First the Fed Clears China's First US Bank Takeover, and now in what is another first for foreign countries, China can now go straight to the U.S. Treasury when buying U.S. government debt and bypass Wall Street.
You might be asking yourself why China is allowed to do this?
...the U.S. Treasury Department has given the People's Bank of China a direct computer link to its auction system, which the Chinese first used to buy two-year notes in late June 2011.
So China is getting preferential treatment and access that other countries do not, right?
Primary dealers are not allowed to charge customers money to bid on their behalf at Treasury auctions, so China isn't saving money by cutting out commission fees.
Instead, China is preserving (another name for hiding) the value of specific information about its bidding habits. By bidding directly, China prevents Wall Street banks from trying to exploit its huge presence in a given auction by driving up the price.
I wonder why?
Gee. How convenient.
A woman who answered the phone at SAFE's (State Administration for Foreign Exchange) New York office said no one in the office was authorized to talk to the media.
I wonder how much longer before the dollar collapses and we end up using these:
Read the entire story about this financial treason here.