Wednesday, 12 January 2022

Did China get caught trying to prop up its economy with a duplicate set of currency?

quote [ China’s central bank denied a rumor that a detained senior official forged $314 billion worth of banknotes. ]

The rumor is the deputy general manager of the company in charge of printing Chinese bank notes printed duplicates of 2 trillion yuan worth of bills. So not really forgeries, but duplicates with duplicate serial numbers. The scale would be ridiculous for a crime, but not if it was being done secretly by China in a sort of Ponzi scheme of money, with one set issued for use outside of China and one for use inside of China.
[SFW] [business] [+1 Informative]
[by the circus@7:49amGMT]

Comments

damnit said @ 7:21pm GMT on 12th Jan [Score:2]
steele said @ 9:58pm GMT on 12th Jan [Score:3 Insightful]
“During the cold war, the anticommunist ideological framework could transform any data about existing communist societies into hostile evidence. If the Soviets refused to negotiate a point, they were intransigent and belligerent; if they appeared willing to make concessions, this was but a skillful ploy to put us off our guard. By opposing arms limitations, they would have demonstrated their aggressive intent; but when in fact they supported most armament treaties, it was because they were mendacious and manipulative. If the churches in the USSR were empty, this demonstrated that religion was suppressed; but if the churches were full, this meant the people were rejecting the regime's atheistic ideology. If the workers went on strike (as happened on infrequent occasions), this was evidence of their alienation from the collectivist system; if they didn't go on strike, this was because they were intimidated and lacked freedom. A scarcity of consumer goods demonstrated the failure of the economic system; an improvement in consumer supplies meant only that the leaders were attempting to placate a restive population and so maintain a firmer hold over them.

If communists in the United States played an important role struggling for the rights of workers, the poor, African-Americans, women, and others, this was only their guileful way of gathering support among disfranchised groups and gaining power for themselves. How one gained power by fighting for the rights of powerless groups was never explained. What we are dealing with is a nonfalsifiable orthodoxy, so assiduously marketed by the ruling interests that it affected people across the entire political spectrum.”

― Michael Parenti, Blackshirts and Reds: Rational Fascism and the Overthrow of Communism
steele said @ 9:48pm GMT on 19th Jan [Score:1 WTF]
damnit said @ 12:58am GMT on 20th Jan [Score:1 Underrated]
Something good from China... "but at what cost"

The opposite happening in the West... "but that's not a bad thing."
steele said[1] @ 1:14am GMT on 20th Jan [Score:1 Informative]
steele said @ 6:32pm GMT on 28th Jan [Score:1 Funny]

Here's a fun one!😅🤣
mechanical contrivance said @ 9:08pm GMT on 28th Jan
I'm missing something. What's the funny part?
steele said @ 10:49pm GMT on 28th Jan
American gets photogenic selections from the editor, Chinese gets funny faces.
5th Earth said[1] @ 5:05pm GMT on 12th Jan
I have a hard time believing a country could (or would) do that without causing noticeable inflation. It's not like anyone is checking the serial numbers when they spend them. This would be functionally identical to just printing more money.
macst34 said @ 7:19am GMT on 13th Jan
Good thing this didn't happen with Trump in office, else he would have learned another way to game the American monetary system.

And we would never stop hearing him bragging how he single handedly increased the Govt. budget with "one simple trick."
steele said @ 2:31pm GMT on 13th Jan
Are you not familiar with the Trillion Dollar Coin technique that gets floated every few years?
cb361 said @ 6:26pm GMT on 14th Jan [Score:1 Underrated]
Well, money is just a shared fiction anyway.
steele said @ 8:22pm GMT on 14th Jan
Sssh, they might hear you!

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