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China controls its own currency

April 26, 2011

The Chinese government creates and issues the Chinese currency. It’s not a private central bank. This is something that I did not know, and honestly had not thought much about. This means that they don’t tax their people to death through inflation and can much more effectively control money supply. It also means they can tell banks to go off and die when they fail, unlike in the US where we must become debt slaves to them.

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