I got the data for today’s article from the researchers at their FOFOA before Google censored them. I wrote to the people of FOFOA to ask them to give me their data trove so I can have an alternate location for it. The letter here is from during President Ford’s administration. Inflation that began during the Vietnam War/Cold War/Israel wars was really beginning to disturb people.
Lyndon Johnson devalued the currency by inserting larger and larger amounts of copper into ‘silver’ coins. Then, Nixon tried to impose wage/price controls which was so Soviet in nature, I nearly laughed to death at the time only I was working and my pay raise was nixed by the board that gave these to us. Then, Nixon and Burns suddenly cut the US gold standard.
Nixon then was impeached over the Watergate mess which is so quaint because Presidents now can act with near-imperial impunity these days and do far, far worse with no restrictions at all, even assassinating US citizens or imprisoning them forever with no due process.
One thing about today is the bizarre sight of so many people talking dumb about ‘money’. This is NEW, not old. I have illustrated abundantly over the years that Victorian people discussed inflation, gold, silver and finances and above all, debt, in a quite vibrant and yes, intelligent way. Today, it is all muddled and crazy and few people have any idea of how ‘money’ operates. We have people who want rampant inflation versus people who want infinite money creation which is…rampant inflation.
At the same time, we have these people pursuing policies that are depression-inducing! How bizarre is this? Japan is very bizarre but it is simply trapped further down the infinity/zero tunnel of the floating fiat currency free trade regime that did NOT EXIST before 1980. It did not exist. This is a new system, a new world and it most certainly does not work. At all.
So, to prove my point that the world was totally different 40 years ago, we visit the Doctor Who’s Tardis that still can limp around the internet (which is being shut down or tracked more and more by the rich Daleks who say, ‘Exterminate!’ all the time). Here is a letter from Treasury Secretary Simon to G. Ford. This is all about the French who were against Nixon’s cutting the US gold standard and who were pressing the US to return to the gold standard: Office of the Historian – Historical Documents – Foreign Relations of the United States 1969–1976 Volume XXXI Foreign Economic Policy, 1973–1976 – Document 98
Here, they discuss the New World Order’s niftiest toy for creating false wealth via FOREX trading, the floating fiat currency system. Note that they are groping in the dark, trying to figure out how to run this ridiculous and dangerous infinity device:
2. Exchange rates—This is perhaps the most implacable issue on which we are negotiating. It is directly related to bread and butter concerns, principally the relative competitiveness of nations’ goods in international markets and their respective home markets and to the international role of the dollar and the advantages that the French are convinced go with its present role.
The French position is that the floats that in varying degrees characterize the world’s principal currencies are aberrations and that phased return to the par values called for under the IMF articles is essential. Presently all major countries are in violation of the basic undertakings in the IMF articles with respect to exchange practices.
The French have been insistent that their ultimate objective—all must be part of a fixed exchange rate system—must be spelled out implicitly in any language adopted as a substitute for the obsolete article presently in place. I am considering offering to end the interminable debate surrounding the wording of a new article by simply eliminating the obsolete provisions and not replacing them at this time.
The French by far, preferred the gold standard. No ifs, ands or buts. The US stopped the gold standard mainly because the French were demanding gold from Fort Knox. The Germans and Japanese didn’t do this because they lost WWII and simply went along with whatever schemes the US cooked up due to fears of Russia and China and other things. They would both dearly love to have the French system continue because the gold standard made the dollar strong, enabling exports to the US but mostly keeping out US manufactured goods!
Yes, KEEPING US OUT was hyper-important! Not expanding exports so much as keeping the US out meant we couldn’t flood them with imports. A strong dollar protected their native industries. Note that the Secretary of the Treasury UNDERSTOOD THIS PERFECTLY WELL. He knew the connection between currency values and trade and the scheme was to make the dollar more worthless and float it like a peso so it would lose value and thus, make more US exports!
Also note the solution: to simply delete the provisions calling for a STABLE currency valuation system! The fixed exchange system continued, by the way, until it was killed totally within 20 years.
Whether this will provide a satisfactory resolution to this issue is problematical. For tactical reasons, discussed later, and for longer run reasons, agreement will be difficult. The fundamental problem involves the desire of the French to improve their relative competitive position by obtaining from their standpoint, a more attractive exchange rate for the franc—a move that requires a fixed exchange rate system within which to operate. The French sorely miss the advantage that the structurally undervalued franc provided in the period starting in 1958 and ending with the float of major currencies including the dollar.
