PLACERVILLE, CALIFORNIA

Letters

China buying the world

By From page A5 | August 04, 2014

EDITOR:

Most countries have central banks like our Federal Reserve that create money out of nothing and are not audited. They provide funds for their governments and charge interest on those funds. That is why countries all over the world are so deeply in debt.

However, China has added a new wrinkle into the scheme of currency creation. China uses its newly created funds to purchase currency created by other countries. It then invests the funds of those countries into real assets in those countries. Presently China is buying homes in American cities as well as vacant factories and foreclosed farm land. And China is doing this all over the world.

Citizens cannot compete with central banks that can print unlimited funds out of nothing. If the current trend continues, our grandchildren will go the work in Chinese factories, rent a home from Chinese landlords and eat food grown on Chinese farms right here in America.

Why does Congress permit this situation? Why do American citizens permit Congress to allow this trend to continue? Should we network to solve this problem? A broken government cannot fix itself. (Thanks to Jim Willie for this information.)

CECIL RINGGENBERG
Placerville

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