The head of China’s Central Bank has declared that the country is ready to end pegging its currency in dollars, but said that any changes would be gradual.

Zhou Xiaochuan, governor of the People’s Bank of China, described the decision as a “temporary” response to the global financial crisis, but gave no timescale for any change in policy.

http://www.presstv.ir/detail.aspx?id=120258&sectionid=3510213

The story below is a “joke” that has been circulating around the web.

The sad thing is it’s really not that funny because its very true, we have a pointless & phony  monetary system and this story illustrates that very nicely.

Economic recovery

It is a slow day in the small Minnesota town of Marshall , and streets are deserted. Times are tough, everybody is in debt, and everybody is living on credit.

A rich tourist visiting the area drives through town, stops at the motel, and lays a $100 bill on the desk saying he wants to inspect the rooms upstairs to pick one for the night.

As soon as he walks upstairs, the motel owner grabs the bill and runs next door to pay his debt to the butcher.

The butcher takes the $100 and runs down the street to retire his debt to the pig farmer.

The pig farmer takes the $100 and heads off to pay his bill to his supplier, the Farmer’s Co-op.

The guy at the Farmer’s Co-op takes the $100 and runs to pay his debt to the local prostitute, who has also been facing hard times and has had to offer her “services” on credit.

The hooker rushes to the hotel and pays off her room bill with the hotel owner.

The hotel proprietor then places the $100 back on the counter so the rich traveler will not suspect anything.

At that moment the traveler comes down the stairs, states that the rooms are not satisfactory, picks up the $100 bill and leaves town.

No one produced anything. No one earned anything… However, the whole town is now out of debt and now looks to the future with a lot more optimism.

Watch this video, its hilarious and very true, not much more to say

Please click here to view the 2009 US Budget and see where your tax dollars are going.