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IPFS News Link • China

China's Dollar Problem Comes Out Of The Shadows

• https://www.zerohedge.com, by Jeffrey Snider

Even when someone happens to uncover, for themselves, a significant piece it is often too unfamiliar to truly appreciate its significance.

In Plato's Republic, the philosopher tells of his brother being taught by Socrates through the allegory of the cave. Prisoners chained up living forever inside the dark space only perceive the wider outside world via shadows projected upon a blank wall as objects or other people pass by a fire. These inmates even give these shadows names and think of them as real.

They never desire to leave, either. What they know of existence is all they want to know. The shadows suffice for their worldview, having never seen the outside. But once broken out and into the world, the world of observation, they can never go back to the shadows.

The Wall Street Journal reported yesterday that China's banks are running short of dollars. Shocking, I know.

China's major commercial banks have a funding issue outside Beijing's control: They're running low on the U.S. dollars they need for activities both at home and abroad.


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