France solved this with the euro which they invented and talked a very reluctant Germany into embracing. Now, the average German is furious about being tricked. The US found our competitive position to be poor due to a strong dollar. But feared inflation at home. In the end, creating inflation and weakening the dollar was done anyways. This is because the next President was a Democrat who fell for this. We had a sharp taste of hyperinflation which the Fed killed by running very high interest rates which the US public hated.
Now, we have hyperinflation, my last grocery bill was $150 and for things that used to cost less than $50 20 years ago. Fuel costs are 10 times higher than in 1970. This is core inflation and the Fed and Treasury fixed this by rigging the statistics to simply not count these things which was deliberate and maliciously done.
They intellectualize their position by arguing—sometimes with effect, if not with accuracy, that a system of fixed exchange rates exerts discipline and is therefore not inflationary. Recently they have skillfully tapped the world’s craving for stability in a dangerous and swiftly changing environment by making a political argument for the “stability” of a fixed exchange rate system.
This argument is spurious. Such a system is fixed in name only and lacks the elasticity to adapt without a series of foreign exchange crises to the changes in fundamental economic relationships that are at the source of the disturbing changes that we have all observed. In effect what tends to be fixed is the dollar, i.e., others have much more say about the value of the dollar under the fixed than under floating rates. The French in particular adjusted their exchange rate frequently in the post-war period against a fixed dollar to maintain a highly competitive trading position.
HAHAHA…the US didn’t want a fixed rate for dollars. They wanted the dollar to lose value so US exporters could sell overseas. Of course, this would boomerang at home by having inflation show up! A tricky situation! The US was worried about workers who could successfully strike for higher wages. They figured correctly that making our sales foreign-trade dependent, unions would be forced to give in and lower wages. The line would be, ‘You can’t compete overseas!’ Which happens to be what they say all the time today, right? Of course!
The French were protecting their own markets and expanding sales. They knew from harsh history that failure to keep the peasants happy leads to heads literally rolling. So they kept an eye on history and an eye on the US to see how dumb we could be. Back then, our rulers were smarter than today but were unable to stop fighting many wars. Ford extracted us from Vietnam by simply running away. It was nasty but it worked. We survived. The corrupt Vietnamese government we were propping up fell. But our nation survived…barely.
But the era of endless oil wars was just beginning and the Cold War was still bankrupting us. But we did begin reducing the military spending back then and this saved us until we resumed endless warfare in ernest after Bush Sr’s Gulf War 1. No longer using proxies, we resumed direct combat. And the process of bankrupting America resumed only we didn’t have to pretend to want a strong currency, debasing it is ludicrously easy. Just print money, borrow more and drop taxes! Now, on to the gold part of the letter from 1975:
3. Gold—The Interim Committee has agreed that the official international price for gold should be abolished and that the monetary role of gold should be phased down. It is also agreed that the substantial amount of gold held by the IMF should not be immobilized forever. On this point there is agreement that some IMF gold should be put to use and that some constraints or conditions should be applied to official gold sales and purchases in the near future.
The French have either agreed to or appear ready to agree to the following:
a. The German proposal that a part of the IMF’s $7 billion in gold (at the official price of $42 per ounce; the market price is $161) be restituted to members according to their quotas with part being sold in the private market and the proceeds used to establish a trust fund to help selected LDCs. Disposition of the rest of the IMF’s gold would await a later decision which would require an 85% majority.
b. A global limit on official gold holdings under which no government would buy gold when the effect would be to increase total governmental holdings. The reserves held in the form of gold by some countries could increase without a change in the overall amount held by governments (including the IMF).c. In addition the French are willing to agree that no government should trade in gold with the objective of trying to peg the price.
d. The French agreed to re-enter the snake under amended rules which specifically prohibit the settlement of balances in gold. This involved some domestic political risk for the French government and is at variance with long established French theology on the subject.
World gold markets were controlled first by the UK and then by the US. Once the US stopped the gold standard, it was a Wild Wild West time for gold. Due to conspiracies by governments and international bankers at the IMF, the price of gold was manipulated by restricting sales. So, the government of the US and UK would still hoard gold but not regulate the price! So the price shot upwards as people rushed to buy gold to protect their wealth since savings and stocks lost value due to faster and faster inflation.
