My article was criticized as a fantasy, because the critic could find no trace of any substantiation of the Chinese plan on the Internet. I confess my error in not providing references outlining the Chinese plan. I hereby correct my error...
It is quite impossible to predict at what relationship the production of oil and the availability of gold will stabilize. But when it does stabilize, we can predict with certainty that the price of gold denominated in Dollars, or in Yuan, will be very much higher
Perhaps the Chinese government sees the Yuan devaluation as favorable for China. I have no opinion on that matter. As for a huge devaluation of the Dollar against gold - I leave the consequences to your imagination. Will China actually carry through with this "Oil-for Yuan-for Gold" scheme?
On September 13th I participated in the Forum for "The Promotion of Savings by Mexicans" organized by the group "Legislators in Favor of Savings by the People" who are members of the Chamber of Deputies (i.e. "Congressmen") in the Mexican Federal Congress; the group is led by Congressman Francisco Javier Pinto. The fact that this meeting took place at the seat of one the Legislative Houses of the Mexican Republic is extraordinary news
The Bitcoin will become a history of mass speculation that came to grief. Charles Mackay said long ago: "Men, it has been well said, think in herds; it will be seen that they only recover their senses slowly, and one by one"