Chinese Yuan or Renminbi: Profiled Debt Free Money

Executive Summary

• The Renminbi is a debt free money, and modeled on successful debt free monies throughout Asia.
• Mainstream economists and media cover the Renminbi without mentioning this important feature.

Introduction

The Chinese followed the American School of Economics and created their own debt-free currency in 1950. The Renminbi does not float against other currencies. Economists continually talk about China’s debt levels, but this is curious because China does not have a private central bank, therefore trying to determine China’s debt level is nonsensical. China has not outsourced its central banking to a private bank that creates debt based money. It is rather amazing how few mainstream economists even understand this.

This is explained in the following quotation

“The commonly held explanation for this impressive growth is that the Chinese are willing to work for one of master-slave wages. But the starving poor of Africa, Indonesia, and Latin America are equally willing. Yet their economies are languishing. Something else distinguishes China. And one key difference is that it is its banking system. China has a government-issued currency and a system of national banks that are actually owned by the Nation. Besides its populist banking system, China is distinguished by keeping itself free of the debt web of the IMF and the international banking cartel and by refusing to let its currency float a policy that is fended off the currency manipulators of the international speculators. The Chinese government which can print its own money and doesn’t need to go into debt can afford to let some struggling businesses carry perpetual debt on their books.”

Source: The Web of Debt

https://www.amazon.com/Web-Debt-Shocking-Truth-System/dp/0983330859