People who bought gold before the market crashed lost a lot of wealth, by the way. Gold markets are commodity markets today but back then it was a hybrid. All the governments had to do was release gold hoards and the price would plummet. People were still at the mercy of governments who could with their magic powers (hoarding or holding or releasing stuff) when it came to eliminating people’s savings in order to kill inflation!
Just like the recent property bubble: people put money into property only to see it suddenly vanish. Savings gone forever. All in less than two years. No way of extracting the money and putting it somewhere else. And that place would vanish in a flash if one isn’t very, very careful. In my granddaddy’s day, he was a full Victorian, he could hold gold coins and not worry…until the Great Depression when it was made illegal! He warned me about this and gave me books to read to learn about the history of money so I would not be foolish.
But NO ONE can fully escape collapses, not even and especially even the very rich. History is crystal clear about this: when things fail, the rich become major targets for elimination or looting. You can’t loot the poor, you can only enslave them. But the rich can be looted if the slaves revolt and they do revolt regularly. If the rich retain power despite being brutal, all they do is get the alternative scenario: outside invaders storm in and enslave the rich.
While the French have agreed to the above, points a–d, they and others are more or less united in their opposition to a situation in which gold could under no circumstances be used (other than in exceptional circumstances), a limit that in response to Arthur’s strong urgings we have sought to negotiate. Countries like Italy which have large gold holdings and which have recently encountered exceptional circumstances agree with the French. They and others feel that we have been unduly doctrinaire on this point.
Arthur feels that this is not the case. He fears that the known longing on the part of some European central bankers to reimpose a gold based system—a system in which the price of gold would be pegged to a currency or to a collection or basket of currencies—will be translated at some point into action.
If this occurred, he feels that we would be at a relative disadvantage because this would involve a less elastic and responsive exchange rate system, a diminution in the role of the dollar, and an increase in the relative importance of powers such as France that have large reserves held largely in the form of gold. He also ascribes an inflationary effect if gold were pegged at the present level, roughly four times the official level, and central banks with large gold holdings were able to “write up their reserves.” This in turn would lead to a large increase in stated reserves and Arthur and others believe a dangerous and inflationary rise in world liquidity.
Look at today’s news! The EU is on the rocks due to exchange rates, inflation, free trade, depression of value of assets and so on. Once upon a time, they held onto large gold reserves to protect themselves from imports, etc. And to stop inflation! I remember going to Germany and getting 4 DM to the dollar. I was so happy! By 1975, it was worth about 2 DM. The Treasury guy was telling Ford that these gold hoards meant Italy (!!!!) and France would be the world’s creditor powers, not the US!
Back then, when my parents were overseas screwing around the planet, doing CIA-type stuff, they suddenly discovered the dollar was no longer wanted by third world rulers or other top people. They had to open a Swiss bank account to run gold coins through for these schemes. The US desperately wanted everyone to be on the same financial sinking ship we were on! They feared that France and Italy would encourage other countries to hold fast to the gold standard and this would reduce US ability to buy up foreign lands, resources or bribe officials (YES, that was a MAJOR consideration!).
I concede part of the last point that international liquidity as distinct from domestic liquidity has increased with the rise in the market price of gold. If the price of gold were pegged and reserves were written up accordingly, it would in large part be a recognition of the fact that gold currently is well above the official price of $42 per ounce. In substance, the increase in international liquidity which Arthur fears has happened.
I’m not entirely convinced that this is bad since there has been a need for additional international liquidity. Our inflation problem has its origins in our inability to curb the growth of domestic liquidity and further lapses in this area will set the stage for more inflation—international liquidity control will play a small role.
I doubt the ability of central banks to peg the price of gold if fundamental forces are in the direction of lower prices. I fail to see why efforts to hold up the price of gold would be any more effective today than our efforts to hold down the price of gold at $35 per ounce was in the 1960s.
If market forces are tending to push up the price of gold, central banks could on a frequent basis reset their pegs at excessively higher levels, but they can de facto restate their reserves at market prices right now, as France has done, ignoring the official price of $42 or any new official price.
Note that gold was still set by the US at $45 an ounce but in the US, some of us were melting coins to sell the metal overseas where we could get a lot of money since it was now selling at over $100 in say, India or Paris! The Treasury was desperately trying to stop this coin melting business, by the way. Instead of dealing directly with inflation via stopping our wild military spending.
I believe there are two fundamental forces at work that have a bearing on gold. In our inflationary time governments will part with gold reluctantly. Until prices are stabilized, gold stocks will come down grudgingly in small increments because governments and central bankers are not immune to the store of value aspect of gold, they too like to “hold a little gold.”
