China denies plans to ditch US dollar

China denies rumors that it plans to sell its dollar reserves. The rumors are behind the recent rise in gold prices on speculation that

"China [and other nation's central reserve banks] might shift reserves into precious metals."

Washington relies on purchases of Treasure bills by China, Japan and other major exporters to finance its budget deficits.

Oh, what a relief. We can get picked apart by domestic vultures, instead.

We already know the deal. Our crooked congresscritters sell us out at every opportunity they get. Whether China sells or holds doesn't make a lick of a difference to us working class Americans. These are all updates for so-called investors who have hoards of wealth piled up in dollar denominated financial instruments.

If we don't do something to end financier control over our lives, if we aren't screwed, our children will be.

What's worth mention in this piece? Remember last year when the Chinese tried to buy a US oil company?

Chinese state owned oil companies have been on a campaign in recent years to secure foreign supplies of oil and gas, financed in part by low-priced government credit. [emphasis added]

On Monday, government-controlled oil company CNOOC Ltd. announced it was paying $US 2.3 billion for a 45 percent share of a Nigerian Oil field.

"Buying oil also is a form of investment," said Tang, the central bank official.

China is financing its takeovers with low-interest government credit! And Nigeria, well, let's just say it got an offer it doesn't have the military to refuse.