Northgate Minerals Corp (NXG)

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Came across this on a Yahoo board hopefully I am not duplicating another post previously

So gold is the best investment!?
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By Tom Dennen

Sunday, 24 December 2006

Private show discloses imminent currency move

Sources with a US delegation in Beijing have told The Hal Turner Show that the Chinese government has informed visiting Bush Administration officials they intend to dump one trillion US dollars from China's Currency Reserves and convert those funds into Euros, gold and silver.

China was allegedly asked to withhold the announcement until bullion markets closed for the weekend to prevent an instant spike in gold and silver prices. This delay will give the world the weekend to consider appropriate actions rather than have a knee-jerk reaction, which could see the US dollar totally collapse in value on Monday.

According to this senior source, China told the US delegation they no longer have faith in the US currency for several reasons:

1. The Federal Reserve Bank ceased publishing M3 data in March, making it nearly impossible for anyone to know how much cash is being printed. China said this act made it impossible to tell how much a dollar is worth.

2. The US dollar has lost upwards of thirty percent (30%) of its value against other foreign currencies in the recent past, meaning China has lost almost 300 billion simply by holding US dollars in its reserves.

3. The US has no plans whatsoever to reduce deficit spending or ability pay down any of its existing debt without printing money to pay it off ('fiat money').

For these reasons China has decided to implement an aggressive sell-off of US dollars before the rest of the world does so. China reportedly told the US delegation: "We are the largest holder of US currency and if the rest of the world unloads theirs before we unload ours, we will lose our shirts."

No reserve bank wants to be the last one out of the dollar so let's see how fast this thing goes - staring NOW! I'm writing this on Sunday, December 17, a period of time when all military commanders know the other guys are celebrating something called Christmas.

Early last week, in an unusual move, the Bush Administration sent virtually the entire economic A-team to visit China for a "strategic economic dialogue" in Beijing on December 14 and 15.

Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke lead the delegation, along with five other cabinet-level officials, including Secretary of Commerce Carlos Gutierrez. Also in the delegation is Labour Secretary Elaine Chao, Health and Human Services Secretary Mike Leavitt, Energy Secretary Sam Bodman, and US Trade Representative Susan Schwab.

The Bush Administration wanted to get China's cooperation in preventing a dollar collapse. My American source, the Hal Turner Show has been told the effort failed.

According to the source, Fed Chairman Bernanke left the meeting "pale and in a cold sweat" as the implications of China's decision seemed to sink in.

The implications are enormous: The US dollar is likely to collapse in value against all other major currencies as early as Monday, December 18.

This would cause a worldwide sell-off of dollars, create almost immediate hyper-inflation in the US and also impact world markets at a level "worse than the Great Depression of 1929."

Link below or Google the "Hal Turner Show":

http://www.reporter.co.za/newszone/artic...