By the same token a gold based system, a system in which payment deficits are settled by sales of gold from one central bank to another central bank, is improbable because central banks will not wish to part with their gold preferring to settle in some other form—such as dollars or a basket of currencies.
If prices stabilize, the price of gold is likely to fall sharply—an event which I think governments and central banks would be unable to stop. This does not preclude a situation in which certain governments and central banks would not seek under the global limit and in the context of IMF sales to increase their holdings of gold. Such countries would have to accept the risk that gold purchased could depreciate sharply if gold in response to general price stabilization dropped in price. Moreover, the idea that an extraordinary hoard of gold will automatically result in an extraordinary amount of international power regardless of the relative size and efficiency of the hoarding country’s economy seems far fetched.
Moreover, we are still holding the world’s largest gold stock and this can be a decisive factor in the market for a long time if we wish it to be.5
Well, the ‘basket of currencies’ FOREX accounts were supposed to hold in order to run the brand-new floating fiat currency system the US demanded was a total failure. Why?
They hoarded US dollars there! First, the Japanese did this and paved the road for everyone else, flooding the US with consumer goods while buying only commodities and little of that. The US ran continuous, massive trade deficits with Japan ever since 1975. And this isn’t a coincidence. The US was worried about France but the real danger lie in the East for the Japanese had no gold and so had no desire for a gold-based monetary system.
They wanted to print money and manipulate the value of the currency by making the yen weak. They reluctantly strengthened it when the US negotiated for this very hard but this caused a huge value/debt bubble to form in Japan and they had a short hyper-valuation bubble with stocks and real estate values shooting to infinity and then crashing for generations.
But their EXPORT markets flourished once the yen crashed. The US gave up fighting off currency valuation schemes and simply let our nation be flooded by imports so all our industries except a few military ones, moved overseas for cheap labor and then imported goods once made here. This killed wages for US workers are are increasingly poor so they will soon be third world again and the government, run by rich people for rich people, is perfectly fine with this.
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Culture of Life News 
One day you are going to wish to write a book.
On that day you will realize that the major media probably will not run to you with open arms wanting your book.
Let me suggest:
https://www.createspace.com/
The publishing industry being much weaker than the music and movie industries will be unable to use the government to stop this form of competition for a few more years.
Have you noticed the report leaked by the Israeli intelligence service that Indian is willing to trade with Iran, gold for oil?
It was mentioned a few days ago, the initial report was from DEBKA which is one of the many hasbara sites Israel sponsors.
I always felt that the gold standard was a casualty of the Vietnam War. The Vietnam War was marginally popular (the main supporters being WWII Veterans and their “lessons learned”), so Johnson and Nixon didn’t want to threaten its marginal popularity by paying for it via higher taxes. This caused enormous economic damage, and political damage as well when Reagan was elected.
Correct! I remember that time well, of course, I have been an adult since 1966 (been on my own at 16) and vividly remember what things cost back then, remember when Johnson ruined the coinage very vividly and remember the passive/aggressive attitude of pro-war people who knew perfectly well, we were not paying for it nor forcing people to save money via cutting civilian spending, no, they expanded civilian spending which led to hyperinflation!
The Nazis did this too: to make Hitler popular, they didn’t put the nation on rations at the beginning of WWII but instead, tossed lots of civilian goodies at them to keep them happy whereas England imposed rationing right off the bat.
How did Italy, a defeated Axis power, end up with more gold than the U.S.? I know the French hoarded gold before WW II, and the Germans stole it, but how did Italy get so much gold? Were they not bankrupt?
If what you say about Italy being a major creditor power in the event of a new gold standard is true , then that means that the U.S. did not have the amount of gold reserves it claimed to have at that time. Did I miss something?
It would be nice if we could know what is going on now instead of learning the truth 50 years later.
A sincere thank you for this article Elaine! 🙂
It is so fascinating watching all these political and financial maneouvers taking place. I’ve been watching them since the 80’s when I was a teenager but I have never had them explained in such detail before reading your articles. I’ve only observed the MSM superficial news [where the unstated iron rule is that the TRUTH MUST NEVER BE MENTIONED (only the opponent is too happy to point out the truth about the other funnily enough, like RT today about the US and the US about Pravda back in the day)] and made up my own interpretation of things by looking past the posturing and the rhetoric and propaganda best I could.
