Li Keqiang wrote in a newspaper editorial on the eve of a visit to Spain.
“We have confidence in the European financial market, and, in particular, the Spanish financial market, which has meant the purchase of its public debt, something which we will continue to do in the future,” Li Keqiang wrote in El Pais, Spain’s largest circulating general newspaper.
China knows the euro is not in crisis.
The eurozone, not the euro, is in crisis.
China’s central bank would buy these bonds to help a nation state, Spain, which is part of the eurozone.
The euro, on the other hand, has severed the link from the nation state, said the first European Central Bank president, Wim Duisenberg, in 2002. (1)
China is thus not doing this to save the euro.
The euro will take care of itself.
The free-floating gold reserves of the European System of Central Banks, which are OPENLY marked to market (MTM) on a regular basis, will support the euro.
That’s what Adam Smith’s “invisible hand” is about. (2)
The Freegold process, the process of MTM-ing the euro’s gold reserves, has resulted
during the FIRST decade of the Freegold (ECB MTM FLOATING gold price) “experiment”,
in gold has rising from 30% to 60% of the Eurosystem’s (international liquidity) reserves. (3)
In section 48 of his 1690 Second Treatise of Government, John Locke asks:
what reason could any one have there to enlarge his possessions beyond the use of his family, and a plentiful supply to its consumption, either in what their own industry produced, or they could barter for like perishable, useful commodities, with others? Where there is not some thing, both lasting and scarce, and so valuable to be hoarded up, there men will not be apt to enlarge their possessions of land, were it never so rich, never so free for them to take
Section 50 starts with; “But since gold and silver, being little useful to the life of man in proportion to food, raiment, and carriage, has its value only from the consent of men ….
The rest is history or is it the (Estonian) future?
With Chinese Freegold from a reserve currency to a world standard
by Ivo Cerckel
Tuesday, 2 September 2003
replace “derivates” in the text with “derivatives”
International Charlemagne Prize of Aachen for 2002
Acceptance speech by Wim Duisenberg, President of the ECB
eurozone slavery versus euro joie de vivre
Posted by Ivo Cerckel on December 22nd, 2010
Gold: The Ultimate Wealth Consolidator
Sunday, July 18, 2010