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George Ure snip from this morning---China to tax their US dollar handlers 6%

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11/10/2010 02:14 PM
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George Ure snip from this morning---China to tax their US dollar handlers 6%

We'll drop back to last Friday's Glenn Beck show, where he had a couple of guests who outlined a 13-15 day sequence of global economic collapse based on the US inappropriately deciding to go ahead with what's been popularly mislabeled as "quantitative easing #2" (QE2) but which is in reality, quantitative printing of money.

Under the scenario of what would happen, the Chinese would mull over such a thing very carefully, but then on Day One of the scenario, the Chinese would announce that they are cutting US Debt Ratings and that would start off a sequence of unstoppable events that lead to global economic collapse.

Yesterday was "Day One" since the Chinese Bond agency cut US debt ratings and we're hearing reports that little has been going on in the way of Chinese purchasing since November 5. We've also had an unconfirmed report that the Chinese are planning a 6% internal tax on Chinese owned/controlled companies which deal in US currency.

True, there's a story in Canada's Globe and Mail that this is somehow tied in to Dagong Global Credit Rating Company's application to become a National Recognized Statistical Rating Organization (NRSRO) but is this just the West reading things wrong?

You can almost feel the weights lining up on opposite ends of the scales as we move into tipping mode this weekend.

[link to www.independencejournal.com]