The US has always talked a lot of hypocritical nonsense while hammeriing everybody else, and everybody else have pretended to demur to the US while findnig their own jujitsu tricks to turn the US bully tactics back on itself just to preserve their national self interest. These games must stop. Ultimately they are driven by the various 1 %-ers.
US bully tactics is the driving force behind it’s own current death spiral but it feeds the momentum of other lesser, but real enough, down ward spirals. Maybe these things will have to play themselves out. I cannot see any other way of stoppnig them than a complete clear out of the 1 % machinations, but that will not happen until far down the time line of destruction.
“Now, we have hyperinflation, my last grocery bill was $150 and for things that used to cost less than $50 20 years ago. Fuel costs are 10 times higher than in 1970.” I KNOW!~
Reminds me of this quote from the Protocols:
“We shall raise the rate of wages which, however, will not bring any advantage to the workers, for, at the same time, we shall produce a rise in prices of the first necessaries of life”
Fascinating post with terrific research, one of your best!
Goes a long way in raising the literacy level of thinking about monetary and trade policy, shedding light on the devastating multi-generational consequences of secretive decisions made decades ago to benefit the few.
Understanding the social and economic consequences of these decisions is literally a matter of life and death!
Should be required reading for anyone with a triple-digit IQ.
Was it Ford who brought Rumsfeld and Cheney into the white house?
‘Now, we have hyperinflation, my last grocery bill was $150 and for things that used to cost less than $50 20 years ago.’
No, a triple in 20 years is ‘normal’………………
When the USA was on the gold standard, the rate of inflation over a one hundred year period was 0%. For most of the period from 1813 to 1913, the USA prospered from deflation. Goods cost less and manufacturing efficiency and distribution efficiency increased; so workers and immigrants standard of living went up even as their nominal incomes stood still.
If you can invest at 6%, you triple your investment in a bit less than 20 years; or conversely 6% inflation triples the nominal price you pay for goods in a bit less than 20 years.
The proper term for inflation is theft. It is theft by government design. It is not normal but it is political theft.
Here’s the next thing TPTB will censor and ban, because they can’t own all of it:
( from http://blogs.umb.edu/williamfleurant001/2012/01/13/bitcoin/ )
CK, I have to quibble over your blaming inflation on politicians. I’ve seen the Fed described as a “quasi-governmental institution”. They describe themselves as “an independent entity within government.” http://www.federalreserve.gov/faqs/about_14986.htm (if it sounds like doublespeak, that’s because it’s doublespeak.)
What I’m trying to say is that I think it’s misleading to blame inflation on government, as though it’s controled by your elected representatives, and might be fixed by electing different representatives. (Ron Paul is a possible exception.)
Someone on alt.angst put it in a way I like:
`At the level where the decisions are made there isn’t any practical difference between the government, the banks, and the “investment community”. The dictionary, not to be flamebaiting anybody, happens to define this as fascism by the way.’
Inflation rides on the wings of war!!!! ALWAYS. Have a gold standard? Go to war and inflation will instantly appear and the gold will vanish. This is why Nixon dropped the gold standard. We had little trade deficit. We had HUGE war spending much of it going overseas where people used the money to get gold from Fort Knox.
It’s funny. I’ve been reading up on Viking ancestors. Harald Hardrade (who lost the battle of Stamford Bridge 1066, marking the end of the Viking age and beginning of the high Middle Ages) had two places where his silver coins were produced in Norway. Historians have been able to show that there was a planned devaluation by gradually decreasing the amount of silver in the coins and using more and more copper instead… much to the disgust of other vikings fighting in his army :p
The Roman Empire did this same thing until their coins were made almost wholly of bronze. It is old hat.
CK’s statement that there was little inflation during the gold standard is not true. I am reading old newspaper articles from Van Buren, Arkansas, and they are warning people about out-of-control inflation in food stuffs and other life essentials in certain boom areas back in the 1880’s. They advise people to secure their own corn and feed before traveling out of the county.
The vast inflow of silver from the west caused inflation and huge political debates over what kind of metalic standard to use for a dollar. Western states wanted the Constitution to remain the same since they had lots of silver on hand. Easterners wanted to change the Constitution to make gold the standard for money in America since they had a lock on gold. Two of my ancestor’s brothers ran newspapers in Missouri and they debated this issue vigorously. It has all but disappeared from American history classes.
Ruinous, devastating inflation occurs wherever rampant speculation occurs, regardless of what units are used to donote money. Insidious, long-term depreciation/inflation occurs with all paper currencies and all government minted coins after they go to war.
