Eric King:  “Stephen Leeb was speaking to KWN yesterday about the Chinese positioning themselves to eventually declare financial war against the United States, and particularly against the US dollar.”

Williams:  “The motivations and the strategies of the Chinese are incredibly important.  We’ve seen this happen slowly.  At first it was small swap agreements between China and other countries.  But very slowly the amount of world trade that’s being done in renminbi has gone from zero to about 17% in the last few years....

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“That’s a very, very big number (17% of global trade) and still growing.  So China is going to do what’s in China’s best interest.  They are vacuuming up gold because they understand it’s money.  They also have an enormous amount of US Treasuries, so selling them right now would be against their better interest.

But if we do get a Treasury crisis, the price of gold is going to go through the roof.  So, this is a delicate balancing act for China right now.  But when the Chinese reach a point where they feel the increase in the value of their gold holdings will offset that of their Treasuries, it removes the shackles, and that is when it will get very dangerous for the US dollar.

Up to now the Chinese have been trapped because of their enormous holdings of US Treasuries.  But as the Chinese continue to diversify heavily into gold, this will give them much more freedom.  There will come a time when they can stand a strong currency.  That’s something you have to watch very carefully.

So, the time will come when that suits them (a strong currency).  Right now they are just moving their chess pieces into play, and they are being very, very smart and deliberate about it.  Unfortunately, I think the West is taking the other route, and they are being very foolish about how they are running things.”

Williams added this quick note regarding Andrew Maguire:  “I think Andrew Maguire’s information speaks for itself.  I don’t know Andrew, but what I do know is that the information he’s provided your readers and listeners with, and the broader world with, has been exceptional.  I think people need to focus on the quality of Andrew’s information, and he’s been spot-on.  So I take a great interest in what Andrew says.”

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Eric King

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