China First to be Tempted by IMF Bonds
Source: Markets Media - September 3, 2009
September 2009

Maxwell Bublitz, Chief Strategist of SCM Advisors, was quoted in a Markets Media article authored by Steven Marlin and Riley McDermid on the repercussions of China purchasing IMF bonds instead of U.S. Dollars.

Quoted from Markets Media:

In a first of its kind transaction, China has purchased $50 billion of notes issued by the International Monetary Fund (IMF).

Whether the transaction is a harbinger of the end of the dollar as the world's primary reserve currency is open to debate.

“To paraphrase Winston Churchill, the dollar is the worst choice for a reserve currency, except for all others,” Max Bublitz, chief strategist at SCM Advisors, told Markets Media. “Trying to build a liquid SDR market will be difficult and will take a long time. In the meantime, it will provide fodder for those questioning U.S. monetary and fiscal profligacy.”

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