Both gold and silver rushes caused inflation. One way trade can cause inflation, too! Lending can cause hidden inflation.
Wars are the #1 cause of inflation, big time, universally.
The reason the French gave in was because Nixon gave France the Nuclear technology to use and deploy nuclear missiles from submarines.
The Euro was set up for failure, they already knew that. The reason? so they can take over each country one by one like Greece. Look who is the technocrats leading Greece and Italy. They are both bankers and technocrats who were not voted in by the people.
Go to you tube and watch
“The Money Changers” you will learn why their was inflation in the 1880’s and how the US was taken over by the bankers
DeVaul I did not say inflation was 0 every year. I said that over the hundred years before the fed was created inflation averaged out to 0%. You can look that up yourself of use the governments inflation calculator if you choose.
Inflation was horrendous during the civil war because the government issued paper currency that was explicity not linked to gold and forced folks to accept that paper at the point of a gun. As soon as Lincoln went to his just rewards, the inlfation dissappeared. By 1868 prices were back to normal and inflation was back to the 0 average. As EMS says war was always the big inflator under a asset backed currency regime; because paper and guns are cheaper that Gold or silver.
So the USA had one bad inflationary patch from 1860 to 1865 but after that misbegotten and unnecessary war, inflation went away and the USA grew and prospered with a currency backed by gold and silver. ( actually we had some small inflation during the Mexican war but not much and none at all during the Spanish American and the Phillipine wars).
Speculation does not cause inflation, except if the markets are forbidden from working. And it takes governments and men with guns and crony laws to make that happen.
Yes an influx of gold or silver or both can cause prices to rise if the gold/silver is what the paper is backed with. The Spanish saw this with the huge influxes of Gold and Silver from Mexico and Peru. There were not places in Spain to invest the influx so it went to buying goods. This would not be bad except that the goods were supply limited. Even that would not be inflationary in the long run; if the supply of a thing is limited and the demand is increasing, first the prices rise and second new makers of the thing enter the market because there is profit to be had. Unfortunately in Spain it was tough to be a new entrant. Forbidden in most trades and manufactures to be exact. By the government, to benefit the friends the caudillos, the nobles. It takes a government to force inflation on a people.
New supplies of precious metals can cause prices to rise for a short while, but it takes government intervention to turn what should be a short term pain into a long term illness.
ugg boots, drugs whatever send me i buy all – ok toff ? here i my adress details
yacumos@gmail.com
Elaine..is this a hoot?
Imitation in China, buy home office near In n Out!
The craze for All-American food is high nowadays; tears come to the eyes of those people from an In-N-Out opening in their state, east-coast food chains salivate at the thought of coming out west, but In-N-Out suing a rival diner out in Shanghai?
Their called Caliburger, headquartered less than 30 miles away from In-N-Out. Specializing in California dining they are located in Shanghai, China with headquarters in Southern California.
Los Angeles Times reports, “The Shanghai restaurant serves California wine as well as vanilla shakes spiked with bourbon. And its mascots are leggy, mostly Western models ‘as golden as the California sun’.”
Apparently In-N-Out missed out on a golden opportunity. Those people in developing countries, especially China, want to sink their teeth into a double-double cheeseburger and fries.
Advertisement
The only problem is Caliburger nearly mimicked In-N-Out’s entire menu, with so-called double-doubles and animal style fries. Granted, they put on a certain twist that could perhaps be seen progressive with their bourbon vanilla shakes. The models have been done before as well with another Southern California staple—Carl’s Jr.
After being sued by In-N-Out in September of last year for “irreparable harm”, Caliburger has since left out some of their mimicry in their restaurant. It’s not uncommon to see knock-off restaurants in metropolitan Chinese cities. According to the article, there even exists an OFC, Obama Fried Chicken. As bizarre as it sounds this is still a knock-off of KFC, who has been operating in China.
With a double cheeseburger fetching $7.60 in China and a healthy demand for California style fast food, In-N-Out may want to enter this growth market. They currently operate more than 250 restaurants across the U.S., yet have been slow coming in opening stores in other states.
Continue reading on Examiner.com In-N-Out sues rival restaurant in Shanghai? – Los Angeles business news | Examiner.com http://www.examiner.com/business-news-in-los-angeles/in-n-out-sues-rival-restaurant-shanghai#ixzz1mbdHwSgG
Pirated Software, fake ‘apple’ stores etcetc