I see the some if not all Chinese banks in China are taking their stores of paper money and running it through ultraviolet light and putting it into an oven to kill the corona virus.
Here is a report from a news agency on the work to stop the spread of the virus you might find interesting:
Source:
https://www.cnbc.com/2020/02/17/coronavirus-china-disinfects-cash-in-a-bid-to-stop-virus-spreading.html
Chinese banks have been ordered to disinfect cash before issuing it to the public in an effort to curb the spread of the new coronavirus that has so far killed 1,770 people in the country.
The Chinese government said during a press conference on Saturday that banks would only be permitted to release new bills which had been sterilized.
Banks across the country had been told to withdraw potentially infected cash from circulation and disinfect it using either ultraviolet or heat treatments, the government’s State Council told reporters. Decontaminated cash would then be stored for seven to 14 days before it could be returned to the market.
Money removed from high-risk sites such as hospitals and markets would be sealed and specially treated, but it would then be held by the People’s Bank of China (PBOC) instead of re-entering circulation, officials said.
Cash transfers between China’s provinces had also been suspended, which the State Council claimed had minimized the movement of personnel and reduced the risk of transmitting the new strain of coronavirus — formally named COVID-19 — during transit.
In a separate press conference on Saturday, Fan Yifei, deputy governor of the PBOC, told reporters the central bank was working to issue new, uninfected bills across mainland China.
“After the outbreak, we paid great attention to the safety and health of the public’s use of cash,†he said, according to a translation by Google. “Prior to January 17 this year, the People’s Bank of China arranged to allocate nearly 600 billion yuan ($86 billion) of new banknotes to the country.â€
Authorities issued 4 billion yuan in new banknotes to Wuhan, the city at the epicenter of China’s coronavirus epidemic, before the Lunar New Year holiday in late January.
Fan added that the Chinese state would accelerate work in the field of mobile payments in a bid to prevent human contact through cash exchanges.
“It should be said that China’s electronic payment system is relatively advanced,†he said. “Recently, there have been some new developments in various places — people pay for their orders on their mobile phones, and they can buy fresh and affordable meat, eggs, vegetables and fruits without going out, which has solved a major problem in people’s lives during the outbreak.â€
However, Muhammad Munir, a virologist at Lancaster University in England, told CNBC Monday that China’s efforts to decontaminate cash would have a minimal impact on containing the coronavirus.
“While COVID-19 can spread through contaminated objects, the duration of virus survival on currency notes is not determined,†he said in an email, explaining that this made it difficult to determine an effective method of removing traces of the virus from cash.
“The majority of daily purchases are already made through online shopping — the actual impact of restricting currency notes usage or disinfection will be slight,†he added. END QUOTE
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Ron here - I do not think we ever stopped to think that the next financial crisis would come over the threat of an epidemic. Usually it is just plain the heartless overhang of too much debt to cause it.
During the past three days the DOW has dropped 3,000 points after hitting record highs the week before. The Chinese currency is weakened against the dollar, yet the dollar rises against even the Japanese Yen, and that is in spite of the super debt the United States holds.
he aggregate, gross amount that Treasury can borrow is limited by the
United States debt ceiling. As of February 2020, federal
debt held by the public is 17.23 trillion and intragovernmental holdings were $6.02 trillion, for a total national
debt of $23.3 trillion. Debt of mortgages, cars, equipment, public projects is the 17.23 trillion on government loans to cover municipal and city debts plus the debt on credit cards and other instruments of borrowing. I have no real idea what a trillion dollars is but it seems to me the system that allows this kind of fantasy to accumulate is asking for a very serious problem about solvency and what to do about the idea of debt even.
I also just take from history I have lived through, that if currencies of third world countries start to accumulate the virus of uncertainty as to their real dollar value, then the weakening of the Chinese Yuan and Japanese Yen could crack open the papering over of this tremendous amount of national debts and start another pandemic greater than the great depression of 1929. It is fear driving the US dollar higher and the Swiss franc increasing in value too. The EU is restructuring about six trillion Euros of debt into a world trade agreement too and that is the worst thing any organization, EU or not, as it just puts more load on the world economic structure I think is going to tumble badly, especially if this corona virus stops a lot of economic activity from ever happening.
I post this just for your edification and it is depressing information on top of everything else.
RON
MONJORONSON= "I am A MAGISTERIAL SON, and also an expert on world economics. I am arriving shortly everyone and while I have done that in the past, this time I am arriving and staying regardless of what happens next."I am quite sure that Amethyst will get better but one of her kidneys got infected badly from drinking polluted water and that must stop as it is unusual for anything to happen like this in the United States. We also note that three rebellions were unleashed in different places. Urantia is one of them. I condemn the work of the supreme now but I cannot in all good faith call the work we do on Urantia superlative in spite of the rebellion anymore.
"The United States is ready to go into one more huge debt raising exercise and the irresponsible Congress is asking all to pay higher taxes again and this time they are going to get hit hard with no reelection if they pursue it. Debt is being used to call out of the woodwork a lot of free spending on architecturally poor roads and bridges over streams that are still polluted and cannot be held accountable to any good standard for health and safety of the consuming public. Be assured we are ready to correct these problems of duplicate transmissions Ron experiences all the time and refuses to print any of it.
"WE are also sure that the financial structures are under such stress, that if, as Ron says above, the Chinese slip into a recession again, there will be hell to pay, as the Communist Party is reckless deciding to pull back about 2 trillion USD of loans back they guaranteed to small world countries and that just might trigger the collapse Ron warns all of you about above. WE personally feel the the credit card frauds going on around the world could also injure the nations they appear in, as those companies that issue credit cards are liable for the debt those who defraud cause. If this happens there will be a huge depression and I doubt Urantia could get out from under it for a decade at least. Thank you . K"
END
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